Global reinsurance, wholesale, and specialty broker Ed has arrived in Bermuda.
Ed’s operations in the British island territory have commenced following receipt of regulatory approval from the Bermuda Monetary Authority. According to the Lloyd’s broker, the move underpins its commitment to clients particularly in the US, Canada, and the Caribbean.
In addition, the expansion forms a crucial 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,” commented Ed’s chief executive in Bermuda Chris Bonard. “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 worldwide with an alternative, credible independent entry point to Bermuda, and will bring new business to the many high-quality risk carriers here.”
Through the company’s proprietary trading platform TradEd, the Bermuda unit is set to offer a full range of multiline broking services.
“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,” stated Bermuda Premier, the Hon. E. David Burt MP.
“We welcome a significant independent broker that combines both talent and technology, to help us build opportunities for the island’s economy and people.”