Insurance brokerage and consultant Arthur J Gallagher & Co has taken a 100 percent ownership interest in Capsicum Re, increasing its stake from 33 percent.
Capsicum Re was founded in December 2013 by Grahame Chilton and Rupert Swallow in a strategic partnership with Gallagher. Swallow remains CEO of the business, reporting to Simon Matson, CEO of Gallagher's UK broking and underwriting division.
Patrick Gallagher, chairman, president and CEO of Arthur J Gallagher, said Capsicum’s founders Swallow and Chilton have been considered trusted partners ever since the company's launch. "Given their excellent market reputation and strong track record, we didn't hesitate to back their business model and their vision for creating a market-leading reinsurance broker,” he said.
As part of the deal, Chilton has re-joined Gallagher in a new leadership role within Gallagher's global property and casualty broking business. Other terms of the transaction were not disclosed.
Capsicum Re has offices in Bermuda, the UK, US and South America.
Arthur J Gallagher, Capsicum Re, Grahame Chilton, Rupert Swallow, Patrick Gallagher, Simon Matson