Ed seeks to break big broker monopoly in Bermuda using innovative technology

25-06-2019

Ed seeks to break big broker monopoly in Bermuda using innovative technology

iStock/ Louisdibacco

London-based reinsurance, wholesale and specialty broker Ed is looking to become a "significant independent player" in the Bermuda marketplace which has been dominated by a few big brokers, according to Chris Bonard, chief executive of Ed in Bermuda.

The company has received regulatory approval from the Bermuda Monetary Authority (BMA) for its new operation on the island, and is set to begin operations in Hamilton.

Ed Bermuda will provide its full range of multiline broking services, backed by an advanced application of technology through TradEd, its proprietary trading platform.

The broker said opening in Bermuda highlights its commitment to existing and potential clients, particularly in the US, Canada, and the Caribbean, and will form an important component of parent BGC Insurance Group’s global insurance services offering.

“I am very pleased to receive this approval, which allows us to begin operations in Hamilton. Bermuda is an important and exciting global marketplace, but it has been dominated by a few big brokers," said Bonard.

"Using innovative technology, we intend to become a significant independent player on the island and can now begin to assemble a top-flight team of professionals," he added. "They will provide clients world-wide with an alternative, credible independent entry point to Bermuda, and will bring new business to the many high-quality risk carriers here.”

Bermuda Premier David Burt MP, said: “The arrival of Ed Broking in Bermuda is testament to the island’s continued draw as a (re) insurance hub, with an ideal location to serve key markets, as well as a regulatory regime that favours agile businesses. We welcome a significant independent broker that combines both talent and technology, to help us build opportunities for the island’s economy and people.”

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Ed Broking, Bermuda Monetary Authority, Specialty Insurance, Reinsurance, Insurance, Chris Bonard, Bermuda

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