Cinven, the international private equity firm, and GIC, Singapore’s sovereign wealth fund, have completed the acquisition of leading specialist insurance and (re)insurance broker, Miller, from Willis Towers Watson.
Founded in 1902, Miller operates in the UK, Lloyd’s and internationally. It employs more than 640 people through its offices in London, Ipswich, Brussels, Paris, Singapore and Geneva, covering the world’s major insurance hubs. Miller operates across a number of specialist areas, including marine, energy, credit and political risks, delegated authorities, professional risks, property, casualty, sports and entertainment and (re)insurance. Headquartered in London, it places c. £2 billion worth of premiums annually.
Greg Collins, CEO, Miller, commented,“Today marks the start of a new phase of growth. From this point onwards you will begin to see us make precise strategic investments as we look to establish Miller as the leading independent specialist (re)insurance broking firm for clients across the specialist sectors in which we choose to do business. This includes expanding our offering in Asia, Europe and North America, alongside recruiting and incentivising highly skilled specialist brokers to add to the depth of our existing talent base.
“With expanded Miller management ownership in the business, we will be making targeted investments in the business, including enhancing our technology to sharpen our digital capabilities. Independent ownership is absolutely the right model to really accelerate Miller’s growth, whilst staying true to the culture and values the firm holds dear.”
Cinven Funds’ previous investments in the European insurance sector include Guardian Financial Services in the UK, Eurovita in Italy, and Viridium in Germany. Other UK-headquartered financial services investments by the Cinven Funds include Partnership Assurance, NewDay and Premium Credit. GIC has invested in companies such as Rothesay and RAC in the UK, Convex in London and Bermuda, Mass Mutual Asia in Hong Kong, and China Pacific Insurance group in China.