International private equity firm Cinven is selling its shares in London-headquartered specialist (re)insurance broker Miller to global institutional investor GIC.
Without disclosing the transaction’s financial terms, Miller announced that GIC and Cinven – the buyers that swooped for the brokerage in 2021 – have reached a buyout agreement.
The previous deal a few years ago involved WTW, which took an 85% interest in Miller in 2015. Now, subject to completion in early 2024, the sale to GIC will see it become Miller’s majority shareholder. GIC is the manager of Singapore’s foreign reserves.
In an emailed release, Miller said: “This agreement represents a major milestone in Miller’s evolution into a leading independent specialist broker, with the backing of a long-term owner committed to supporting Miller’s entrepreneurial culture, one-team approach, and unrivalled focus on client service.
“Since returning to independence in 2021, Miller has seen significant sustained growth, with annualised revenues now well in excess of £200 million, during which time headcount grew to over 900 with the addition of over 250 new employees. Miller has also made acquisitions in Europe and Asia and launched its first MGA sister entity, Casper Specialty UK Limited.”
For Miller chief executive James Hands, the new deal is a reflection of how the broker has delivered against its “bold and ambitious vision” that was outlined more than two years ago.
“We have meaningfully grown our revenues, both organically and inorganically, added well over 250 colleagues across the UK, Europe, Asia, and Bermuda and built on our reputation for market-leading specialism and highest quality of service to our clients,” Hands highlighted. “Our shareholders have been pivotal in helping us to achieve this, and I would like to thank Cinven for their support and investment.
“Looking ahead, GIC’s ownership will enable us to maintain the exciting trajectory we are on. As we seek to add new talent and continue our M&A (mergers and acquisitions) strategy, stable long-term ownership and independence will be critical differentiators for Miller.”
The CEO went on to describe GIC’s investment as a “strong statement of confidence” in Miller’s future and the management team’s strategy.
Commenting on the buyout, GIC’s chief investment officer of private equity Yong Cheen Choo said: “We are delighted to deepen our relationship with Miller and are grateful to Cinven for their partnership over the last three years.
“This further investment in Miller is consistent with GIC’s strategy of developing long-term relationships with our portfolio companies and targeting the highest-quality businesses. The defensive nature and strong market dynamics of the (re)insurance market, coupled with Miller’s positioning, have seen the business consistently deliver growth with the foundations laid for continued sustainable success.”
Cinven’s camp, meanwhile, is “very proud” of what Miller has achieved and wishes the broker further success moving forward.
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