Re/insurance broker Ed receives regulatory approval from the Bermuda Monetary Authority for a new operation on the island
Ed, the London-based re/insurance, wholesale and specialty broker, has received regulatory approval from the Bermuda Monetary Authority for a new operation in Bermuda.
Ed Bermuda will provide Ed’s full range of broking services, backed by the utilisation of technology from the firm’s proprietary trading platform, TradEd.
BGC Partners acquired Ed in February 2019.
It is expected that the opening of Ed Bermuda will form an important part of the parent’s global insurance service offering.
Bermuda’s premier, David Burt, welcomed Ed to the island.
“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,” said Burt.
“We welcome a significant independent broker that combines both talent and technology, to help us build opportunities for the island’s economy and people,” he added
Chris Bonard, chief executive of Ed in Bermuda, added that technology would help the firm become a significant independent player on the island.
“I am very pleased to receive this approval, which allows us to begin operations in Hamilton,” said Bonard.
“Bermuda is an important and exciting global marketplace, but it has been dominated by a few big brokers,” he added.
“We can now begin to assemble a top-flight team of professionals.”