Ed, the global reinsurance, wholesale and specialty broker, has received regulatory approval from the Bermuda Monetary Authority for its new operation on the island.
The business will be lead by Chris Bonard, CEO of Ed in Bermuda, who warned Bermuda’s large re/insurers of its plans to challenge their dominance.
“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. 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.”
Ed Bermuda will provide its full range of multiline broking services, backed by TradEd, its proprietary trading platform. The operation on the island will improve its ability to serve clients, particularly in the US, Canada and the Caribbean, Ed added.
Bermuda Premier David Burt 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.”
Ed, Bermuda Monetary Authority, Chris Bonard