Global reinsurance brokerage Ed has now received regulatory approval from the Bermuda Monetary Authority (BMA) for its Bermuda operation.
The new division, Ed Bermuda will provide its full range of broking services, backed by the utilisation of advanced technology through the firm’s proprietary trading platform, TradEd.
At the start of February, 2019 Ed was acquired by BGC Partners, and it’s expected that the opening in Bermuda will form an important part of the parent’s global insurance service offering.
Chief Executive Officer (CEO) of Ed in Bermuda, 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.”
Bermuda Premier, the Hon. E. David Burt MP, added: “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.”
Ed is already active across Europe, Asia and the United States, and the firm explains that its opening in Bermuda is a sign of its commitment to both existing and potential clients.
Brad Adderley, Partner at Appleby and legal advisor to Ed, commented: “The Appleby team congratulates the award-winning Ed Broking team on becoming registered as an insurance broker in Bermuda. It is testament to Bermuda’s insurance and tech friendly environment that the innovative Ed Broking team chose Bermuda as their next base for their global operations. We look forward to continuing to work with the team on many exciting initiatives.”