GIC and Cinven Acquire Miller Insurance Services from Willis Towers Watson

Posted on 11/10/2020


Private equity firm Cinven and Singapore’s GIC Private Limited reached an agreement to acquire specialist insurance and (re)insurance broker, Miller Insurance Services LLP, from its partners and corporate member, Willis Towers Watson Public Limited Company (WTW). Founded in 1902, London-based Miller is an pecialist insurance and (re)insurance broker operating 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.

According to company filings, Miller Insurance Services had net assets of 153,928,000 GBP at December 31, 2019.

The transaction is expected to complete in the first quarter of 2021 and is subject to regulatory approval.

The Miller transaction represents the first investment from Cinven’s new financial services sector-focused strategy, which will be looking at similar long-term opportunities across Europe.

Advisors

Cinven and GIC advisors included: Barclays (M&A); Clifford Chance (Legal); Bain (Commercial); PwC (Financial, Operations, IT); Deloitte (Tax, Structuring); Marsh (Insurance) and FTI Consulting (Communications).

Advisors to the sellers included: Goldman Sachs International (Financial Advisor to WTW); Herbert Smith Freehills LLP and Addleshaw Goddard LLP (Legal) and Jamieson Corporate Finance LLP (Financial Advisor to Miller’s Partners).

Background

Willis Group acquired an 85% interest in Miller Insurance Services LLP back in 2015.

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