Ed, the global reinsurance, wholesale and specialty broker, today announced that it is to expand its international footprint by setting up a new broking platform in Bermuda to develop business in the important (re)insurance hub. Once approved by the Bermuda Monetary Authority, the operation will be built and led by Chris Bonard, who is currently President & CEO, Group Production, Ed Broking.
Bonard was part of the Executive Team that launched Ed into the market in September 2016. He started his career in 1986 at Guy Carpenter, from there he went onto join R K Carvill's Reinsurance Division and he was appointed to the main board of R K Carvill and Company Limited in early 2003. Bonard left Carvill to join NMB in August 2005 as the Managing Director of NMB Specialty.
Group CEO of Ed Broking Group, Steve Hearn, said: “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.”
The move comes at an exciting time for Ed Broking, which last month announced that it is to be acquired by BGC Partners, Inc, a global brokerage and financial technology company, subject to regulatory approval. BGC has ambitious plans for investment and growth across its developing insurance division.
Bonard will report into Steve Hearn, who will become head of the new BGC insurance division on completion of Ed’s acquisition by BGC.
Chris Bonard commented: “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.”