Ballantyne Brokers Ltd, a new independent Lloyd’s broker based in London, has announced it has completed a management buyout (MBO) from its parent company K2 Insurance Services.
The MBO was led by founders, Ross Ballantyne and Richard Spragg, and Chief Operating Officer, John Harris who will continue to lead the company as it moves forward as an independent entity.
According to the announcement the buy-out will enable the broker, which is now 100% owned by its employees, to focus on its core business of providing exceptional insurance brokerage services to clients in the UK, Europe and North America.
John Harris, Chief Operating Officer of Ballantyne Brokers Ltd., commented: “Over the past two years, we have been busy laying down the foundations, adopting the latest technologies, employing exceptional talent and the buy-out has been the icing on the cake.
“The fundamentals are all in place; being 100% employee-owned means that we are nimble, flexible and ready to scale up. It’s a really exciting time.”
Ballantyne Brokers launched in December 2020 backed by investments from K2 Insurance Services.
Since then, it has achieved a strong reputation for delivering personalised service and tailored insurance solutions in the commercial insurance market with a key emphasis on Cyber, Professional Liability, Property and Casualty, Personal Accident, Medical Malpractice, Financial Services and D&O.
“We are delighted to have completed this management buy-out and to be moving forward as an independent company,” said Ross Ballantyne, Co-founder of Ballantyne Brokers Ltd. “We are grateful to K2 Insurance Services for their support over the past few years, and we are excited about the opportunities that lie ahead.”
