With hubs in the UK, US and Brazil, it now places $5.4bn (£4.8bn) of gross annual premium into the market through its 160-strong team.
“Right from the very beginning, Gallagher’s incubation of and investment in Capsicum Re has enabled us to build out this incredibly talented team where we combine top transactional expertise and entrepreneurial energy with market-leading analytics.”
He added: ‘‘It’s now the right time to fully align on brand, draw on the power of Gallagher and take our expertise, capabilities and solutions to every corner of the global Gallagher family and network, and beyond.”
Pat Gallagher, chairman, president and CEO of Gallagher, said: “What Chily, Rupert and the entire team have created is the best start-up I’ve seen in my 45-year career. A reinsurance broker run by brokers for brokers and one that made client advocacy and innovation its top priority from day one.
“We didn’t hesitate to back the vision and business plan of the founding Capsicum Re team because we knew it was a blueprint for how to create a market-leading reinsurance broker.”
He added: “Their reputation and track record gave us total confidence in their ability to succeed – a confidence that has been repaid many times over.
‘‘What the team behind Gallagher’s reinsurance business has achieved is almost unbelievable. And now, trading as Gallagher Re, they’re just getting started.”