Gallagher’s broking and underwriting chief executive describes this change as the ‘next iteration’ of the business as it looks to ‘realise the magnitude of untapped opportunity that lies ahead for our reinsurance team’
Specialist reinsurance broker Capsicum Re announced today (1 September) that it will rebrand to Gallagher Re, effective from 1 October, in order to align Gallagher’s reinsurance arm with its global retail and wholesale broking operations.
Capsicum Re originally launched through a strategic partnership with Gallagher in December 2013. Now, the firm boasts a 160-strong team across its reinsurance hubs in the UK, US, Bermuda, Brazil and Chile. It writes $5.4bn gross written premium (GWP) annually and is considered the fifth largest reinsurance broker.
Simon Matson, chief executive of Gallagher’s UK broking and underwriting operations described the rebrand as the “next iteration”.
He said: “What this team has achieved in only six years of trading is remarkable and that is thanks to an amazing group of talented individuals that came together and believed in what Capsicum Re would deliver for clients.
“With the vision of ultimately becoming a core part of Gallagher’s proposition, that team built a top five global reinsurance broker from the ground up and a blank sheet of paper. And today’s announcement kick-starts the next iteration as we look to realise the magnitude of untapped opportunity that lies ahead for our exceptional reinsurance team that will be Gallagher in name as well as in spirit, with one identity, one plan and one huge shared ambition.”
Capsicum Re’s chief executive Rupert Swallow added that “now is the right time to fully align on brand”.
He continued: “Everything the team has achieved to date has been done in true partnership with Gallagher. Right from the very beginning, Gallagher’s incubation of and investment in Capsicum Re has enabled us to build out this incredibly talented team where we combine top transactional expertise and entrepreneurial energy with market-leading analytics.
“It’s now the right time to fully align on brand, draw on the power of Gallagher and take our expertise, capabilities and solutions to every corner of the global Gallagher family and network, and beyond.”
The rebrand follows Capsicum Re installing fresh blood in its executive committee back in July. This included naming Raja Balasuriya as chairman, while Matt FitzGerald and Alistair Lockhart-Smith were appointed as divisional heads. These team members work along chief executive Swallow, chief operating officer Simon Behagg and finance director Abbhi Bala.
Pat Gallagher, chairman, president and chief executive at Gallagher, added: “Trading as Gallagher Re, they’re just getting started.”