Ballantyne Brokers Ltd, a new independent Lloyd’s broker founded by London market veterans Ross Ballantyne and Richard Spragg, has started business.
Backed by investments from K2 Insurance Services, Ballantyne’s leadership team also includes former Aon Benfield Chairman and Aon UK COO David Ledger, who is to be appointed Non-Executive Chairman.
The newly-launched broker will initially focus on SME programme business, which it will deliver through its cloud-based technology platform, and on 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 Ross 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 also commented: “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.”
