Cinven and GIC acquire Miller from Willis Towers Watson
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.