Ed Broking Group, a Lloyd's of London insurance broker, has established a new broking platform in Bermuda which has started operations following approval from the Bermuda Monetary Authority.
The new entity called Ed Bermuda will offer the full range of Ed’s multiline broking services, which are supported by the advanced application of technology through the trading platform TradEd.
Ed is a wholesale insurance and reinsurance broker, which is engaged in accident and health, aerospace, marine, cargo, energy, property and casualty, financial and political risks, professional and executive risk, specialty and reinsurance.
According to the Lloyd’s broker, expanding its operations into Bermuda supports its commitment to existing and potential clients, especially in the US, Canada, and the Caribbean.
Furthermore, the new broking platform in Bermuda will become a major component of the global insurance services offering of BGC Insurance Group, which is Ed’s parent company.
Bermuda Premier E. 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.
“We welcome a significant independent broker that combines both talent and technology, to help us build opportunities for the island’s economy and people.”
The Lloyd’s broker announced plans to open new operation in Bermuda in December 2018. The company then said that the new entity will be led by Chris Bonard, the then president and CEO of its group production.
Ed Bermuda chief executive Chris Bonard said: “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.
“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.”
Earlier this year, BGC Partners, which is a US-based financial services company, completed its acquisition of Ed. The acquisition is part of BGC Partners’ strategy of strengthening its insurance brokerage division within the company.