Miller, the independent specialist re/insurance broker posted its results for the full-year 2023, which included record total revenues of £240 million, representing a 26% increase from 2022, driven by 19% organic growth and positive contribution from 2022 acquisitions.
At the same time, the company also recorded total Gross Written Premium (GWP) placed of c. $4 billion.
2023 was a remarkable year for the re/insurance broker, as they expanded their headcount by 140, with total headcount now in excess of 900.
Miller also launched five new teams during the year, including, Singapore Treaty, Singapore Financial Lines and Fine Art
& Specie.
In addition, the company continued to expand it’s international footprint with international revenues increasing by 44%, including significant Asia expansion, doubling headcount since 2021.
If you recall, in March 2023, Miller also launched it’s sister entity, Casper Specialty UK Limited, a casualty focused managing general agent (MGA).
Further, 2023 also saw Miller continue to expand its retail business, which now represents c.26% of total revenues, with significant growth in the Special Risks business unit.
And lastly, an agreement was also announced in December 2023 for GIC to acquire Cinven’s shares in Miller.
The transaction is expected to close at the end of Q124, and will see GIC become the majority shareholder in Miller, subject to completion and regulatory approval.
James Hands, CEO, Miller commented on the company’s results: “Miller delivered another year of outstanding performance in 2023, growing our revenues by 26% and expanding our headcount by 140 across our UK and International business. This performance was primarily driven by organic growth, while we were also pleased to maintain our strong operating margin despite the significant investments we are making into our business. Together, these factors demonstrate the sustainability of both our model and the trajectory we are on.
“We are more passionate than ever in our belief that our combination of independence, specialism and international scale makes Miller a uniquely attractive proposition for clients and talent. 2023 saw us launch five new teams across Asia, Europe, Bermuda and the UK, as well as growing our headcount to over 900.”
He continued: “Our strategic realignment into two divisions, Miller UK and Miller International, has brought renewed
focus to our expansion in Asia, Europe and Bermuda. In particular, we are establishing an increasingly meaningful market share in Singapore. Elsewhere, Casper Specialty has progressed well in its first year of trading. Collectively, these developments are making us a more diverse business able to bring a broader range of solutions to clients, while retaining our core reputation for expertise and service.
“The year also saw the announcement that GIC would acquire Cinven’s shares in Miller to become our majority shareholder. This is a powerful statement of confidence in our achievements since returning to independence in 2021 and the hugely ambitious growth strategy we have set out.
“Looking forward, we are focused on maintaining the momentum we have and continuing to execute against our objectives. This includes adding further new talent, as well as exploring M&A opportunities that complement our existing footprint. We know our stable long-term ownership and independence are essential differentiators, and the team at Miller remains as excited as ever about what we can achieve.”
