ROLLING MEADOWS, Ill., Jan. 13, 2020 /PRNewswire/ -- Arthur J. Gallagher & Co. today announced that on January 1, 2020, it increased its interest in Capsicum Reinsurance Brokers LLP ("Capsicum Re") from 33% to 100%. Other terms 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 5th largest reinsurance broker with offices in the UK, US, 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 new 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. 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."
Arthur J. Gallagher & Co. (NYSE: AJG), a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. The company has operations in 49 countries and offers client service capabilities in more than 150 countries around the world through a network of correspondent brokers and consultants.
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SOURCE Arthur J. Gallagher & Co.