Miller has appointed Peter Stubbings (pictured) as Chairman of Miller Bermuda, effective May 4. Stubbings brings more than four decades of reinsurance experience spanning multiple lines of business. His client relationships reach across London, Bermuda, the Caribbean, and the Nordics.
He joins from McGill and Partners, where he served as Bermuda CEO from 2023. Before that, he was UK&I CEO of Aon’s Global Re Specialty division. He also spent 14 years at Guy Carpenter, serving first as CEO EMEA and then as CEO Bermuda.
In his new role, Stubbings will support the growth of Miller’s reinsurance and retrocession proposition on the island. He will also facilitate cross-selling opportunities between AHJ Miller, the firm’s reinsurance division, and the wider Miller Bermuda business.
James Hands, Group CEO at Miller, said Stubbings’ relationships across multiple jurisdictions were central to the hire.
“His 40+ years of industry experience, impressive track record of international leadership, and long-standing client relationships across multiple jurisdictions will prove hugely valuable to our growth in this critical destination for global (re)insurance business,” Hands said.
Stubbings said Miller’s market standing drew him to the role.
“Miller’s well-earned reputation for deep market specialism, client service excellence, and product innovation made this a uniquely attractive opportunity,” he said. He added that the firm sees strong growth potential for its insurance, reinsurance, and retrocession offerings in Bermuda and beyond.
The timing of the appointment reflects conditions in the Bermuda market itself. Fitch projects Bermuda reinsurers will post a return on equity of approximately 17% for 2025. This figure is down only slightly from 17.8% the prior year, but rate softening is accelerating.
Guy Carpenter forecast reinsurers will exceed their cost of equity for the third consecutive year. In a buyer-friendly market, client relationships and structuring capability matter more than ever.
Miller is competing from a position of growing strength. The firm posted revenue of £314 million (US$424 million) for 2025, a 15% rise from 2024. Total gross written premium placed reached approximately £3.7 billion.
Its acquisition of AHJ gave Miller immediate scale in treaty reinsurance. It also opened access to Nordic, Caribbean, and North American treaty markets, regions where Stubbings has built his career.
This growth is part of a longer run. When Miller separated from WTW in 2021, revenues stood at £162 million. The firm has nearly doubled since then. Hands described the AHJ deal as “a step change in the scale of our reinsurance platform.”
Miller has since agreed to acquire Dubai-based Shields Reinsurance Brokers, with the deal targeting a second-quarter 2026 close. Stubbings joins as Miller works to grow its Bermuda platform alongside its global operations.
