European Commission greenlights Miller acquisition
The acquisition of London-listed specialist re/insurance broker Miller by private equity firm Cinven and Singapore’s sovereign wealth fund GIC has been cleared by the European Commission (EC) under the EU Merger Regulation.
The transaction was examined under the simplified merger review procedure.
The Commission concluded that the deal would raise no competition concerns because of the limited market position of Miller in the European Economic Area.
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.
The company was founded in 1902 and acquired by Willis Towers Watson in 2016.
In November 2020, Willis Towers Watson reached an agreement to sell Miller Insurance Services, its wholesale arm, to Cinven and GIC following a strategic review.
The deal represents the first investment from Cinven’s new financial services sector-focused strategy, which it said will be looking at similar long-term opportunities across Europe.
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