Ed seeks to break big broker monopoly in Bermuda using innovative technology
London-based reinsurance, wholesale and specialty broker Ed is looking to become a "significant independent player" in the Bermuda marketplace which has been dominated by a few big brokers, according to Chris Bonard, chief executive of Ed in Bermuda.
The company has received regulatory approval from the Bermuda Monetary Authority (BMA) for its new operation on the island, and is set to begin operations in Hamilton.
Ed Bermuda will provide its full range of multiline broking services, backed by an advanced application of technology through TradEd, its proprietary trading platform.
The broker said opening in Bermuda highlights its commitment to existing and potential clients, particularly in the US, Canada, and the Caribbean, and will form an important 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. Bermuda is an important and exciting global marketplace, but it has been dominated by a few big brokers," said Bonard.
"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," he added. "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 David Burt MP, said: “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.”
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
More of today's news
Public-private partnerships needed to close protection gap: AXA chair
Honan eyes Asian expansion with new hire from Starr
Four insurtech experts share insights on how to get strategy right
Essent Group unveils $333.8m mortgage ILS deal
DARAG to build Peachtree Casualty Insurance Company as legacy acquirer
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze