Insurance and reinsurance broker Ed Broking Group is set to have a new Chief Executive Officer for London in Andrew Draycott, once the firm’s acquisition by BGC Partners is completed, as current Group CEO Steve Hearn moves up to lead the BGC Partners insurance division.
The acquisition of Ed Broking Group by financial broking, investment and technology house BGC Partners was announced in October and has yet to be completed, but the leadership is being laid out for the future in today’s announcement.
Andrew Draycott will become CEO-designate of Ed Broking in London. The appointment remains subject to regulatory approvals and will only come into effect once the acquisition of Ed Broking Group by BGC Partners, Inc has completed.
Once the acquisition is completed, Ed will become part of BGC’s new insurance division and Steve Hearn, who is currently Group CEO of Ed Broking, will step up to become head of BGC’s insurance division.
Draycott has been with Ed since its launch in 2016, currently working as the brokers Global Head of Sales and Retention. Before that he was CEO of Ed’s Energy, Marine and Construction Division. He began his career in insurance and reinsurance broking in 1990 as an energy broker, later becoming Managing Director of Newman Martin and Buchan’s Energy Division.
Draycott commented on his new appointment as CEO, “The insurance landscape is developing from a number of perspectives. It is an excellent time to be a high quality independent broker with the financial backing to power growth and technological development. Ed has come a long way in just over two years, the strength and relevance of our disruptive approach has never been greater and I am proud to be leading our London business at a time of such historic opportunity.”
Group CEO of Ed Broking Group, Steve Hearn added, “At the time we announced Ed’s acquisition it was clear that my role would change and that I’d take responsibility for leading BGC’s wider insurance industry efforts. I am therefore delighted that Andrew has agreed to take on the leadership of Ed Broking’s London operations and have every confidence that the business, to which I have an obvious and passionate connection, is in great hands and has a bright future.”
Ed’s broking team includes expertise in retrocession market broking and placements to the capital markets via collateralized reinsurance with ILS funds.
Chris Bonard, current President and CEO of Group Production at Ed, has been appointed to lead the new office.
Hearn, commented on the new Bermuda office, “Ed is a global wholesale broker and that allows our clients to access capacity around the world directly through our network of offices. Bermuda represents an obvious opportunity for us to better serve our customers for whom the island is an important market.
“With his first-class entrepreneurial sense and contacts among carriers, particularly across North America and the wider region, Chris is the ideal person to make this a success.”
Bonard added, “With a business that already spans key markets in Asia-Pacific, the Middle East and Europe, we’ve been keen to further enhance our commitment to the North American market. I look forward to the opportunity to shape our strategy in Bermuda, deepen my existing relationships with clients in the US, Canada and the Caribbean – and to seek out fresh ones.”