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Ballantyne Brokers Ltd., an independent London-based brokerage specializing in small-medium enterprise program business, launched on Wednesday with backing from K2 Insurance Services LLC.
Founded by London market brokers Ross Ballantyne and Richard Spragg, Ballantyne is owned by its management team, the brokerage said in a statement.
Mr. Ballantyne previously was CEO of Decus Insurance Brokers Ltd. while Mr. Spragg was managing director at RFIB Group Ltd.
The leadership 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 regulatory approval.
“Excessive market consolidation disenfranchises clients and there is strong demand for a new broker in the market,” Mr. Ballantyne said in the statement.
“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,” Mr. Spragg said.