Business

Miller acquired by Cinven and GIC

The deal reportedly represents the beginning of a ‘new phase of growth’ at the company

Specialist insurance and (re)insurance broker, Miller, from Willis Towers Watson has announced its acquisition by a duo of investor firms.

Cinven, the international private equity group, and GIC, Singapore’s sovereign wealth fund, have combined to complete the takeover of the insurance company.

Headquartered in London, Miller operates in the UK, Lloyd’s, and internationally across a number of specialist areas, including marine, energy, credit and political risks, delegated authorities, professional risks, property, casualty, sports, and entertainment.

An employer of over 640 staff members, the firm places roughly £2bn worth of premiums annually.

Greg Collins, CEO at Miller, commented that the move represents the beginning of a “new phase of growth” at the company.

He said: “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.”

The deal marks an extension to both Cinven and GIC’s investment portfolios, which include Guardian Financial Services and Partnership Assurance at the former, and Rothesay, RAC, and Convex for the latter.

Collins added that the independent ownership is “absolutely the right model to really accelerate Miller’s growth,” enabling the group to make “targeted investments in the business”.

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