November 26, 2024 – Registered Insurance Brokers of Ontario (RIBO) CEO Patrick Ballantyne has announced his intention to retire from the role, effective June 30, 2025, after more than 20 years of service with the province’s general insurance regulator. The news was shared by outgoing RIBO Council President Rick Orr during the organization’s recent Annual General Meeting.
Ballantyne is in his ninth year as Chief Executive Officer following eleven years as RIBO’s General Counsel. He remarked, “I am grateful to the team we have assembled and to the numerous members of RIBO Councils I have had the privilege of working with over the years. They have challenged me to continuously innovate and elevate RIBO as a modern self-regulatory organization that protects the Ontario public.”
Under Ballantyne’s leadership, RIBO has undergone a transformative modernization.
He has ushered in a new RIBO that is built on technology, innovation and industry best practice. The paper-based, mail-in license applications and renewal forms he inherited have given way to web apps, online services, and a licensee portal.
The narrowly focused ‘Spot Check’ quality assurance program has been transformed and is now greatly expanded in scope, is supported by digital tools, and encompasses a risk-based approach, placing it at the forefront of innovation in this area across Canada’s insurance regulators.
He has led a major overhaul of RIBO’s governance structure, overseen the refinement of the majority of organizational procedures, and guided the organization through the COVID-19 pandemic.
Not only has Ballantyne been a change agent himself, but he has also changed the culture of the organization, ensuring his legacy of innovation will continue.
“Staff introduce new ideas every day,” says Ballantyne. “I have no doubt that RIBO will continue to grow and evolve in clever and innovative ways.”
Ballantyne has also been an advocate for the mandatory licensing and oversight of Property & Casualty Managing General Agents (P&C MGAs) in Ontario. These efforts, among others, have aimed to bolster RIBO’s public protection mandate and streamlined operations to better serve stakeholders.
“Patrick has been a true catalyst in driving RIBO to modernize and enhance consumer protection, adapting to evolving consumer needs and technological advancements,” says Thomas Watson, RIBO Council President. “His unwavering commitment and leadership have had a profound impact. Patrick’s contributions have set a high standard, and it will be a difficult task to fill the void he leaves behind. However, he leaves RIBO well-positioned to continue fulfilling its mandate in a rapidly changing world. He will be missed, both professionally and personally, by all who have had the privilege of working with him.”
RIBO Council has recently initiated the process of identifying a successor for the role of CEO. Details about the position will be shared on the Careers section of RIBO.com.