It follows news of the acquisition of Ed Broking Group by BGC Partners

Ed has appointed Andrew Draycott to be its new chief executive overseeing the firm’s London operations. 

He will replace Steve Hearn who is currently the group chief executive of Ed Broking, Hearn will then become the head of BGC’s insurance division.

Draycott’s role is subject to regulatory approvals which he will begin once the acquisition of Ed Broking Group by BGC Partners is completed.

This will see Ed, the global reinsurance, wholesale and specialty broker become part of BGC’s new insurance division.

Draycott has nearly three decades of industry experience and has been a member of the executive team since Ed’s launch in 2016.

And he is currently global head of sales and retention but prior to this was the chief executive of Ed’s energy, marine and construction division.

He began his career in 1990 as an energy broker before becoming the managing director of Newman Martin and Buchan’s energy division.

Andrew Draycott-746_Ed CEO

Andrew Draycott, Ed Broking’s new chief executive designate 

Draycott said: “The insurance landscape is developing from a number of perspectives. It is an excellent time to be a high-quality independent broker with the financial backing to power growth and technological development.

“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 am proud to be leading our London business at a time of such historic opportunity.”

Hearn added: “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.

He said that Andrew has agreed to take on the leadership of Ed Broking’s London operations and that he has “every confidence” that the business is in great hands and has a bright future.

Bermuda hub

Meanwhile the broker has also divulged its plans to open a new office in Bermuda which will be headed by its current president and chief executive of group production, Chris Bonard.

He was part of the executive team which launched Ed into the market in 2016. 

Hearn added: “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.”

The Bermuda hub is also subect to regulatory approval.