Capsicum Reinsurance Brokers LLP will change its name as Gallagher Re takes effect on October 1, the specialist reinsurance broker said in a statement on Tuesday.
London-based Capsicum Re was formed in December 2013 through a strategic partnership with Arthur J. Gallagher & Co. It invests $ 5.4 billion in gross premiums a year through its 160 employees in the United Kingdom, the United States, Bermuda, Brazil and Chile, the statement said.
In January, Gallagher increased its stake in Capsicum Re to 100% from 33%
Rebranding follows the formation of Capsicum's Executive Committee in July, chaired by Raja Balasuriya, CEO Rupert Swallow, COO Simon Behagg, CFO Abbhi Bala, and division heads Matt FitzGerald and Alistair Lockhart-Smith, the statement said. 1
Simon Matson, CEO of Gallagher's brokerage and drawing business in the UK, called Capsicum Re "a core of Gallagher & # 39 ;s bill."