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Andrew Draycott will become CEO of Ed Broking Group Ltd. in London once the company’s acquisition by BGC Partners Inc. is completed.
The appointment of Mr. Draycott is subject to regulatory approvals, according to a statement released by the broker on Monday. Mr. Draycott is currently Ed’s global head of sales and retention and was previously CEO of Ed’s energy, marine and construction division.
Ed will become part of BGC’s new insurance division when the acquisition is completed, and Steve Hearn, currently group CEO of Ed Broking, will become head of BGC’s insurance division.
“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,” Mr. Hearn said in the statement. “I am 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.”
Separately, Ed announced its planned expansion to Bermuda. Once approved by the Bermuda Monetary Authority, the operation will be led by Chris Bonard, who is currently president and CEO of group production. Mr. Bonard was part of the executive team that launched Ed into the market in September 2016, Ed said Monday in a statement.
“Bermuda represents an obvious opportunity for us to better serve our customers for whom the island is an important market,” Mr. Hearn said in the statement.
“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,” Mr. Bonard, who will report to Mr. Hearn, said in the statement.
BGC Partners Inc. will acquire London-based Ed Broking Group Ltd., the two firms announced Monday.