Specialist reinsurance broker Miller has announced its acquisition of Bruzon Correduría de Seguros y Reaseguros S.A. and Bruzon Services S.A. (Bruzon), a commercial insurance and reinsurance broker based in Madrid.
The transaction is part of the Miller’s continued expansion of its specialty boutique model. Miller CEO James Hands expressed his enthusiasm for the deal.
“This is an exciting time for Miller as we continue to expand our presence across the UK, Europe and Asia. Bruzon has an outstanding reputation in Spain and shares our vision to create the broker of choice for clients with complex risk-transfer needs and for talented brokers to pursue their passion,” said Hands.
“Together we can broaden the spectrum of solutions and services available to our global clients,” he added.
With the acquisition, Bruzon will rebrand to “Bruzon Miller”, which acknowledges the partnership between the two firms as Miller has been a minority shareholder since before 2015. Bruzon’s staff will still be led by Bruzon founder, chairman, and CEO John Bruzon. They will be collaborating with Miller’s staff from the UK, Asia, and Bermuda as well as the broker’s European insurance markets which include France, Belgium, and Switzerland.
“We are delighted to join Miller as the next step of Bruzon’s journey. This transaction will advance our own presence in the Spanish market, continuing to provide our clients excellent advice, solutions and service,” said Bruzon.
“With Miller’s ownership and increased resources, we preserve the legacy and strengthen the special character of our company,” he added.
Bruzon is one of the leading insurance and reinsurance brokers in Spain. With its clients being large banks, insurance firms, large corporates and IBEX 35 members, the broker offers solutions in facultative reinsurance, accident & health, sports, financial lines, and credit and surety insurance. Meanwhile, boutique consultancy firm Bruzon Services is focused on financial advisory and structuring.
With its completion expected to occur sometime this year while being subject to regulatory approvals, Miller’s transaction with Bruzon serves as the broker’s second acquisition in Europe.
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