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Ed names Draycott to replace Hearn and announces Bermuda push

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Ed has named Andrew Draycott to replace Steve Hearn as CEO, following the broker’s sale to American financial services company BGC Partners.

Draycott has over three decades of industry experience. He moves to the role from the position of global head of sales and retention at Ed.

Before this he was CEO of Ed’s energy, marine and construction division, and was for a period managing director of energy at Newman Martin and Buchan.

BGC agreed to buy 100 percent of Ed from Lightyear Capital in October for an undisclosed sum, adding to its existing portfolio of insurance broking companies, which includes Besso.

Shortly after news of the deal was announced in October, BGC said Hearn would move to become head of its insurance division once the acquisition is completed.

BGC also announced today that it would open a broking platform in Bermuda, to be led by Chris Bonard. He is now president and CEO of group production at Ed.

The expansion requires approval by the Bermuda Monetary Authority.

Bonard was part of the team that launched Ed in September 2016. He started his career in 1986 at Guy Carpenter.

BGC will acquire 100 percent of Ed, which includes broking operations under the Ed brand in the UK, Singapore, Hong Kong, Dubai, Miami and China.

Ed also has a German marine broking arm called Junge, UK-based MGA Globe Underwriting, Epsilon  which has offices in Australia, and Paris-based Cooper Gay France.

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