US-based insurance firm Arthur J. Gallagher has acquired the remaining stake in Capsicum Reinsurance Brokers, increasing its ownership from 33% to 100%.

Grahame Chilton and Rupert Swallow established Capsicum Re in December 2013 through a strategic partnership with Gallagher.

The company employs more than 150 employees and has offices in the UK, the US, Bermuda, and South America.

Capsicum Re was launched to serve as the reinsurance broking arm for Gallagher, eventually becoming the main treaty reinsurance outlet of the Gallagher group of companies.

Following the completion of the deal, the present CEO of Capsicum Re, Rupert Swallow, will continue to head the company and will report to Gallagher’s UK Broking & Underwriting division CEO, Simon Matson.

Simon Behagg will retain its position as COO of Capsicum Re, while Grahame Chilton has rejoined Gallagher as chairman of the firm’s global property & casualty broking business, reporting to Gallagher’s global property & casualty business CEO Tom Gallagher.

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Gallagher chairman, president and CEO J. Patrick Gallagher Jr said: “We’ve considered Grahame and Rupert to be trusted partners ever since we embarked on our Capsicum Re co-venture six years ago.

“Given their excellent market reputation and strong track record we didn’t hesitate to back their business model and their vision for creating a market-leading reinsurance broker.

“We are delighted to now move forward to the next chapter of Capsicum Re’s story as an integral part of our global brokerage operations and we welcome Grahame back into an active leadership role.”

Swallow said: “The US is the largest reinsurance market globally, and being part of Gallagher provides us with access to one of the industry’s largest global brokers and its extensive US network.

“Gallagher has been beside us through every step of the journey, since our inception, so this deal is the natural evolution of our relationship. It is an exciting time for us; we have great relationships across the Gallagher group and I look forward to working with Simon and his team.”