Private equity firm Cinven and Singapore’s sovereign wealth fund GIC have entered into a deal with Miller’s partners and Willis Towers Watson (WTW) to buy Miller – a London-based specialist re/insurance broker.
The deal value was not shared, though Bloomberg reported that the transaction values the firm at $896m.
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The deal awaits regulatory nod and is slated to close in the first quarter of next year.
Miller CEO Greg Collins said: “We are very pleased to be partnering with Cinven and GIC, whose knowledge and insurance investment expertise will enormously support our business as we enter this important next phase of growth.
“We are excited about bringing together our combined expertise to bolster our best in class client service and solutions and strengthen Miller’s position in our core activities. This includes making incremental targeted, strategic investments as we look to realise our ambition of becoming the leading independent specialist (re)insurance broking firm.”
The deal is the first from Cinven’s strategy dedicated to the financial services sector.
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By GlobalDataCinven Partner Luigi Sbrozzi said: Miller is a highly attractive, resilient specialist insurance business with strong long-term growth opportunities across all of its segments and a history of consistent growth through various economic cycles.
“We see opportunities both organically, by recruiting new specialist brokers, and through incremental M&A over time.
“Miller also offers a scalable platform, particularly internationally, with associated benefits for clients as the business develops and expands over the long-term.”
GIC CIO of private equity Yong Cheen Choo too welcomed the deal, saying that it is confident in the growth potential of Miller and the broader specialty insurance sector.
Notably, earlier this year, GIC picked a stake in ICICI Prudential Life Insurance.
Miller focuses on marine, energy, credit and political risks, delegated authorities, professional risks, property, casualty, sports and entertainment and (re)insurance.
It has offices in London, Ipswich, Brussels, Paris, Singapore and Geneva. The firm’s staff headcount is over 640.
WTW picked an 85% interest in Miller in 2015, with the remained owned by Miller partners.
This April, WTW put the plans to sell Miller on hold due to the Covid-19 crisis.
