Ballantyne Brokers Ltd., an independent London – based brokerage firm specializing in SMEs, was launched on Wednesday with the support of K2 Insurance Services LLC.
Founded by London market brokers Ross Ballantyne and Richard Spragg, Ballantyne is owned by its management team, the broker said in a statement.
Mr. Ballantyne was previously CEO of Decus Insurance Brokers Ltd. while Spragg was the managing director of RFIB Group Ltd.
The management team also includes former Aon Benfield Chairman and Aon UK Chief Operating Officer David Ledger, Ballantyne said in a statement.  All appointments are subject to legal approval.
"Excessive market consolidation is eliminating clients and there is a strong demand for a new broker in the market," Ballantyne said in the statement.
"Consolidation among the major brokers, the curing market and the effects of COVID combine to create customer demand for an efficient and viable alternative ̵