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The London-based reinsurance brokerage team of Arthur J. Gallagher & Co. has transferred to Capsicum Reinsurance Brokers L.L.P., the reinsurance brokerage set up earlier this year as a joint venture between Gallagher and Capsicum Private Office L.L.P., the family trust of former Aon Benfield Chairman Grahame Chilton.
The transfer, which is effective immediately, sees a team of 14 brokers, led by Matt Fitzgerald, managing director of AJG Re, and all current and future reinsurance business handled by that entity, move to Capsicum Re.
“This is an exciting development for our team and allows us to combine the influence and market position of our U.S. parent, Arthur J. Gallagher, with the dynamic and entrepreneurial vision of Capsicum Re,” said Mr. Fitzgerald, in a statement Monday.
“This is a great move forward for Capsicum Re and consolidates our position as Gallagher’s primary treaty reinsurance outlet,” Mr. Chilton, who was one of the co-founders of Benfield Group, said in the statement.
(Reuters) — Reinsurers are being squeezed by price competition and subdued demand from insurers for their products, and traditional mergers may not be enough to save those that lack either global reach or specialized focus.