Capsicum Re, the specialist reinsurance broker set up by ex Aon Benfield chief executive Grahame Chilton, has signed a deal with Arthur J Gallagher under which the reinsurance broking team of Arthur J Gallagher – AJG Re – will transfer to become a partnership within the Capsicum Re Group.
All current and future treaty reinsurance business handled by Arthur J Gallagher will now be conducted by Capsicum Re.
The AJG Re team, consisting of 14 people and led by Matt FitzGerald, has joined Capsicum Re and will continue under FitzGerald's leadership. The group moved to AJG in 2012 from Execution Re, then a part of Espirito Santo Investment Bank.
Fitzgerald said: "This is an exciting development for our team and allows us to combine the influence and market presence of our US parent, Arthur J Gallagher, with the dynamic and entrepreneurial vision of Capsicum Re".
Capsicum Re chief executive Grahame Chilton said: "This is a great move forward for Capsicum Re and consolidates our position as Gallagher's primary treaty reinsurance outlet".