Ed creates Bermuda unit for international expansion

Reinsurance, wholesale and specialty broker Ed is setting up a new broking platform in Bermuda which it describes as an "important (re)insurance hub" to further expand its international footprint.

Once approved by the Bermuda Monetary Authority (BMA), the operation will be built and led by Chris Bonard, who is currently president & CEO, group production, Ed Broking.

Bonard was part of the executive team that launched Ed into the market in September 2016.

Bonard will report into Steve Hearn, who will become head of the new BGC insurance division on completion of Ed’s acquisition by BGC.

Meanwhile, Andrew Draycott has been appointed as CEO-designate of Ed Broking in London.

BGC said it has ambitious plans for investment and growth across its developing insurance division.

“Ed is a global wholesale broker and that allows our clients to access capacity around the world directly through our network of offices,” said Hearn.

“Bermuda represents an obvious opportunity for us to better serve our customers for whom the island is an important market. With his first-class entrepreneurial sense and contacts among carriers, particularly across North America and the wider region, Chris is the ideal person to make this a success,” Hearn added.

Bonard commented: “With a business that already spans key markets in Asia-Pacific, the Middle East and Europe, we’ve been keen to further enhance our commitment to the North American market. I look forward to the opportunity to shape our strategy in Bermuda, deepen my existing relationships with clients in the US, Canada and the Caribbean – and to seek out fresh ones.”

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