Singapore wealth fund GIC takes majority stake in Miller brokerage
Specialist re/insurance brokerage Miller will head firmly into the stable of Singapore state reserve asset manager GIC amid a reshuffling of shareholder stakes.
Miller’s lead financial investors GIC and Cinven struck terms by which GIC will pick up Cinven’s stake to become majority investor in the firm.
The transaction, still subject to regulatory approvals, is expected to close at the end of Q1 2024. Terms were not disclosed.
Miller called the deal “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 GIC and Cinven first acquired Miller in 2021, Miller claims to have enjoyed “significant sustained growth” to put the firm past the £200 million revenue mark now on a staff in excess of 900. Miller has also made acquisitions in Europe and Asia and launched its first MGA sister entity, Casper Specialty UK Limited.
James Hands, CEO of Miller, said: “When Miller returned to independence in 2021, we outlined a bold and ambitious vision and today’s announcement reflects how we’ve delivered against this. We have meaningfully grown our revenues, both organically and inorganically, added well over 250 colleagues across the UK, Europe, Asia and Bermuda and built on our reputation for market-leading specialism and highest quality of service to our clients.
“Looking ahead, GIC’s ownership will enable us to maintain the exciting trajectory we are on. As we seek to add new talent and continue our M&A strategy, stable long-term ownership and independence will be critical differentiators for Miller. GIC’s investment is also a strong statement of confidence in our future and the strategy the management team has set to build on our platform. As we enter 2024, I am more confident than ever in my belief that if you are a leader in specialty insurance you should be at Miller.”
Yong Cheen Choo, chief investment officer of private equity, GIC, commented: “This further investment in Miller is consistent with GIC’s strategy of developing long-term relationships with our portfolio companies and targeting the highest quality businesses. The defensive nature and strong market dynamics of the (re)insurance market, coupled with Miller’s positioning, have seen the business consistently deliver growth with the foundations laid for continued sustainable success.”
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