Re/insurance specialist broker Miller has announced the completion of GIC’s acquisition of shares from Cinven, to mark a shift in the company’s ownership structure.
GIC, a global institutional investor, initially invested in Miller alongside Cinven in 2021, setting the stage for Miller’s subsequent growth.
Under the new ownership, Miller has reported a rise in trajectory, evidenced by a 26% increase in total revenues year over year, reaching £240 million in 2023. Additionally, the firm touted that it has successfully placed approximately $4 billion in gross written premiums, highlighting its expanding influence and capacity in the reinsurance sector.
The completed acquisition transforms GIC into the majority shareholder of Miller, a company whose presence has since expanded, now boasting over 900 employees across offices located in the UK, Europe, Bermuda, and Asia.
James Hands, CEO of Miller, expressed enthusiasm over GIC’s transition to becoming the company’s majority investor.
“The completion of this transaction is the culmination of three years of outstanding growth since Miller returned to independence,” Hands stated.
Hands also emphasized the company’s successful talent acquisition, international expansion, and foray into new markets driven by specialized demand.
“Today we are a business that has meaningful scale and market-leading specialism, underpinned by our one team culture. Our focus is now on continuing to move ahead at pace with our strategy, capitalizing on the energy I see throughout our business to attract new talent, capture new opportunities and help our clients solve new challenges,” he said.
Financial specifics of the GIC-Cinven transaction have not been disclosed.
Beyond Miller, GIC has invested in companies such as Rothesay and RAC in the UK, Convex in London and Bermuda, Mass Mutual Asia in Hong Kong, and China Pacific Insurance group in China.
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