GIC, Cinven acquire London-based insurance broker Miller

Miller places more than $3.5b worth of premiums annually.

Sovereign wealth fund GIC and international private equity firm Cinven have jointly acquired insurance and reinsurance broker Miller from its partners and corporate member, Willis Towers Watson (WTW), for an undisclosed amount.

In a press release, GIC and Cinven said that they based their decision from Miller’s reportedly attractive cash-generative business model, as well as its strong position in insurance markets, its consistent growth, and the insurance market’s growth outlook.

The transaction is expected to complete in Q1 2021 and is subject to regulatory approval.

Founded in 1902, Miller is a specialist insurance and reinsurance broker headquartered in London. It reportedly places more than $3.5b (£2b) worth of premiums annually.

The broker employs more than 640 people through its offices in London, Ipswich, Brussels, Paris, Singapore and Geneva.

Miller operates across a number of specialist areas that include marine, energy, credit and political risks, delegated authorities, professional risks, property, casualty, sports and entertainment and reinsurance. 

Cinven and GIC advisors included: Barclays (M&A); Clifford Chance (Legal); Bain (Commercial); PwC  (Financial, Operations, IT); Deloitte (Tax, Structuring); Marsh (Insurance) and FTI Consulting  (Communications).

Advisors to the sellers included: Goldman Sachs International (Financial Advisor to WTW); Herbert  Smith Freehills LLP and Addleshaw Goddard LLP (Legal) and Jamieson Corporate Finance LLP (Financial  Advisor to Miller’s Partners).