Wholesale and specialty reinsurance broker Ed is planning to open an office in Bermuda some time in 2019.
Furthermore, Ed has appointed Andrew Draycott, current global head of sale and retention, as CEO-designate to take up the role in full once the acquisition of Ed by broker and financial technology company BGC Partners has completed. Current group CEO Steve Hearn will become head of BGC's insurance division, which all Ed operations will report into.
Chris Bonard, president and CEO of group production at Ed, met with Bermuda premier David Burt on December 7, along with minister of finance Curtis Dickinson and minister of national security Wayne Caines, to discuss the new office and creating more opportunities for Bermudians. Appleby partner Brad Adderley also attended.
"Yesterday, I was joined by the Min of Finance and Min of National Security as we met with Chris Bonard from Ed Broking Limited who will be opening a #Bermuda Office next year," tweeted Burt. "We welcome them to the island as they create more jobs and opportunities for #Bermudians."
Bonard will build and lead the Bermuda operation once it has been approved by the Bermuda Monetary Authority, and will report into Steve Hearn, group CEO of Ed Broking Group. Bonard has over 30 years of industry experience having started his career in 1986 at Guy Carpenter. He has also held senior roles at R K Carvill and Company, and NMB Specialty.
Draycott and Bonard were part of the executive team that rebranded Cooper Gay into Ed in September 2016. Sister title Intelligent Insurer revealed Ed's plans to open a Bermuda office at the 2016 Monte Carlo Rendez-Vous.
“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."
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.”
Ed Broking Group, Chris Bonard, M&A, David Burt, Bermuda