Sovereign Wealth Fund GIC to Takeover UK Reinsurance Broker

Posted on 12/11/2023

Miller Insurance Services LLP is an independent specialist (re)insurance broker. Miller returned to independence in 2021. Miller is a wholesale broker with franchises in areas such as marine & energy, sports & entertainment, and cargo.

Singapore’s GIC Private Limited, a sovereign wealth fund, and international private equity firm Cinven reached an agreement for GIC to acquire Cinven’s shares in Miller.

In 2018, Miller acquired Alston Gayler and Co AG. GIC and Cinven first acquired Miller in 2021 from its partners and corporate member, Willis Towers Watson. This latest deal will see GIC become the majority shareholder in Miller, subject to completion and regulatory approval. The transaction is expected to close at the end of the first quarter of 2024.

This agreement represents a major milestone in Miller’s evolution into an independent specialist broker, with the backing of a long-term owner.

Since returning to independence in 2021, Miller has seen significant sustained growth, with annualized revenues now well in excess of £200 million, during which time headcount grew to over 900 with the addition of over 250 new employees. Miller has also made acquisitions in Europe and Asia and launched its first MGA sister entity, Casper Specialty UK Limited. In 2022, Miller acquired French broker Henner Sports.

Cinven Funds’ previous investments in the European insurance sector include Guardian Financial Services in the U.K., Eurovita in Italy, and Viridium in Germany. Other U.K.-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 U.K., Mass Mutual Asia in Hong Kong, and China Pacific Insurance group in China.

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