Excellent financial and strategic progress with strong organic growth and new revenues added through M&A.
- Miller celebrates its two-year anniversary as an independent broker with revenues breaking through £200m;
- Mid-teens organic growth delivered in period since March 2021, with strong performance across all classes;
- 130 new employees joined Miller and 12 new teams launched in 2022 to deliver new product lines and enhance its proposition to existing clients, including North America Wholesale, Delegated Authorities, Construction, Bloodstock & Livestock, Farms & Estates, Media & Entertainment and Renewables;
- Over 200 brokers have joined Miller since the business returned to independence in March 2021;
- Positive performance from acquisitions of Henner Sports in France (now Miller Sports & Entertainment, Paris) and Japanese Broker Lead Insurance Services;
- Refreshed strategy included restructure of business to establish Miller UK & Miller International to better support UK and international growth ambitions; and
- Supported the launch of sister entity, Casper Specialty UK Limited, a casualty focused MGA, in March 2023.
James Hands, CEO, Miller commented: “Miller delivered an excellent performance in 2022, led by strong organic growth and the acquisition of two high quality businesses. This is our first full year after regaining our full independence and I am pleased that we are already demonstrating our ability to deliver accelerated growth with revenues increasing by nearly 30% since the end of 2020. In 2023 we plan to deliver more of the same, but at an even greater pace.
“Miller thrives in areas which benefit from expertise and sophisticated service, and our strategy is focused on building capability in classes where specialism is a differentiator. Organic growth is a fundamental part of this, and I am encouraged by such a strong result here. As part of this, we launched 12 new teams in the UK and internationally, and I can’t wait to see the impact they will make in 2023 and beyond. Also pleasing is that, alongside our well-established strength in wholesale, we continue to expand the retail part of our business and this segment surpassed 20% of our total revenues for the first time.
“We also acquired two new businesses - Lead Insurance Services and Henner Sports. We had long-established relationships with both, and they have already strengthened our product offering and geographic capabilities. Further to this, we have a strong pipeline of other M&A opportunities and look forward to sharing more announcements soon as we build out our Asian and European platforms.
"In total, we saw 130 new joiners last year across our eight offices in the UK, Europe and Asia. Ultimately, people are the driving force behind our business. We operate under the model of a ‘One Miller’ approach, acting as a single global team of empowered experts delivering for our clients, wherever they are. Testament to this, our recent employee survey showed a 77% engagement score, well above the industry average.
“In the coming year, we will look to capitalize on our strong foundations. Our vision is for Miller to be the specialty partner of choice and at the beginning of 2023 we announced the strategic re-alignment of our business into two divisions, Miller UK and Miller International, to better support our expansion across the UK, Europe and Asia.
“Our ambitious growth plans, aligned to our heritage in the market, gives us the belief that we are a compelling home for brokers who share our passion for client excellence. I’m proud of what we have achieved in the past year and energised when I look around at the talent at Miller. 2023 promises to be an exciting year.”
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