Leading Individuals

Regulatory and compliance in Bermuda


The regulatory and compliance team at Appleby covers essential aspects of business and financial services regulation, encompassing compliance, corporate governance, and regulatory and risk advisory services. Within these domains, handling both contentious and non-contentious matters, the team provides regular counsel on ATF compliance, anti-money laundering, terrorist financing risks, sanctions regimes, and license approvals. Co-heading the practice is Sally Penrose, who advises financial institutions, global corporations, and professional public bodies on a wide spectrum of regulatory and licensing issues, with specific expertise in economic substance matters. Her counterpart, John Wasty, brings extensive experience in corporate governance and sanctions-related issues.

Practice head(s):

Sally Penrose; John Wasty

Key clients

Argus Group Holdings Limited

Work highlights

Carey Olsen Bermuda Limited

Carey Olsen Bermuda Limited's versatile practice covers a wide range of both contentious and non-contentious regulatory and compliance issues, with core strengths in providing transactional and non-transactional regulatory guidance for new businesses and advising on ongoing compliance. Michael Hanson, managing partner and co-head of the practice, specialises in multi-jurisdictional crisis management, regulatory investigations, and complex executive disputes. Steven Rees Davies, an expert in the fintech and digital asset sector, and Gavin Woods, renowned for his ‘knowledgeable and tailored’ approach in the insurance sector, also co-head the team. Kyle Masters contributes his expertise in regulatory matters in the telecoms and energy sectors, and in connection with corporate disputes. Other team members include senior counsel Michael Frith, whose experience spans the full spectrum of Bermuda corporate law, and counsel Ashley Fife, who similarly assists with a wide range of corporate and regulatory matters, with a particular focus on private and commercial trust structure transactions.

Practice head(s):

Michael Hanson; Kyle Masters; Gavin Woods; Steven Rees Davies

Other key lawyers:

Michael Frith; Ashley Fife; Charissa Ball; Alexandra Fox; Max Tetlow


‘Reliable and accurate advice taking into account all aspects of regulatory framework including both strict legal requirements, interpretative nuances and regulatory approach to enforcement.’

‘Gavin Woods and Max Tetlow provide knowledgeable and tailored advice factoring in a wide range of considerations to ensure commercial realities are not lost in the context of the provision of personalized regulatory advice which is as succinct as possible whilst highlighting key risks and other relevant considerations for the client.’

Key clients

Alcority Services Limited

Annuity & Life Re Limited and Pope Asset Management LLP

BCT Limited

Bermuda Captive Network

Bermuda Electric Light Company Limited (BELCO)

Cactus Limited

Chard Re Investment Management

Fidelity National Title Insurance Company Limited

Fortitude Re

Granville Technology Group Limited (In liquidation)


JetBlue Airways Corporation

Mexico Infrastructure Finance LLC

NewOcean Energy Holdings Ltd

OT Computers Limited (In liquidation)

RenaissanceRe Holdings


Teneo Bermuda


Trump Panama Hotel Management LLC and Trump International Hotels Management, LLC

VMT Limited (In liquidation)

Waterloo Investment Holdings

World on Wireless Ltd (Joint Provisional Liquidators of World on Wireless Ltd)

Work highlights

  • Advised Chard Re Investment Ltd, in respect of the Investment Business Act 2003 and liaised with the Bermuda Monetary Authority regarding same in respect of the designation of Chard Re Investment Management Ltd., as a Non-Registerable Person under the Investment Business Act 2003 as a result of its registration as an insurance agent.
  • Acted for BELCO, the sole electricity provider in Bermuda, in an appeal proceeding before the Supreme Court of Bermuda.
  • Acting for the liquidators (Grant Thornton UK) in a Supreme Court action which seeks the enforcement of an $80 million English High Court judgment in Bermuda against the shares of a Bermuda subsidiary of a Taiwanese judgment debtor.


Conyers' team serves a mix of public and private sector clients, offering expertise across a diverse range of regulatory needs, including anti-money laundering, sanctions, anti-bribery and data protection, with a particular focus on insurance regulation. Julie McLean stands out for providing ‘first-class advice’ and regularly liasing with the local regulatory bodies. With aviation finance and investment funds among her areas of expertise, she often advises her fund clients on AML/ATF requirements. Ben Adamson, a prominent practitioner in both contentious and non-contentious administrative law, provides valuable support to the practice, frequently representing clients in courts and tribunals, including judicial review proceedings in the Court of Appeal. Other notable figures within the team include Andrew Barnes , Sarah Lusher , and Sarah Blair.

Practice head(s):

Julie McLean

Other key lawyers:

Ben Adamson; Andrew Barnes; Sarah Lusher; Sarah Blair


‘Julie McLean is extremely knowledgeable and helpful. Her advice is always timely, concise and to the point. She deals well with our particular complexities and accesses the rest of the firm when issues arise outside her area. When providing advice, she factors in commercial as well as legal considerations.’

‘Conyers has a sterling reputation in Bermuda and is large enough to be able to provide excellent services for all areas.’

