Rupert Swallow to step down as Gallagher Re CEO after seven years

Broker Gallagher has appointed Simon Behagg as new chief executive officer (CEO) of its global reinsurance business Gallagher Re (formerly Capsicum Re), replacing founding partner Rupert Swallow.

Behagg will take over the role from Swallow in February 2021.

Swallow has been the CEO of Gallagher’s reinsurance arm for the past seven years and was a founding partner of the original business Capsicum Re.

Since Capsicum Re was fully acquired by Gallagher in January 2020, Swallow has led the transition of its team and operations into Gallagher’s UK broking division, including the rebrand of the business to Gallagher Re in October 2020, the final stage in the integration plan.

Simon Matson, CEO of Gallagher’s broking and underwriting businesses in Europe, Middle East & Asia, thanked Swallow for growing the business over the past seven years. “The enormity of what has been achieved by Rupert and the team in just seven years cannot be underplayed,” he said.

“Gallagher Re has grown from a small start-up operation to become the world’s 5th largest reinsurance broker with a hugely talented team of individuals who are now an important part of our growing Gallagher family.”

Swallow commented: “It has been an incredible journey for Gallagher Re and I could not be prouder of what we have achieved as a team since we set up the business seven years ago. My mission has always been to build an outstanding reinsurance business, complete the sale of that business to our long-term partner, Gallagher, and ensure the safe onward transition of the team and our clients to their new home.

Having now completed the final stages of that full integration into Gallagher, I have achieved what I set out to do and confidently hand over the reins of this extraordinary business as it moves into its next phase of growth.”