Global specialty, wholesale and reinsurance broker, Ed, has announced the appointment of Andrew Draycott as CEO-designate of Ed Broking in London.
Draycott will take the helm once the acquisition of Ed Broking Group by BGC Partners, Inc has completed. Once the deal has closed, Ed will become part of BGC’s new insurance division, which will be led by Steve Hearn, whom Draycott is replacing as CEO of Ed Broking.
Group CEO of Ed Broking Group, Steve Hearn said: “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’m 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.”
Draycott has nearly three decades of experience in the insurance industry. He is currently global head of sales and retention and before that he was the CEO of Ed’s energy, marine and construction division. He has been part of Ed’s executive team, since the firm’s inception in 2016.
“The insurance landscape is developing from a number of perspectives. It’s an excellent time to be a high-quality independent broker with the financial backing to power growth and technological development,” Draycott commented. “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’m proud to be leading our London business at a time of such historic opportunity.”
As well as announcing leadership changes, Ed has also revealed plans to expand its international footprint by setting up a new broking platform in Bermuda. Upon approval by the Bermuda Monetary Authority, Ed’s Bermuda operation will be built and led by Chris Bonard, who currently serves as president & CEO, group production, Ed Broking.
Hearn commented: “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.”