GIC reaches agreement to buyout Cinven, securing independent future for Miller
Increased investment by GIC secures Miller’s long-term independent future as a leading specialist broker.
Miller, the leading independent specialist (re)insurance broker, today announces GIC, a global institutional investor, and Cinven, the international private equity firm, have reached an agreement for GIC to acquire Cinven’s shares in Miller. GIC and Cinven first acquired Miller in 2021. Today’s announcement will see GIC become the majority shareholder in Miller, subject to completion and regulatory approval. The transaction is expected to close at the end of Q1 2024.
This agreement represents a major milestone in Miller’s evolution into a leading independent specialist broker, with the backing of a long-term owner committed to supporting Miller’s entrepreneurial culture, one team approach and unrivalled focus on client service.
Since returning to independence in 2021, Miller has seen significant sustained growth, with annualised revenues now well in excess of £200m, during which time headcount grew to over 900 with the addition of over 250 new employees. Miller has also made acquisitions in Europe and Asia and launched its first MGA sister entity, Casper Specialty UK Limited.
We have meaningfully grown our revenues, both organically and inorganically, added well over 250 colleagues across the UK, Europe, Asia and Bermuda.
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