‘I have worked with Conyers and Julie McLean specifically for many years. Most recently Julie has helped guide us through the myriad of policy requirements and coordinated with the Bermuda Monetary Authority as the relevant regulator. Julie has been able to help me navigate the copious amounts of documentation required for this particular process and challenged and sought clarification from the regulators where necessary. Her advice during this process has been invaluable.’

‘Julie is very professional and I appreciate that she speaks to me in terms that I understand which is crucial for a non-lawyer! It is important to me and my directors that we have total faith and confidence in Julie – she knows and understands our business very well and is always available when I need her.’

‘Sometimes our needs have required extensive research and Julie is very proactive at collaborating with other parties to ensure that we are provided with first class and timely advice. I highly recommend her services.’

Key clients

Soteria Re

Bermuda Hospital


Somerset Re



Bermuda Bar Council

Bermuda Monetary Authority

Fidelis Insurance

Work highlights

  • Assisted the Insurance team who worked with Fidelity to incorporate Soteria Reinsurance Limited and apply for and obtain a Class 3 insurance license for the company.
  • Advised on the relevant Bermuda economic substance legislation and guidance notes applicable to the Aircastle Group’s Bermuda entities, including an analysis of each Bermuda entity to determine whether such entity is engaged in a relevant activity (or more than one) and in scope of the economic substance requirements.
  • Advised Meditor Group Limited as to applicability of changes to the economic substance regulation in relation to “fund management; and amendments to the Investment Business Act to the company.


With a knowledge described as ‘second to none,’ the team at Walkers provides legal advice on regulatory matters both domestically and overseas, regularly assisting multi-national corporations with complex high-value matters across a range of industries, including the fintech, investment funds and insurance sectors. With a highly diverse client base and a particular focus on digital assets businesses, Natalie Neto co-heads the practice alongside specialist financial regulatory and risk management advisory lawyer, Lucy Frew. Other notable contacts at the firm include ‘subject matter expert in this fieldMelanie Fullerton, who regularly advises clients on the evolving regulatory landscape in Bermuda, as well as Nicholas Howard, a senior associate with a focus on both regulatory matters and disputes.

Practice head(s):

Lucy Frew; Natalie Neto

Other key lawyers:

Melanie Fullerton; Nicholas Howard; Sarah Demerling


‘The team is knowledgeable and personable.’

‘Melanie Fullerton and Sarah Demerling continue to be valued business partners as their knowledge of the regulatory process allows for a smooth licensing of insurance companies.’

‘The responsiveness and knowledge they all bring to the table is second to none, the company never has to chase them for a response and if there are delays anticipated, they reach out and inform us, we do not see this with other legal firms.’

‘We have worked with Melanie Fullerton and team. Melanie is second to none, her client management is fantastic, she responds to emails instantly and when we do contract work to her, she and the team provide us with a realistic timeframe required to complete the work. There is never a requirement to chase for an update and the quality of her work is incredible.’

Key clients

Aquarian Holdings LLC

Coinbase Global Inc.

Jewel LLC

Work highlights

  • Represented Coinbase Global Inc. on its successful Class F digital assets business license under the Digital Asset Business Act 2018 (as amended) from the Bermuda Monetary Authority and was specifically responsible for the AML/ATF compliance framework and legal analysis.
  • Acted as Bermuda legal counsel to Aquarian Holdings on the signing of a definitive agreement to acquire a controlling interest in Somerset Re, the Bermuda based reinsurer.
  • Advised Jewel Bancorp Ltd. on the establishment and licensing of a digital asset bank in Bermuda, the first banking license issued in Bermuda in over 20 years, including continued advice on all corporate and regulatory aspects of the operationalization of the bank, which is expected to launch in Q2 2023.

ASW Law Limited

With a robust presence in the insurance/reinsurance sector, the regulatory and compliance practice at ASW Law Limited brings practical experience from Bermuda and abroad, enabling the team to navigate the complex landscape of insurance regulations effectively. Headed by Neil Horner, who has extensive expertise in regulatory matters, the practice boasts significant know-how in segments such as the incorporation and licensing of insurance companies, insurance regulatory and enforcement matters, and providing advice in connection with insurance transactions. Other key contacts supporting this practice include Hanno Tolhurst and Kim Willey, who were both promoted partners in 2021 and have demonstrable strength in insurance regulatory and compliance advice, as well as senior counsel Nikhil Lawton-Misra and senior associate Sangheetaa Phary.

Practice head(s):

Neil Horner

Other key lawyers:

Kehinde George; Hanno Tolhurst; Kim Willey; Nikhil Lawton-Misra; Sangheetaa Phary

Key clients

Argo Group International Holdings, Ltd. (NYSE: ARGO)

BF&M Limited

Agam Capital Management LLC and 26North Partners LP

The Travelers Companies, Inc., Capital Z Partners & Further Global Capital Management

Nippon Life Insurance Company

Sagicor Financial Company Ltd.

Covéa Cooperations

Brookfield Reinsurance Ltd.

Legal & General Group PLC

Compre Group

Work highlights