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Arthur J. Gallagher & Co. has increased its stake in London-based Capsicum Reinsurance Brokers LLP to 100% from 33%, the U.S. brokerage announced Monday.
The move follows Gallagher’s November announcement that it was in talks to take full ownership of the joint venture, which it established with former Benfield Group Ltd. chief Grahame “Chily” Chilton in 2013. Terms were not disclosed.
The reinsurance brokerage will continue to be led by its existing management, with Rupert Swallow as CEO, a Gallagher statement said. Capsicum Re has 150 employees and offices in the United Kingdom, the United States, Bermuda and South America, the statement said.
Mr. Chilton, who left his previous role at Gallagher in 2018 to concentrate on Capsicum Re, will rejoin the brokerage as chairman of its global property/casualty broking business and report to Tom Gallagher, CEO of the unit, the statement said.