’GIC’s ownership will enable us to maintain the exciting trajectory we are on,’ says chief executive

Global investment firm GIC has reached an agreement to acquire the shares of Cinven in Miller.

A statement released today (11 December 2023) said the deal would see GIC become the majority shareholder in the (re)insurance broker, with the transaction expected to close at the end of Q1 2024.

The move has been described as a “major milestone in Miller’s evolution”, with the increased investment by GIC set to secure the broker’s long-term independent future.

Luigi Sbrozzi, partner at Cinven, said his firm had been “very proud” to support Miller and wished the business well for the future.

Meanwhile, Yong Cheen Choo, chief investment officer of private equity at GIC, said that GIC was “delighted to deepen our relationship with Miller”.

”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,” Choo added.

”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.”

’Exciting trajectory’

GIC and Cinven first acquired Miller in 2021. 

Since then, Miller claimed to now have annualised revenues in excess of £200m and a headcount of over 900 with the addition of over 250 new employees.

The firm has also made acquisitions in Europe and Asia and launched its first MGA sister entity, Casper Specialty UK Limited.

James Hands, chief executive of Miller, said: “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 strategy, stable long-term ownership and independence will be critical differentiators for Miller. GIC’s investment is also a strong statement of confidence in our future and the strategy the management team has set to build on our platform.

”As we enter 2024, I am more confident than ever in my belief that if you are a leader in specialty insurance you should be at Miller.”