Capsicum Re seeks further expansion
Specialist broker Capsicum Re is looking to keep growing as it approaches the end of its second year of operation.
The company was founded in December 2013 by Grahame Chilton, the former head of Benfield, and Rupert Swallow.
“The genesis of the company had been when Grahame and I had identified an opportunity in the reinsurance intermediary marketplace to provide and challenge to the status quo there,” Swallow told Monte Carlo Today.
According to Swallow, the company has seen rapid growth and now has more than $25 million in revenue, having placed its first business in June 2014.
Capsicum Re was established in partnership with Arthur J Gallagher which, while being a broker itself, did not have a reinsurance subsidiary and was able to provide Capsicum with all it needed to start business straight away.
The company now has six business units established, dealing with property, casualty, marine & energy, facultative, specialty and capital & structured solutions. It has offices in Bermuda and London.
Swallow described business at Capsicum Re so far as “very entrepreneurial”, and stressed that the company was still seeking to grow, attracting the right people and adding new business units for areas that remain confidential.
He also said that because the company was still building its business he was quite agnostic about the current state of the reinsurance market cycle, which tends to be the main topic of discussion at the Rendez-Vous. He said that may change once Capsicum Re had built itself to the point where the market cycle affected it.
