Gallagher to purchase Capsicum Re

Global insurance broker, Arthur J Gallagher has agreed and signed heads of terms with Capsicum Reinsurance Brokers to increase its investment in the firm to 100% ownership.

Both companies stated: “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 broker is headquartered in Rolling Meadows in the US. In the UK, Gallagher has over 5,200 employees specialising in risk management, and insurance solutions, for corporate, commercial and personal customers.

The reinsurance broker was founded by Grahame Chilton and Rupert Swallow in 2013. It works in partnership with Gallagher as its primary treaty reinsurance broking outlet.

The company has offices in London, New York, Miami, Rio de Janeiro, Santiago and Bermuda.

The amount of the deal was not disclosed.

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