Specialist Broker Capsicum Re Launches in Latin America; Operation Led by Smith

May 4, 2016

Capsicum Re, the London-based specialist reinsurance broker, announced it has launched Capsicum Re Latin America (CRLA).

“This is a major step in Capsicum Re’s strategy to become a full service, international, challenger reinsurance broker,” said the company, adding that the unit will be led by Joe Smith, who has been appointed as CEO of CRLA and will be based in Miami.

He is joined by Luiz Araripe, who has been appointed as managing partner of CRLA and CEO of CRLA Brazil and will be based in Rio de Janeiro.

Smith was CEO of Aon Benfield Chile and brings over 20 years of reinsurance broking experience to this role. He joined Aon Benfield Latin America as managing director in 2003, following five years in Tokyo as executive vice president for Aon Re Japan. In 2010 he was appointed treaty director for Aon Benfield Chile before becoming the CEO in 2013.

Araripe was chief commercial officer for Aon Benfield Brazil, a role he was appointed to in 2014 following five years as treaty director. Prior to this he was head of the claims department for Aon Benfield Brazil where he was responsible for negotiating the largest claim in Brazil for Aon. Araripe has also held roles with Prudente Seguros Retail and Bradesco Seguros.

“Launching CRLA heralds a new chapter in the Capsicum Re story,” said Rupert Swallow, CEO of Capsicum Re.

“We have made fantastic strides in building out our offering since we established the business 30 months ago and have received an overwhelmingly positive response since our inception, demonstrating the widespread support for our customer centric proposition,” he added.

“Joe and Luiz are market leading brokers who bring significant experience, an in-depth understanding of the region and a focus on relationships that complements our ethos. I look forward to working with them and collaborating with Arthur J. Gallagher’s Latin America team, to deliver innovative solutions that fulfil the growing demand for specialist reinsurance products in this market,” Swallow said.

About Capsicum Re

Capsicum Reinsurance Brokers is a reinsurance broker working in partnership with Arthur J. Gallagher as its primary treaty reinsurance broking outlet. Founded by Grahame Chilton and Rupert Swallow in 2013, the company operates out of offices in London and Bermuda.

Source: Capsicum Re

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