A new name has arrived in the Bermuda insurance and reinsurance broker space, and it is seeking to carve a place in the island’s marketplace that is “dominated by a few big brokers”.

Ed Bermuda is setting up its office in Hamilton after being given regulatory approval. It is anticipated the company will employ up to 14 staff as it gears up during the next two years.

It is part of Ed Broking, a global reinsurance, wholesale and specialty broker that was launched in 2016. Ed is a Lloyd’s broker. Earlier this year the company was acquired by BGC Partners Inc, a global brokerage and financial technology company.

In a statement, Ed said its Bermuda operation will provide its full range of multiline broking services, backed by the advanced application of technology through TradEd, its proprietary trading platform.

It added that opening in Bermuda underpinned 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”.

Chris Bonard, is chief executive of Ed Bermuda. He has previous experience with Guy Carpenter, RK Carvill and NMB Specialty.

He said: “Bermuda is an important and exciting global marketplace, but it has been dominated by a few big brokers.

“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.

“They will provide clients worldwide with an alternative, credible independent entry point to Bermuda, and will bring new business to the many high-quality risk carriers here.”

The Bermuda Monetary Authority has given regulatory approval for Ed Bermuda to operate on the island.

David Burt, the Premier, 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.”

While Brad Adderley, Partner at Appleby and legal advisor to Ed, said: “The Appleby team congratulates the award-winning Ed Broking team on becoming registered as an insurance broker in Bermuda.

“It is testament to Bermuda’s insurance and tech friendly environment that the innovative Ed Broking team chose Bermuda as their next base for their global operations. We look forward to continuing to work with the team on many exciting initiatives.”