UK-headquartered Miller Insurance Services, 85% of which was acquired by Willis Towers Watson in 2015, will now be sold by its partners and corporate member to international private equity firm Cinven and Singapore’s sovereign wealth fund GIC for an undisclosed sum.
“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,” said Miller chief executive Greg Collins, who also expressed gratitude for Willis Towers Watson’s backing over the past half-decade.
“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.”
A Chartered insurance broker, Miller came to life in 1902 and employs a workforce of over 640 people across its London, Ipswich, Brussels, Paris, Singapore, and Geneva offices. Annually, the brokerage places approximately £2 billion in premiums.
Cinven partner Luigi Sbrozzi described Miller as a “highly attractive” specialist insurance business, citing the company’s resilience, strong long-term growth opportunities, and history of consistent development. Additionally, his camp is of the view that independent ownership is the right model for growth acceleration.
Sbrozzi noted: “We see opportunities both organically, by recruiting new specialist brokers, and through incremental M&A (mergers and acquisitions) 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.”
Meanwhile Yong Cheen Choo, chief investment officer of private equity at GIC, called Miller “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,” continued the chief investment officer, “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.”
Both Cinven and GIC are no stranger to the UK financial services space. The latter has invested in Rothesay and the RAC, while Cinven Funds’ previous investments include Guardian Financial Services, Partnership Assurance, and Premium Credit.
Subject to regulatory approval, the Miller deal is expected to be finalised in the first quarter of next year.
