Gallagher agrees 100% Capsicum Re ownership deal

Grahame Chilton

The reinsurance broker was founded in 2013 by Grahame Chilton and Rupert Swallow.

Arthur J Gallagher has signed heads of terms with Capsicum Reinsurance Brokers to increase its stake in the firm from 20% to 100%.

Gallagher confirmed in a statement: “The parties will now continue their exclusive negotiations. Any deal remains subject to the receipt of necessary approvals and the execution of relevant agreements and the parties will not be commenting further at this stage.”

The reinsurance broker was set up by Grahame Chilton and Rupert Swallow in 2013.

It was created and operated in partnership with Gallagher alongside fellow-founder and CEO Swallow.

At the time the company was developed 2019 was set as a target for sale and Gallagher had a 12 month call option to purchase the rest of the business which kicked into action in December 2018.

Chilton temporarily left Capsicum Re in 2015 to take up the UK CEO post for Gallagher following the exit of David Ross.

However, he returned to the company he created, and the one that references his nickname ‘Chily’, in 2018 as chairman. Insurance Age revealed in June 2018 that he was set to leave and would be succeeded at Gallagher by Simon Matson.

The deal is subject to regulatory approvals and is for an undisclosed sum.

In 2018 the Capsicum Re business had grown to around 120 employees in six locations around the world with in excess of $3bn of premium.

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