Bermuda Monetary Authority Names Ricardo Garcia Managing Director

The Bermuda Monetary Authority (BMA) has appointed Ricardo Garcia as managing director of the authority.

As the BMA's managing director, Mr. Garcia will be responsible for the authority's supervision of insurance, banking, trust, corporate services, investment, and money service business regulated entities. That includes micro- and macro-prudential supervision and surveillance and anti-money laundering/anti-terrorism financing and conduct supervision.

Mr. Garcia joined the BMA in 2013 and has held various positions. Most recently, he was chief actuary, where he was responsible for providing actuarial advice throughout the organization and to the wider Bermuda insurance market.

He also contributes to the BMA's international relations through his role as a member of the Executive Committee of the International Association of Insurance Supervisors (IAIS) and as vice-chair of the IAIS Policy Development Committee.

Before joining the BMA, Mr. Garcia worked for Deloitte Consulting LLP in New York on actuarial, risk management, and regulatory matters.

Previously, he worked for the Portuguese Insurance and Pension Funds Supervisory Authority (PIPFSA) in several supervisory and actuarial roles. As a representative of PIPFSA at the European Insurance and Occupational Pensions Authority, Mr. Garcia worked extensively on constructing the Solvency II regime. He began his career in internal audit at the Central Bank of Portugal.

Mr. Garcia holds a Master of Science in Actuarial Science and a Bachelor of Arts in Management, both from the Lisbon School of Economics & Management of the University of Lisbon.

"The Managing Director post resides at the intersection of Bermuda's range of financial services sectors, the BMA's strategy, its domestic supervisory approach, and our international relations. Ricardo Garcia has the ideal fit of expertise and experience to bridge these areas," Craig Swan, the BMA's CEO, said in a statement. "His contributions to the authority and Bermuda's high actuarial standards for nearly a decade have entrenched him in the various sectors under the BMA's remit."