The previously announced acquisition of specialist insurance and reinsurance broker, Miller, by global private equity firm, Cinven and GIC, Singapore’s sovereign wealth fund, has now completed.
Miller, which operates in the UK, Lloyd’s of London, and internationally, has been acquired from global brokerage Willis Towers Watson (WTW).
The deal was first announced in November of last year and sees Cinven and GIC complete an attractive investment opportunity.
Miller is headquartered in London and places around c. £2 billion worth of premiums annually. The firm employs over 640 people and has offices in London, Ipswich, Brussels, Paris, Singapore, and Geneva.
The brokerage operates across numerous specialist areas, including marine, energy, credit and political risks, delegated authorities, professional risks, property, casualty, sports and entertainment and re/insurance.
The Chief Executive Officer (CEO) of Miller, Greg Collins, commented: “Today marks the start of a new phase of growth. From this point onwards you will begin to see us make precise strategic investments as we look to establish Miller as the leading independent specialist (re)insurance broking firm for clients across the specialist sectors in which we choose to do business. This includes expanding our offering in Asia, Europe and North America, alongside recruiting and incentivising highly skilled specialist brokers to add to the depth of our existing talent base.
“With expanded Miller management ownership in the business, we will be making targeted investments in the business, including enhancing our technology to sharpen our digital capabilities. Independent ownership is absolutely the right model to really accelerate Miller’s growth, whilst staying true to the culture and values the firm holds dear.”