Specialist insurance and reinsurance broker Miller Insurance has been acquired by Cinven, the international private equity firm, and GIC, Singapore’s sovereign wealth fund from its partners and corporate member, Willis Towers Watson.
The transaction, which is expected to complete Q1 2021, represents the first investment from Cinven’s new financial services sector-focused strategy, which will be looking at similar long-term opportunities across Europe.
Financial details of the transaction are not disclosed.
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.
Cinven Funds has previously made investments in the European insurance sector including Guardian Financial Services in the UK, Eurovita in Italy and Viridium in Germany.
It has also made other UK-headquartered financial services investments such as Partnership Assurance, NewDay and Premium Credit.
Meanwhile, GIC has invested in Rothesay and RAC in the UK, Mass Mutual Asia in Hong Kong, and China Pacific Insurance group in China.
Yong Cheen Choo, chief investment officer of private equity, GIC, said the company look forward to supporting Greg Collins, CEO of Miller, and his team on future expansion opportunities for Miller.
Choo added: “As a long-term investor, we are confident in the growth potential of the specialty insurance sector, and of Miller within it.”
Commenting on the acquisition, Collins explained: “We are very pleased to be partnering with Cinven and GIC, whose knowledge and insurance investment expertise will enormously support our business as we enter this important next phase of growth.”
He noted: “We are excited about bringing together our combined expertise to bolster our best in class client service and solutions and strengthen Miller’s position in our core activities. This includes making incremental targeted, strategic investments as we look to realise our ambition of becoming the leading independent specialist reinsurance broking firm. I would also like to take this opportunity to thank Willis Towers Watson for their support over the last five years.”
Luigi Sbrozzi, Partner of Cinven, commented: “Miller is a highly attractive, resilient specialist insurance business with strong long-term growth opportunities across all of its segments and a history of consistent growth through various economic cycles. We see opportunities both organically, by recruiting new specialist brokers, and through incremental mergers and acquisitions over time.”