Miller, the leading independent specialist (re)insurance broker, is pleased to announce today that GIC, a global institutional investor, has completed its acquisition of Cinven’s shares in Miller.

GIC and Cinven first invested in Miller in 2021. Since then, Miller has undergone a period of significant expansion driven by both strong organic growth and strategic international M&A. Miller recently announced its 2023 results, which saw the business increase its total revenues by 26% year on year to £240 million, while placing gross written premium of c. $4 billion.

This transaction sees GIC become Miller’s majority shareholder and is a critical milestone in Miller’s evolution into a leading independent specialist broker, providing a long-term investor committed to supporting Miller’s entrepreneurial culture, one team approach and unrivalled focus on client service.

Miller now has over 900 colleagues across offices in the UK, Europe, Bermuda and Asia. 

James Hands, CEO, Miller, said: “We’re hugely excited to have GIC as our majority investor. The completion of this transaction is the culmination of three years of outstanding growth since Miller returned to independence. We have added exceptional talent, built out our international footprint and moved into new classes where we have identified demand for genuine specialism and service. Today we are a business that has meaningful scale and market-leading specialism, underpinned by our one team culture. Our focus is now on continuing to move ahead at pace with our strategy, capitalising on the energy I see throughout our business to attract new talent, capture new opportunities and help our clients solve new challenges.” 

Financial details of the transaction are not disclosed.

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