Specialist re/insurance broker Miller has nearly doubled its revenues in five years, posting £314 million for 2025 in results that underscore how a string of acquisitions is rapidly reshaping the independent firm into a global contender.
The 15% jump from 2024 caps a fifth straight year of profitable growth since Miller broke away from WTW in 2021, when revenues stood at just £162 million. Gross written premium placed by the firm reached roughly $4 billion over the period.
Headcount tells much of the story. Miller brought on 180 new joiners last year, pushing staff numbers above 1,300 – a sharp climb from around 900 at the end of 2023.
Behind the hiring sits an aggressive M&A push. Miller closed its takeover of London-based AHJ in June, following the deal's announcement in February. The 1973-founded reinsurance specialist contributed roughly 90 staff across London and Scandinavia, with strengths in property, casualty, marine and energy lines.
The combined operation now trades as "AHJ Miller," co-led by chief executive Gary Masters and president Shaun Sinniah.
A separate 2024 acquisition has also bedded down. Spanish broker Bruzon, bought last year, has completed its rebrand and now operates under the Miller name. The firm paired the integration with a new corporate identity built around the tagline "Go Be Great."
Chief executive James Hands (pictured above) called 2025 "another milestone year," pointing to a broader product range, wider geographic reach and stronger client service. The AHJ deal, he said, marked "a step change in the scale of our reinsurance platform."
Asia has emerged as another growth engine. Miller launched in South Korea and pushed into Japanese non-marine lines during the year, with Hands saying the firm ranks among the fastest-growing brokers in the region.
Miller has wasted little time entering 2026. The broker has agreed to buy Shields Reinsurance in a deal targeting a second-quarter close, pending regulatory clearance. The transaction will plant Miller inside the Dubai International Financial Centre, opening a local foothold for clients across the MENA region.
The timing looks calculated. DIFC figures show combined revenues at the financial hub rose 20% to AED 2.13 billion (about $580 million) in 2025, while the number of active registered companies climbed 28% to 8,844.
The center now hosts 135 insurance and reinsurance firms alongside 70 brokerages, the authority said. Gross written premiums from insurance-related firms hit $3.5 billion in 2024, up 35% on the previous year.
Hands insisted the strategy was disciplined. Miller's goal, he said, "has never been growth for growth's sake," but rather to build a platform that complements its London specialist roots with international reach.
Investment in talent and products has run alongside the dealmaking. Miller appointed a managing general agent chief executive and chief underwriting officer during the year, and rolled out MillerBoost, a property smart follow facility.
