Ballantyne Announces Retirement, Reflects on RIBO's Evolution

Patrick Ballantyne, CEO of the Registered Insurance Brokers of Ontario (RIBO), is set to retire on June 30, 2025, after two decades of service, having greatly impacted the organization and the broker channel. Under Ballantyne's leadership, RIBO underwent a significant digital transformation, transitioning from paper-based operations to a fully digital platform in response to the COVID-19 pandemic. The shift included conducting licensee exams online and modernizing the Spot Check program, which assures financial integrity of brokerages through a risk-based approach. Ballantyne also revolutionized the council's governance by instituting an intentional nomination process focused on skillset and capabilities, a first in RIBO's 43-year history. Moreover, Ballantyne championed the regulation of managing general agents (MGAs) in Ontario and strengthened RIBO's mandate of public protection. As a self-regulatory organization, RIBO under Ballantyne has been proactive in setting high standards for Ontario brokers, emphasizing consumer protection. Ballantyne witnessed and contributed to the significant consolidation within the brokerage sector due to mergers and acquisitions. Although the number of brokerages halved, the industry saw growth in individual licenses, with over 21,000 licensees now registered under RIBO. As insurance products become more complex, brokers face challenges in understanding and communicating these products to consumers. Ballantyne highlights proposed reforms to Ontario's no-fault auto insurance as an example of evolving product complexity. Ballantyne's tenure at RIBO has been marked by these initiatives, leaving a transformed organization that continues to adapt to new industry challenges.