Andrew Draycott has been named CEO-designate of Ed Broking in London.
He succeeds incumbent group chief executive Steve Hearn, who will go on to become head of BGC’s insurance division.
Both appointments will become effective once the global brokerage and financial technology company completes its previously announced acquisition of Ed.
Draycott has been an integral member of Ed’s executive team since its launch in 2016, and currently serves as global head of sales and retention. Prior to this, he was CEO of the global specialty and wholesale broker’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.
Hearn commented: “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 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.”
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.”
BGC’s acquisition of Ed – which was announced at the end of October - expands its insurance division, which was established in 2017 when the firm acquired Lloyd’s broker Besso.
With the addition of Ed 's brokers and back office personnel, Ed and Besso combined are expected to place approximately $2bn of premium in 2018 and have approximately 300 combined brokers operating across 10 countries.