The reinsurance broker believes that the deal is a turning point in its development as an independent specialty reinsurance broker. Credit: Panchenko Vladimir/Shutterstock.

Singaporean sovereign wealth fund GIC has finalised the acquisition of Cinven’s stake in specialist reinsurance broker Miller for an undisclosed sum.  

With the completion of this transaction, initially announced in December 2023, GIC has emerged as the majority shareholder of Miller.   

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The reinsurance broker believes that the deal is a turning point in its development as an independent specialty reinsurance broker. 

Now, Miller has a workforce of over 900 across its offices in the UK, Europe, Bermuda, and Asia 

Private equity investor Cinven and GIC acquired UK-headquartered Miller from Willis Towers Watson in 2021.  

Since then, the company claims to have experienced a transformative phase of growth.  

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This expansion has been attributed to organic development and strategic international mergers and acquisitions. 

Miller’s 2023 results reflected this upward trajectory, with a 26% increase in total revenues to £240m and approximately $4bn in gross written premium. 

Miller CEO James Hands said: “We are hugely excited to have GIC as our majority investor. The completion of this transaction is the culmination of three years of outstanding growth since Miller returned to independence. We have added exceptional talent, built out our international footprint and moved into new classes where we have identified demand for genuine specialism and service.  

“Today we are a business that has meaningful scale and market-leading specialism, underpinned by our one team culture. Our focus is now on continuing to move ahead at pace with our strategy, capitalising on the energy I see throughout our business to attract new talent, capture new opportunities and help our clients solve new challenges.” 

Earlier this month, the specialist reinsurance broker forayed into the parametric insurance space by launching a dedicated global team. 

Miller aims to apply parametric insurance solutions across a range of industries, extending beyond the conventional natural catastrophe triggers. 

In December 2023,  Miller formed a partnership with Salesforce to adopt cutting-edge artificial intelligence and cloud-based tools aimed at boosting productivity.