Nov 10, 2020

Cinven and GIC acquire Miller from Willis Towers Watson

Willis Towers Watson
Miller
GIC
Cinven
William Girling
2 min
A collaboration between Cinven and Singaporean sovereign wealth fund GIC has led to the acquisition of specialist insurance broker Miller
A collaboration between Cinven and Singaporean sovereign wealth fund GIC has led to the acquisition of specialist insurance broker Miller...

A collaboration between Cinven and Singaporean sovereign wealth fund GIC has led to the acquisition of specialist insurance broker Miller.

The specifics of the agreement struck between the two and Willis Towers Watson, current owner of Miller, have not been formally disclosed, although some sources estimate the figure to be approximately £680m (or US$896m). 

Miller itself has enjoyed a long and successful presence in the international market (it was founded in 1902). Headquartered in London and staffed by over 640 employees globally, it currently has over 4,500 clients, places $2bn in premiums annually and has experienced 100% organic growth over an eight-year period.

An investment opportunity

In addition to gaining the significant prestige of Miller’s heritage, Cinven and GIC have cited its strong position in wholesale insurance markets, loyal client-base and proven track record throughout the COVID-19 pandemic as evidence of an attractive investment opportunity.

Luigi Sbrozzi, Partner of Cinven, commented that, from Cinven’s perspective, the growth opportunities afforded by the joint acquisition represented a significant long-term opportunity.

“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.”

Yong Cheen Choo, Chief Investment Officer of Private Equity at GIC, added that the company is excited to participate in this opportunity with Cinven:

“Miller is one of the top and most established wholesale brokers with highly respected franchises in areas such as marine and energy, sports and entertainment, and cargo. 

“We are pleased to partner with Cinven and look forward to supporting Greg Collins (CEO of Miller) and his team to seize future expansion opportunities for Miller. As a long-term investor, we are confident in the growth potential of the specialty insurance sector, and of Miller within it.”

Collins himself expressed optimism about their future relationship, while also commending Willis for its support.

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Jun 16, 2021

Tribe and APOLLO announce national insurance campaign

Tribe
Apollo
campaign
Insurance
2 min
Tribe Property Technologies and APOLLO Insurance have launched a campaign to digitise insurance access across Canada

Tribe Property Technologies in partnership with APOLLO insurance has announced a national insurance campaign to digitise insurance for condominium owners, renters, landlords, and developers across Canada. The aim of the campaign is to make insurance access easier and faster for owners while improving the coverage and protection of condominiums and rental buildings.

According to several surveys, nearly half of 4.5mn rented houses in Canada do not have tenant insurance protection, meaning those individuals and their families are put at risk of fire and water damage. 

What does the national insurance campaign include? 

According to Tribe, the company is working with APOLLO to ensure that this type of insurance is easier to access. It aims to achieve this by introducing a direct connection to APOLLO's insurance technology from both Tribe's strata and condo management platform and rental software to allow for increased education and awareness for owners into insurance risks and options. 

It also includes the future ability for notifications for mid-term cancellations, and plans to offer protection from potential strata/condo corporation deductibles, Tribe said. 

"We are excited to partner with APOLLO to bring accessibility, visibility, and education around insurance options to our communities and reflect the current lifestyle expectations of condo owners and residents while protecting the value of their biggest assets", said Joseph Nakhla, Chief Executive Officer of Tribe. 

Nakhla added: “This agreement with APOLLO is just the first step under our Digital Services & Partnerships revenue pillar. We will continue to layer on services to drive revenue for Tribe, and bring convenience and savings for our users, with the goal of being able to offer a one-stop-shop to our development partners and the over 100,000 residents in Tribe-managed communities”.

APOLLO uses technology as a channel between insurance brokers, carriers, and their mutual clients, offering insurance options from multiple companies on one integrated online platform.

"We like that Tribe is taking a fresh approach to condo living and building smart homes through tech-enabled service, and an integration with their Community Platform supports our goals of making insurance more accessible and supporting the needs of communities”, said Jeff McCann, Chief Executive Officer of Apollo.

 

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