North American Bulletin September 2025

Introduction and market commentary

While others blur the lines, we stay focused on you.

A word from our CCO, Jake Tobin

I’d like to welcome our intermediary partners to the latest edition of our North American bulletin – here to help you and your clients grow and be great.

I’m coming to the end of my first year here at Miller, and the current market landscape has made me reflect on what truly defines our business – and why it matters so much to our partners across North America. 

The insurance market has never stood still. And it never will – change is part of the industry’s DNA. But the past six months have shown, more than any period in recent memory, that independence and stability are the true hallmarks of a global Lloyd’s broker.

While headlines have been dominated by consolidation and M&A activity, we see it for what it is: recognition of the value that brokers bring. But for Miller, it doesn’t change our course.

With no offices in the US and Canada, and no conflicts of interests, our focus is unwavering: we’re here to support you and your clients as a long-term partner. 

Unlike listed, shareholder-driven businesses, Miller is independent and privately owned. We’re proud to be the only London specialty broker majority owned by GIC. As long-term investors, GIC are committed to Miller’s entrepreneurial culture, one team approach and unrivalled focus on client service. 

With their backing, we can continue to build a market-leading business that attracts the best talent and delivers the best outcomes – whether through London, Bermuda, or both.

Our teams operate as one, aligned under a single P&L. Which means when you speak with Miller in London, you’re also connected seamlessly with Miller in Bermuda. That structure ensures your needs, and those of your clients, always come first.

Thanks for reading and I hope you enjoy the bulletin. The team and I look forward to seeing many of you on the other side of the pond in the coming months.

But don’t worry… we’ll always have a return ticket home.