The two firms will acquire the London-based broker from Willis Towers Watson for an undisclosed sum.
Private equity firm Cinven and Singapore sovereign wealth fund GIC have reached an agreement to buy leading specialist insurance and (re)insurance broker Miller, a deal that is expected to complete in the first quarter of 2021, subject to regulatory approval, according to an announcement on Tuesday.
Founded in 1902, Miller employs more than 640 people through its offices in London, Ipswich, Brussels, Paris, Singapore and Geneva, covering the world’s major insurance hubs. It places more than £2 billion ($2.64 billion) worth of premiums annually.
Growth Opportunities
In the announcement, Cinven noted Miller's long-term growth opportunities, both organically, by recruiting new specialist brokers, and through incremental M&A over time. It also highlighted Miller's scalable platform, particularly internationally, with associated benefits for clients as the business develops and expands over the long-term.
«As a long-term investor, we are confident in the growth potential of the specialty insurance sector, and of Miller within it,» Yong Cheen Choo, Chief Investment Officer of Private Equity, GIC, said in the announcement.
GIC has invested in companies such as Rothesay and RAC in the U.K., Mass Mutual Asia in Hong Kong, and China Pacific Insurance group in China.
