Reinsurance broker, Capsicum Re, has announced the appointment of Raja Balasuriya as chairman.
As a co-founder of Capsicum Re, and its first ever managing partner from 2014, Raja Balasuriya has led and, together with his partners, grown its UK motor and liability division since the beginning.
He succeeds fellow Capsicum Re founder Grahame Chilton in the role, who it was announced would rejoin the wider Gallagher business , working alongside Tom Gallagher, CEO of Gallagher’s global property and casualty broking business.
The insurance company also announced managing partner and divisional head Matt FitzGerald and Alistair Lockhart-Smith to its executive committee.
Capsicum Re’s new ExCo is made up of the following members: CEO Rupert Swallow Balasuriya, chairman, FitzGerald, Lockhart-Smith, Abbhi Bala, finance director and COO Simon Behagg.
Swallow said: “By anyone’s estimation, Raja is one of the top reinsurance market producers. Together with his team and clients, he represents a significant share of the total book of motor reinsurance purchased here in the UK.
“More than that, Raja has always shared our vision and belief in being able to build, from the ground up, a fresh, new, entrepreneurial reinsurance broker with transactional expertise, innovation and client advocacy at its core.”
He added: “We’re absolutely delighted to have him as our chairman as we embark on the next major development phase for the business.
“His knowledge, insight and pioneering qualities will be incredibly valuable as we look to realise our strategic growth ambitions internationally. And, as the specialist reinsurance arm of one of the world’s largest insurance brokers, those ambitions are big, bold and almost boundless.”