Cinven, the international private equity firm, and GIC, Singapore’s sovereign wealth fund, have completed the acquisition of leading specialist insurance and (re)insurance broker, Miller, from Willis Towers Watson.
Founded in 1902, Miller operates in the UK, Lloyd’s and internationally. It employs more than 640 people through its offices in London, Ipswich, Brussels, Paris, Singapore and Geneva, covering the world’s major insurance hubs. Miller operates across a number of specialist areas, including marine, energy, credit and political risks, delegated authorities, professional risks, property, casualty, sports and entertainment and (re)insurance. Headquartered in London, it places c. £2 billion worth of premiums annually.
Greg Collins, CEO, Miller, commented:
“Today marks the start of a new phase of growth. From this point onwards you will begin to see us make precise strategic investments as we look to establish Miller as the leading independent specialist (re)insurance broking firm for clients across the specialist sectors in which we choose to do business. This includes expanding our offering in Asia, Europe and North America, alongside recruiting and incentivising highly skilled specialist brokers to add to the depth of our existing talent base.
“With expanded Miller management ownership in the business, we will be making targeted investments in the business, including enhancing our technology to sharpen our digital capabilities. Independent ownership is absolutely the right model to really accelerate Miller’s growth, whilst staying true to the culture and values the firm holds dear.”
Cinven Funds’ previous investments in the European insurance sector include Guardian Financial Services in the UK, Eurovita in Italy, and Viridium in Germany. Other UK-headquartered financial services investments by the Cinven Funds include Partnership Assurance, NewDay and Premium Credit. GIC has invested in companies such as Rothesay and RAC in the UK, Convex in London and Bermuda, Mass Mutual Asia in Hong Kong, and China Pacific Insurance group in China.
the start of our new chapter
The start of our new chapter▶ 01:59
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Cinven is a leading international private equity firm focused on building world-class global companies. Its funds invest in six key sectors: Business Services, Consumer, Financial Services, Healthcare, Industrials and Technology, Media and Telecommunications (TMT). Cinven has offices in London, New York, Frankfurt, Paris, Milan, Madrid, Guernsey and Luxembourg.
Cinven takes a responsible approach towards its portfolio companies, their employees, suppliers, local communities, the environment and society.
Cinven Capital Management (V) General Partner Limited, Cinven Capital Management (VI) General Partner Limited, Cinven Capital Management (VII) General Partner Limited and Cinven Capital Management (SFF) General Partner Limited are each authorised and regulated by the Guernsey Financial Services Commission, and Cinven Partners LLP, the advisor to the Cinven Funds, is authorised and regulated by the Financial Conduct Authority.
In this press release ‘Cinven’ means, depending on the context, any of or collectively, Cinven Holdings Guernsey Limited, Cinven Partnership LLP, Cinven (LuxCo1) S.A., and their respective Associates (as defined in the Companies Act 2006) and/or funds managed or advised by any of the foregoing.
GIC is a leading global investment firm established in 1981 to manage Singapore’s foreign reserves. A disciplined long-term value investor, GIC is uniquely positioned for investments across a wide range of asset classes, including equities, fixed income, private equity, real estate and infrastructure. In private equity, GIC invests through funds and directly in companies, partnering with its fund managers and management teams to help world-class businesses achieve their objectives. GIC has investments in over 40 countries and has been investing in emerging markets for more than two decades. Headquartered in Singapore, GIC employs over 1,700 people across 10 offices in key financial cities worldwide. For more information about GIC, please visit www.gic.com.sg.
Miller is a leading specialist (re)insurance broking partnership for intermediaries, direct insureds and reinsureds.
Founded in 1902, Miller is headquartered in London and has more than 640 people across its UK and international operations.
Miller is a Chartered Insurance Broker, publicly committed to a customer-first approach and values that align with a professional Code of Ethics. It provides solutions relevant to our clients’ needs, maintaining knowledge through qualifications and ongoing professional development. For more information, please visit www.miller-insurance.com.