Broker Miller goes independent as Cinven / GIC acquisition completes

Broker Miller goes independent as Cinven / GIC acquisition completes

Insurance coverage and reinsurance broker Miller, which has an industry-loss guarantee (ILW) and insurance-linked securities (ILS) broking practice, is now an independent company again, after its acquisition by private equity professional investor Cinven and Singapores sovereign wealth fund GIC completed.Cinven and GIC have obtained Miller Insurance Services LLP, the wholesale and London broker, from Willis Towers Watson (WTW).
Willis Group obtained an 85% interest in Miller Insurance Services LLP in 2015, seeking to produce a leading wholesale and London market focused broking platform.
Now Miller goes independent, thanks to the acquisition by these two large financiers, who obtained Miller from its partners and business member, WTW.
Miller provides home catastrophe reinsurance focused broking services and likewise has a specialism in collateralised and insurance-linked securities (ILS) market positioning, in particular industry-loss guarantees (ILWs).
Miller got Lloyds accredited and London headquartered insurance coverage and reinsurance broker Alston Gayler (AG), a broker with an extensive market loss service warranty (ILW) practice, at the end of 2018.
As an outcome the broker is active in the ILS area, broking deals with a series of ILS fund markets and collateralised reinsurance writers.
Greg Collins, CEO, Miller, talked about the acquisitions conclusion today, “Today marks the start of a brand-new stage of growth. From this point onwards you will start to see us make precise tactical investments as we seek to develop Miller as the leading independent expert (re) insurance coverage broking company for clients throughout the professional sectors in which we pick to do company. This consists of expanding our offering in Asia, Europe and North America, alongside hiring and incentivising highly experienced expert brokers to add to the depth of our existing skill base.
” With expanded Miller management ownership in business, we will be making targeted financial investments in the company, including enhancing our technology to sharpen our digital abilities. Independent ownership is definitely the ideal model to actually speed up Millers development, whilst staying real to the culture and values the company loves.”
Miller operates in the UK, Lloyds and internationally, utilizing over 640 people through offices in London, Ipswich, Brussels, Paris, Singapore and Geneva.
The business serves as a broker across numerous lines of business, including reinsurance, positioning approximately ₤ 2 billion worth of premiums every year.

Leave a Reply

Your email address will not be published. Required fields are marked *

error: Content is protected !!