Gallagher works to acquire international reinsurance broker

Global insurance and risk management business Gallagher has agreed and signed heads of terms with global reinsurance firm Capsicum Reinsurance Brokers (Capsicum Re).

The US-based insurer plans to boost investment in Capsicum Re in order to achieve 100% ownership, subject to the necessary approvals and execution of any agreements.

Gallagher and Capsicum Re have confirmed that they will continue exclusive negotiations towards this end goal.

Acquisition potential

Gallagher operates in 48 countries, with capabilities across more than 150 countries. In the UK, the business employs around 5,200 staff that specialise in risk management and insurance for corporate, commercial and personal customers.

Gallagher also has a specialty London market division.

Capsicum Re, which was founded in 2013, has been partnering with Gallagher as its primary treaty reinsurance broking outlet. Offering bespoke reinsurance advice and products, the business currently operates out of London, New York, Miami, Rio de Janeiro, Santiago and Bermuda.