International private equity firm Cinven and Singaporean sovereign wealth fund GIC have completed the acquisition of re/insurance brokerage Miller from Willis Towers Watson, which used to hold an 85% stake.
The deal, which was first announced in November 2020, went for an undisclosed sum.
Miller, which was founded in 1902, operates in the UK and Lloyd’s markets, as well as internationally. It does business in several areas, including, marine, energy, credit and political risks, professional risks, property & casualty, sports and reinsurance, with £2 billion (SG$3.7 billion) worth of premiums annually. Headquartered in London, Miller also has offices in Ipswich, Brussels, Paris, Singapore and Geneva, and employs over 640 people.
“Today marks the start of a new phase of growth,” said Greg Collins, CEO of Miller. “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.”
Cinven has various investments in the insurance industry, including Guardian Financial Services in the UK, Eurovita in Italy, and Viridium in Germany. Meanwhile, GIC has invested in companies such as Rothesay and RAC in the UK, Convex in London and Bermuda, Mass Mutual Asia in Hong Kong, and China Pacific Insurance group in China.