The transaction is subject to regulatory approval
Miller Insurance announced today that it has acquired Alston Gayler and Co (AG), in a bid to strengthen its position as a London wholesale and specialist broking platform.
The firm has entered into a “definitive agreement” to acquire AG, majority owned by Nelson Holdings Limited.
It said the acquisition will bolster Miller’s offering to clients and strengthen its position in the London market and as a specialist broking platform.
But the transaction is subject to regulatory approval and financial terms were not disclosed.
AG is an ILW recognised(re)insurance broker in the independent London market specialising in multiple lines of business.
Miller’s chief executive, Greg Collins, said: “AG and Miller are aligned in numerous ways, including our client-focussed approach, values, high level of expertise and strategic vision.”
The insurance firm has an ongoing commitment to broaden its skill set, bolster its client offering and continue its strong growth.
Robert Alexander, managing director at AG, said: “We have been looking for a partner that shares the same culture and the right platform from which we could continue to offer a high-quality service to our clients.”
Speaking on the acquisition, Ben Potts, Managing Director at software firm, Novidea said: “More consolidation in the broker space is not surprising – the race for scale continues. How successful the integration is will depend in no small way on the technology landscape of the businesses and their integration. Legacy technology and the ability to leverage data is one of the key reasons why insurance acquisitions don’t always deliver on their original promises.
“But technology can also be the key to helping brokers navigate those tentative, post-merger days, reducing the time it takes for a buyer to get their arms around the acquired business from over a year to months. To maximise merger success, and fast, brokers should be making investment in technology a top priority.”
Miller is a specialist (re)insurance brokers operating through Lloyds, the London market and internationally, majority owned by Willis Towers Watson (WTW).
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