Singaporean sovereign wealth fund GIC has signed an agreement to increase its stake in specialist reinsurance broker Miller by buying out partner Cinven’s holding.

Upon deal completion in the first quarter of 2024, GIC will become a majority shareholder in the broker.

Financial terms of the transaction, which awaits regulatory and antitrust clearances, were not revealed.

GIC and private equity (PE) company Cinven acquired UK-headquartered Miller in 2021 from its partners and corporate member Willis Towers Watson.

At that time, the buyers said that independent ownership was the ideal model to ramp up the growth of the business. 

Cinven’s decision to sell its stake in Miller follows a report in October regarding the PE company considering a sale of its life insurance business, Viridium.

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Miller called the latest deal a turning point in its development as an independent specialised reinsurance intermediary.

The broker claimed that it has grown considerably since regaining its independence in 2021.

During this time, the company added more than 250 new employees, increasing its workforce size to over 900, and boosted its annualised revenues to more than £200m ($251.41m).

Miller also founded Casper Specialty UK, its first managing general agent sister company, and made acquisitions in Europe and Asia.

Miller CEO James Hands said: “We have meaningfully grown our revenues, both organically and inorganically, added well over 250 colleagues across the UK, Europe, Asia and Bermuda and built on our reputation for market-leading specialism and highest quality of service to our clients.

“Looking ahead, GIC’s ownership will enable us to maintain the exciting trajectory we are on. As we seek to add new talent and continue our M&A [mergers and acquisitions] strategy, stable long-term ownership and independence will be critical differentiators for Miller.”

GIC chief investment officer of private equity Yong Cheen Choo said: “This further investment in Miller is consistent with GIC’s strategy of developing long-term relationships with our portfolio companies and targeting the highest-quality businesses.

“The defensive nature and strong market dynamics of the (re)insurance market, coupled with Miller’s positioning, have seen the business consistently deliver growth with the foundations laid for continued sustainable success.”

Earlier this month, the UK broker launched MillerMo, an artificial intelligence tool for its employees.