Cinven and GIC to acquire specialist insurance broker Miller
Cinven , the international private equity firm, and GIC , Singapore’s sovereign wealth fund, announced that they have reached an agreement to acquire specialist insurance and (re)insurance broker, Miller Insurance Services , from its partners and corporate member, Willis Towers Watson. Financial details of the transaction are not disclosed.
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.
“Cinven is delighted to be making this investment in Miller alongside GIC. 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 M&A over time. Miller also offers a scalable platform, particularly internationally, with associated benefits for clients as the business develops and expands over the long-term. We believe that independent ownership is the right model to really accelerate the company’s growth.” – Partner of Cinven, Luigi Sbrozzi.
“Miller is one of the top and most established wholesale brokers with highly respected franchises in areas such as marine & energy, sports & entertainment, and cargo. We are pleased to partner with Cinven and look forward to supporting Greg Collins and his team to seize future expansion opportunities for Miller. As a long-term investor, we are confident in the growth potential of the specialty insurance sector, and of Miller within it.” – Chief Investment Officer of Private Equity, GIC, Yong Cheen Choo.
“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. 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 (re)insurance broking firm. I would also like to take this opportunity to thank WTW for their support over the last five years.” – CEO, Miller, Greg Collins.
The transaction is expected to complete in Q1 2021 and is subject to regulatory approval.