Independent specialist re/insurance broker Miller has appointed Lucy Drummond Brady (pictured above) to its senior management team in credit and political risks, based in London, as the specialist broker leans into one of the fastest-growing corners of specialty insurance.
Drummond Brady joins as a director in April 2026, bringing more than 16 years of experience across financial institutions, energy and commodities, and public sector finance. She arrives from COFARCO, where she set up and ran the UK business as head of London from December 2019.
Before that, she spent close to a decade at JLT in London and Singapore, having started out on the firm's Sydney graduate program in 2011.
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She reports to Arnaud Froideval, head of credit, surety and political risks, Europe at Miller. His team structures non-payment and political risk cover for commodity traders, banks, development finance institutions, export credit agencies and exporters, working out of London, Paris, Geneva and Singapore.
The appointment follows an earlier Paris push in December 2025, when Miller hired two surety brokers under Froideval, who framed the build-out as offering "a valuable alternative to bank guarantees."
The hire lands in a CPRI market where demand is outpacing capacity. Dataintelo values the global political risk insurance market at $12.8 billion in 2025, rising to a projected $23.6 billion by 2034. WTW's 2025 capacity survey tracked a 19% jump in deals sent to market in 2024, with the broker saying client demand remains strong.
Howden has separately estimated that demand for political risk cover from multinationals could rise by 33% on the back of tariff uncertainty and trading volatility, while Gallagher Specialty recently pointed to around $3.5 billion of capacity per risk for political risks and contract frustration.
Read more: Miller eyes Middle East with Shields Reinsurance acquisition
Surety, the third leg of Froideval's platform, is also running hot. AM Best's David Blades and Robert Valenta reported that US surety underwriting profits topped $2 billion for a third straight year in 2024, with direct premium up close to 10% in the first nine months of 2025.
Aon, in its 2026 construction and surety report, describes the product as a cost-effective alternative to bank guarantees with stable capacity and rates.
Froideval said Drummond Brady will "play a pivotal role in shaping our offerings across credit, surety, and political risk solutions, all tailored to meet the needs of traders, financial institutions, and development finance institutions."
Miller has been scaling since its 2021 return to independence. The broker posted record revenues of £271 million in 2024, up 13%, and placed around $4 billion in gross written premiums. That growth has been supported by a run of acquisitions, including AHJ Holdings in mid-2025 and Shields Reinsurance, the firm's first step into the Middle East.
