Miller Acquires Spanish Specialty Re/Insurance Broker Bruzon

Miller, the London-based specialist re/insurance broker, announced the acquisition of Madrid-based commercial insurance and reinsurance broker Bruzon Correduría de Seguros y Reaseguros S.A. and its subsidiary Bruzon Services S.A., subject to regulatory approval.

Financial details of the deal, which is expected to close later this year, were not disclosed.

The Bruzon transaction is Miller’s second continental European acquisition as it continues to expand its specialty boutique model internationally, combining solutions to complex risk-transfer needs with excellence in client service.

Established in 1990, Bruzon is one of Spain’s leading insurance and reinsurance brokers, specializing in the structuring and placement of direct and reinsurance risks. Bruzon’s clients include large banks, insurance companies, large corporates and members of the IBEX 35.

The broker offers a broad range of solutions and is a market leader in facultative reinsurance, accident & health, sports, financial lines, credit and surety insurance.

Also part of the deal is Bruzon Services, a boutique consultancy firm, which focuses on financial advisory and structuring.

Bruzon’s 32 staff will continue to be led by its founder, chairman and CEO John Bruzon, and will collaborate closely with Miller’s 900-plus staff across the UK, Asia, Bermuda and a growing number of European insurance markets including France, Belgium and Switzerland.

The company will trade under the “Bruzon Miller” brand to acknowledge a longstanding partnership between the two companies, with Miller having been a minority shareholder of Bruzon prior to 2015.

“This is an exciting time for Miller as we continue to expand our presence across the UK, Europe and Asia. Bruzon has an outstanding reputation in Spain and shares our vision to create the broker of choice for clients with complex risk-transfer needs and for talented brokers to pursue their passion,” commented James Hands, CEO at Miller. “Together we can broaden the spectrum of solutions and services available to our global clients.”

“We are delighted to join Miller as the next step of Bruzon’s journey. This transaction will advance our own presence in the Spanish market, continuing to provide our clients excellent advice, solutions and service,” said John Bruzon, chairman and CEO at Bruzon. “With Miller’s ownership and increased resources, we preserve the legacy and strengthen the special character of our company.”

Source: Miller

Topics Mergers & Acquisitions Agencies Excess Surplus Reinsurance