The European Commission has approved Cinven Capital Management and Raffles Private Holdings acquisition of Miller Insurance Services.
The acquisition, announced in November 2020, represents the first investment from Cinven’s new financial services sector-focused strategy, which will be looking at similar long-term opportunities across Europe.
Miller, which operates in the UK, Lloyd’s and internationally, works across a number of specialist areas, including marine, energy, credit and political risks, delegated authorities, professional risks, property, casualty, sports and entertainment and reinsurance.
Headquartered in London, it places approximately £2 billion worth of premiums annually.
Miller also has offices in Ipswich, Brussels, Paria, Singapore and Geneva.
Financial details of the transaction are not disclosed.
On 21 January 2021, the European Commission received a notification of a proposed concentration pursuant to which Cinven and Raffles would acquire joint control over Miller.
Cinven is a private equity business while Raffles is an investment vehicle ultimately controlled by GIC Private Limited of Singapore, which manages a diverse portfolio of private equity global investments.
The European Commission’s Competition Directorate Generals (DG) concluded that the proposed acquisition would raise no competition concerns because of the limited market position of Miller in the European Economic Area.
The transaction was examined under the simplified merger review procedure.
Miller and Raffles did not immediately respond when contacted for comment. Cinven declined to comment on the approval.
