GIC Reaches Agreement to Buy Cinven’s Shares in UK Broker Miller

Miller, the London-based independent specialist re/insurance broker, announced that GIC, a global institutional investor, and Cinven, the international private equity firm, have reached an agreement for GIC to acquire Cinven’s shares in Miller.

GIC and Cinven acquired Miller in 2021. Under the latest agreement, GIC will become the majority shareholder in Miller, subject to completion and regulatory approval. The transaction is expected to close at the end of Q1 2024.

Miller said the agreement represents a major milestone in its evolution into a leading independent specialist broker, with the backing of a long-term owner.

Since returning to independence in 2021, Miller has seen significant sustained growth, with annualized revenues now well in excess of £200 million ($250.9 million), during which time headcount grew to over 900 with the addition of over 250 new employees. Miller has also made acquisitions in Europe and Asia and launched its first MGA sister entity, Casper Specialty UK Ltd.

“When Miller returned to independence in 2021, we outlined a bold and ambitious vision and today’s announcement reflects how we’ve delivered against this,” commented James Hands, CEO of Miller.

“We have meaningfully grown our revenues, both organically and inorganically, added well over 250 colleagues across the UK, Europe, Asia and Bermuda and built on our reputation for market-leading specialism and highest quality of service to our clients. Our shareholders have been pivotal in helping us to achieve this, and I would like to thank Cinven for their support and investment,” Hands added.

“Looking ahead, GIC’s ownership will enable us to maintain the exciting trajectory we are on. As we seek to add new talent and continue our M&A strategy, stable long-term ownership and independence will be critical differentiators for Miller. GIC’s investment is also a strong statement of confidence in our future and the strategy the management team has set to build on our platform,” he said.

“This further investment in Miller is consistent with GIC’s strategy of developing long-term relationships with our portfolio companies and targeting the highest quality businesses. The defensive nature and strong market dynamics of the re/insurance market, coupled with Miller’s positioning, have seen the business consistently deliver growth with the foundations laid for continued sustainable success,” according to Yong Cheen Choo, chief investment officer of Private Equity, GIC.

“Since GIC’s first investment three years ago, Miller has continued to prove itself as a dynamically growing specialist broker with competitive expertise across a number of franchises, such as marine & energy, sports & entertainment, professional & financial risks, property & casualty and cargo,” remarked Chris Reid, head of Direct Investments Group, Private Equity Europe, GIC.

“GIC’s new investment is a statement of our belief in Miller’s people and culture, their expertise and growth potential of the business. We look forward to strengthening our relationship and supporting James and Miller’s employees in this next exciting chapter for the company,” Reid said.Established in 1981, GIC is a leading global investment firm and manager of Singapore’s foreign reserves. GIC has a global talent force of over 2,100 people in 11 key financial cities and have investments in over 40 countries.

Source: Miller

Topics Mergers & Acquisitions Agencies