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Arthur J. Gallagher & Co. is in talks to take full ownership of Capsicum Reinsurance Brokers LLP, the joint venture it established with former Benfield Group Ltd. chief Grahame “Chily” Chilton in 2013.
In a brief statement Wednesday, Gallagher said it “is pleased to confirm it has agreed and signed heads of terms with Capsicum Reinsurance Brokers LLP, with a view to Gallagher increasing its investment in Capsicum Re to 100% ownership. The parties will now continue their exclusive negotiations.”
Currently, Gallagher owns 20% of the London-based reinsurance brokerage, a Gallagher spokeswoman said.
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.