Arthur J. Gallagher & Co., the Rolling Meadows, Ill.-based broker, announced it increased its stake in Capsicum Reinsurance Brokers from 33% to 100%, effective Jan. 1, 2020.
Financial details of the transaction were not disclosed.
Founded in December 2013 by Grahame Chilton and Rupert Swallow through a strategic partnership with Gallagher, Capsicum Re has since grown to become the world’s fifth largest reinsurance broker with offices in the U.K., U.S., Bermuda and South America.
Rupert Swallow will continue to lead Capsicum Re as CEO, reporting to Simon Matson, CEO of Gallagher’s UK Broking & Underwriting division, while Grahame Chilton has re-joined Gallagher in a leadership role within Gallagher’s global property & casualty broking business.
“We’ve considered Grahame and Rupert to be trusted partners ever since we embarked on our Capsicum Re co-venture six years ago,” said J. Patrick Gallagher Jr., chairman, president and CEO.
“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 added. “We are delighted to now move forward to the next chapter of Capsicum Re’s story as an integral part of our global brokerage operations and we welcome Grahame back into an active leadership role.”
Source: Arthur J. Gallagher & Co.
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