Miller, the London-based independent specialist re/insurance broker, announced that GIC, Singapore’s sovereign wealth fund, has completed the acquisition of Cinven’s shares in Miller.
GIC and private equity firm Cinven acquired Miller in 2021 from Willis Towers Watson. Since then, Miller said, it has undergone a period of significant expansion driven by both strong organic growth and strategic international M&A. Miller recently announced its 2023 results, which saw the business increase its total revenues by 26% year on year to £240 million, while placing gross written premium of approximately $4 billion.
Financial details of the deal, which was first announced in December 2023, were not disclosed.
Completion of transaction, which sees GIC become Miller’s majority shareholder, secures the broker’s independent future by providing a long-term investor in the business, the broker asserted.
Miller now has over 900 colleagues across offices in the UK, Europe, Bermuda and Asia.
“We’re hugely excited to have GIC as our majority investor. The completion of this transaction is the culmination of three years of outstanding growth since Miller returned to independence,” commented James Hands, CEO, Miller.
“We have added exceptional talent, built out our international footprint and moved into new classes where we have identified demand for genuine specialism and service,” he added.
“Today we are a business that has meaningful scale and market-leading specialism, underpinned by our one team culture. Our focus is now on continuing to move ahead at pace with our strategy, capitalising on the energy I see throughout our business to attract new talent, capture new opportunities and help our clients solve new challenges.”
About GIC
Established in 1981, GIC manages and invests Singapore’s foreign reserves. These investments include equities, fixed income, real estate, private equity, venture capital, and infrastructure. Headquartered in Singapore, GIC has a global talent force of over 2,100 people in 11 key financial cities with investments in over 40 countries.
Source: Miller
Topics Mergers & Acquisitions Agencies
Was this article valuable?
Here are more articles you may enjoy.
Allstate, Nationwide Post Dramatic Q12024 Homeowners Loss Ratio Drops: S&P 
Coverage Needed: Hundreds of Thousands in SE Now in Flood Zones With New Maps 
Zurich to Buy AIG’s Travel Insurance Business for $600 Million 
Workers Sue Disney, Say They Were Wrongly Induced to Move to Florida 
