Ballantyne launches in London market to break big brokers consolidation
Ballantyne Brokers, a new independent brokerage backed by K2 Insurance Services, has begun trading in the London market, seeking to take advantage of the opportunities arising from "consolidation amongst the big brokers, the hardening market and the impact of COVID-19" - all of which it believes has triggered the demand for a new player in the market.
The London-based broker, founded by ex-RK Harrison Ross Ballantyne and former RFIB managing director Richard Spragg, claims to combine traditional broking practices with efficient and cost-effective digital technology in order to deliver better value to its clients.
Ballantyne is owned by its management team with the lead investment from K2 Insurance Services. Its leadership team also includes former Aon Benfield chairman and Aon UK COO David Ledger, who has been appointed non-executive chairman.
The broker will initially focus on SME programme business, which it will deliver through its cloud-based technology platform and building out a comprehensive reinsurance offering.
“We founded Ballantyne Brokers Ltd in the belief that excessive market consolidation disenfranchises clients and there is strong demand for a new broker in the market," said Ballantyne.
"As a new broker, we will leverage technology to ensure efficiency whilst delivering an outstanding client-focused offering, where every client is treated as a priority.
"I’m delighted that we’ve realised our ambition, and with support from K2 Insurance Services, we are building out our capabilities and welcome new team members who share our vision.”
Spragg added: “Consolidation amongst the big brokers, the hardening market and the impact of Covid are all combining to create client demand for an effective and viable alternative - which is what Ballantyne is.
"Our commitment to investment in technology, combined with an exceptional team, will ensure we stand out in the marketplace and will be decisive as we drive the expansion of the business and our client base.”