After 12 years of leading the Registered Insurance Brokers of Ontario (RIBO), CEO Patrick Ballantyne has announced his retirement. In an exclusive interview, Ballantyne discussed his time at RIBO, the future of self-regulation, and the potential for mergers and acquisitions (M&A) in the industry.
Ballantyne joined RIBO in 2008, bringing with him over 30 years of experience in the insurance industry. During his tenure, he oversaw significant changes in the organization, including the implementation of a new licensing system and the introduction of mandatory continuing education for brokers.
When asked about his proudest accomplishment at RIBO, Ballantyne pointed to the successful transition to a new licensing system in 2011. He also highlighted the organization’s efforts to improve consumer protection and promote professionalism within the broker community.
As for the future of self-regulation, Ballantyne believes it is crucial for the industry to continue to regulate itself. He emphasized the importance of maintaining high standards and ethical practices to ensure consumer trust and confidence in insurance brokers.
In terms of M&A activity in the industry, Ballantyne acknowledged that there has been a trend towards consolidation, but he believes that smaller brokerages still have a place in the market. He also noted that RIBO has been working closely with the Financial Services Regulatory Authority of Ontario (FSRA) to ensure that any mergers or acquisitions are in the best interest of consumers.
When asked about his plans for retirement, Ballantyne expressed his desire to spend more time with his family and pursue personal interests. He also mentioned that he will continue to be involved in the insurance industry in some capacity, possibly through consulting or volunteering.
As for his successor, Ballantyne stated that RIBO’s Board of Directors is currently in the process of finding a replacement and that an announcement will be made in the near future.
In conclusion, Ballantyne’s retirement marks the end of an era at RIBO. His leadership and dedication have helped shape the organization into what it is today, and his insights on self-regulation and M&A provide valuable perspectives for the future of the insurance industry.
