Alistair Lockhart-Smith and Jerry Reeves have both departed JLT to join rival reinsurance broker Capsicum Re.
Both men held senior positions at JLT Re and had been with the firm since 2000.
Lockhart-Smith was deputy chairman of JLT Re’s global business, having been with the broker since 2000 when he joined as head of marine and energy reinsurance.
Reeves leaves his role as head of UK facultative; he also led JLT Re’s marine and energy international business.
Lockhart-Smith founded energy reinsurance broker Bradstock Lockhart-Smith in 1992, which he sold on in 1996, becoming deputy chairman of Bradstock Blunt and Crawley.
In 1986 Reeves joined Bradstock, Byrne & Partners as a founding member, which became the marine and energy reinsurance division in 1990, sold to JLT in 2000.
Capsicum Re was created by former Benfield chief executive Grahame Chilton in 2013 in partnership with Arthur J Gallagher, as an incubator for acquiring London market and Bermudian broking talent.
Chilton moved to assume the CEO role at Gallagher’s UK-based international broking operations in February 2015, handing over leadership of Capsicum to co-founder and current CEO Rupert Swallow.
Swallow told Reactions at the most recent Monte Carlo reinsurance meeting that: “We are disruptors, and that’s a good thing. Every…hire we make is a win for us – the epitome of disruption we can cause.”
Capsicum was formed with a deadline of 2018 in mind, at which point Gallagher will decide whether or not to buy out the venture (within which it has a 20% stake), with the aim of turning it into a major London broker.
“2016 has got off to an excellent start for Capsicum Re; the business is progressing well and we are gaining market share,” said Swallow.
“Alistair and Jerry have joined at a great time as we are building momentum and there are lots of opportunities for them to utilise their expertise and experience to develop our reputation in the marine & energy market,” added Swallow.