Capsicum Re names new chairman succeeding Grahame Chilton

Specialist reinsurance broker Capsicum Re has appointed Raja Balasuriya as its new chairman and other key members of its new executive committee to lead the business through its next phase of growth.

Balasuriya succeeds Capsicum Re founder Grahame Chilton in the role, who would rejoin the wider Gallagher business, when Capsicum Re became the wholly owned specialist reinsurance arm of Gallagher in January 2020.

Balasuriya is the co-founder of Capsicum Re and its first-ever managing partner from 2014. He has led the company's UK motor & liability division alongside his partners since the beginning.

Balasuriya joined Chilton and Capsicum Re CEO Rupert Swallow to establish and head up Capsicum Re’s first specialist ‘cell’ under the original start-up structure.

Capsicum Re’s new executive committee will include Rupert Swallow (CEO); Raja Balasuriya (chairman); Matt FitzGerald (managing partner, Property & Specialty); Alistair Lockhart-Smith (managing partner, Marine & Energy); Abbhi Bala, (finance director); and Simon Behagg (chief operating officer).

Swallow commented: “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.

“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.”

Swallow added: “Alistair and Matt have, along with Raja, developed portfolios of substance in an incredibly short period of time. The challenge of succeeding in this way can be understood only by those who have put themselves to the ultimate test of production – creating a start-up and building from the ground up. Along with all the other Managing Partners of Capsicum Re, Alistair and Matt have excelled in meeting this challenge.

“The scale of our ambition and untapped nature of many of the opportunities that lie ahead demand a close-knit but diverse core leadership team. Combining our top financial and operational talent in Abbhi and Simon with the client-centred, risk transfer expertise and leadership experience of Alistair and Matt, as two of our divisional heads, will give us a razor-sharp focus on realising this business’ potential.”