Being ‘employee-owned means that we are ready to scale up,’ says chief operating officer

Lloyd’s broker Ballantyne Brokers has completed a management buyout from its parent company K2 Insurance Services in a move designed to allow it to form its own identity.

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The move was led by Ballantyne founders Ross Ballantyne and Richard Spragg – they were supported by chief operating officer John Harris.

The buyout, which was announced yesterday (23 March 2023), means the broker’s employees now own 100% of the business.

“Over the past two years, we have been busy laying down the foundations, adopting the latest technologies, employing exceptional talent and the buyout has been the icing on the cake,” Harris said.

“The fundamentals are all in place – being 100% employee owned means that we are nimble, flexible and ready to scale up.”

‘Ambitious plans’

Ballantyne Brokers’ main lines of business include cyber, professional liability, property and casualty, personal accident, medical malpractice, financial services and directors and officers (D&O).

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The firm said the buyout would allow it to focus on its core business of providing insurance brokerage services to clients in the UK, Europe and North America.

“The move will enable the firm to further strengthen its position as a leading specialist insurance broker and to continue to deliver innovative and effective solutions to clients across a range of industries,” it added.

Following the buyout, co-founder Spragg said the company had “ambitious plans” that included “expanding its team of talent”.

 “We’re an entrepreneurial firm, offering the right people an amazing career progression as well as their very own stake in the company,” he said.

 “If they are motivated, willing to work hard and are committed to helping Ballantyne Brokers succeed, then we’d love to hear from them.

 “Already, we’ve made two new appointments this year, which we’ll be announcing very shortly.” 

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