Cinven, an international private equity firm, and GIC, Singapore’s sovereign wealth fund, have announced the acquisition of the insurance and re(insurance) broker, Miller, for an undisclosed fee.
Miller currently employs 640 people across the UK, offering specialist operations in marine, energy, credit and political risks, as well as property, delegated authorities, and professional risks.
The firm, headquartered in London, also places roughly £2bn worth of premiums annually.
Greg Collins, CEO at Miller, said: “We are excited about bringing together our combined expertise to bolster our best in class client service and solutions and strengthen Miller’s position in our core activities.”
Cinven has previously invested in Partnership Assurance, NewDay, and Premium Credit, as well as multiple others across Europe.
This transaction is the first in part of the firm’s wider services sector-focused strategy that is looking for “strong long-term growth opportunities”.
Luigi Sbrozzi, partner at Cinven, said: “Miller also offers a scalable platform, particularly internationally, with associated benefits for clients as the business develops and expands over the long-term.
“We believe that independent ownership is the right model to really accelerate the company’s growth.”
Subject to regulatory approval, the acquisition will be completed in Q1 2021, with GIC also investing in the project.
Yong Cheen Choo, CIO of private equity at GIC, said: “As a long-term investor, we are confident in the growth potential of the specialty insurance sector, and of Miller within it.”