Bermuda Monetary Authority Names Chief Operating Officer

The Bermuda Monetary Authority said it has named Brad Erickson to the newly created position of chief operating officer. The creation of the COO post supports the authority’s focus on maintaining a high level of efficiency and deploying its growing resources, the BMA said in a statement.

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As COO, Erickson will focus on directing the operations of the support functions within the authority and assist in the strategic development of the organization going forward.

Attempts to reach the BMA for additional comment were not successful.

In January, Jeremy Cox, who has been in insurance regulation for nearly 20 years, was tapped to succeed Chief Executive Officer Matthew Elderfield, who left to join the Central Bank of Ireland. In February, the BMA issued proposals to develop a framework for group supervision as part of its road map to meet Solvency II requirements, the new regulatory framework established by the EU (BestWire, March 1, 2010).

Cox said in a statement the BMA has “grown tremendously in just a short period as we equip ourselves appropriately to address the expectations of the international regulatory environment and the Bermuda market.” The new position facilitates greater focus being placed on its own risk management, resourcing and corporate governance operations, he said.