Reinsurance, specialty and wholesale broking group Ed has been approved to begin operations in Bermuda, where it will provide a full range of multi-line broking services.
Ed announced its plans to open a Bermuda broking office towards the end of last year, as it sought out expansion into one of the world’s key reinsurance marketplaces.
The move comes soon after Ed Broking Group was acquired by financial broking and technology house BGC Partners, expanding its access to resource and capability.
Now, Ed says it has received the necessary regulatory approval from the Bermuda Monetary Authority (BMA) for its new Bermuda broking operations.
The company says the move underpins its commitment to existing and potential clients, especially those from the U.S., Canada, and the Caribbean.
The Ed Bermuda broking hub is also expected to form an important component of parent BGC Insurance Group’s global insurance services offering.
Ed will offer clients a full-range of multiline broking services, backed by the use of its TradEd proprietary trading platform.
Ed’s global broking team includes experience with retrocession market’s and placements to the capital markets via collateralized reinsurance trades with ILS funds. As a result, Bermuda is a particularly important market for Ed to be able to trade in and the new Bermuda operation will help the firm to cement its position there.
Bermuda Premier, the Hon. E. David Burt MP, commented, “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.”
Chris Bonard, Chief Executive of Ed in Bermuda, added, “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.”
Brad Adderley, Partner at Appleby and legal advisor to Ed, also said, “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.”
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