Global investment firm GIC has completed the acquisition of Cinven’s shares in Miller, a transaction that “secures long-term independent future for Miller as a leading specialist broker.”
Having announced GIC’s acquisition plans back in December 2023, Miller has undergone a period of significant expansion – driven by both strong organic growth and strategic international M&A – since GIC and Cinven first invested in the UK broker, in 2021.
Miller recently announced its 2023 results, which saw the business increase its total revenues by 26% year on year to £240 million, while placing gross written premium of $4 billion
This transaction sees GIC become Miller’s majority shareholder, with the agreement representing a “a critical milestone in Miller’s evolution into a leading independent specialist broker, providing a long-term investor committed to supporting Miller’s entrepreneurial culture”, the broker stated.
James Hands, CEO, Miller, said: “We’re hugely excited to have GIC as our majority investor. The completion of this transaction is the culmination of three years of outstanding growth since Miller returned to independence.
“We have added exceptional talent, built out our international footprint and moved into new classes where we have identified demand for genuine specialism and service. Today we are a business that has meaningful scale and market-leading specialism, underpinned by our one team culture.
“Our focus is now on continuing to move ahead at pace with our strategy, capitalising on the energy I see throughout our business to attract new talent, capture new opportunities and help our clients solve new challenges.”
