A new independent intermediary has been founded by two London market brokers
A new independent London market intermediary Ballantyne Brokers has begun business.
Founded by London market brokers, Ross Ballantyne and Richard Spragg, the leadership team includes former Aon Benfield chairman and Aon UK chief operating officer David Ledger, who will be appointed as non-executive chairman.
All appointments are subject to regulatory approval.
Ross Ballantyne, co-founder of Ballantyne said: “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.
“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.”
The broker will also be announcing new talent joining its team soon.
A ’viable alternative’
Ballantyne will focus on SME programme business to begin with. It will use a cloud-based technology platform to execute this, while developing its reinsurance offering.
Ballantyne delivers client service by combining digital technology with traditional London market broking.
Richard Spragg, co-founder of Ballantyne 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.”
Ballantyne is owned by its management team but has lead investment from K2 Insurance Services LLC.