Miller, the London-based independent specialist re/insurance broker, has announced that global institutional investor GIC and international private equity firm Cinven have reached an agreement for GIC to acquire Cinven’s shares in Miller. The acquisition will make GIC the majority shareholder in Miller, subject to completion and regulatory approval, and is expected to close by the end of the first quarter of 2024.
This deal marks a significant milestone for Miller as it continues to grow and establish itself as a leading independent specialist broker. Since regaining its independence in 2021, Miller has experienced substantial and sustained growth, with annualized revenues surpassing £200 million ($250.9 million). During this period, the company has also expanded its workforce to over 900 employees, hiring over 250 new staff members. Additionally, Miller has made strategic acquisitions in Europe and Asia and launched its first sister entity, Casper Specialty UK Ltd.
The CEO of Miller, James Hands, expressed his satisfaction with the agreement, stating, When Miller returned to independence in 2021, we outlined a bold and ambitious vision, and today’s announcement reflects how we’ve delivered against this. He further emphasized the instrumental role played by the shareholders in achieving the company’s growth and success, extending his gratitude to Cinven for their support and investment.
With GIC’s ownership, Miller aims to maintain its upward trajectory and continue its mergers and acquisitions strategy, while also pursuing stable long-term ownership and independence. CEO Hands believes that these factors will be critical differentiators for Miller as it expands its talent pool and strengthens its position in the market. GIC’s investment is seen as a testament to their confidence in the company’s future and its management team’s strategic vision.
GIC’s investment in Miller aligns with its strategy of developing long-term relationships with high-quality businesses. The re/insurance market’s strong dynamics, coupled with Miller’s expertise and positioning, have consistently delivered growth and laid the groundwork for continued success. GIC’s belief in Miller’s potential is evident, as they have been investing in the company for three years. According to Chris Reid, head of Direct Investments Group, Private Equity Europe at GIC, Miller has continually proven itself as a dynamic and growing specialist broker with expertise across various franchises.
Established in 1981, GIC is a leading global investment firm and manager of Singapore’s foreign reserves. With more than 2,100 employees in 11 key financial cities worldwide and investments in over 40 countries, GIC remains committed to identifying and nurturing high-potential businesses.
In summary, GIC’s agreement to acquire Cinven’s shares in Miller signifies a significant development for the London-based broker. As Miller continues to flourish and expand, GIC’s ownership and long-term vision will provide stability and support for the company’s growth strategies. With this new chapter, Miller aims to solidify its position as a leading independent specialist broker in the re/insurance market.
