Singaporean sovereign wealth fund GIC has finalised the acquisition of Cinven’s stake in specialist reinsurance dealer Miller for an undisclosed sum.
With the completion of this transaction, initially introduced in December 2023, GIC has emerged as the bulk shareholder of Miller.
The reinsurance dealer believes that the deal is a turning level in its growth as an unbiased specialty reinsurance dealer.
Now, Miller has a workforce of over 900 throughout its places of work within the UK, Europe, Bermuda, and Asia
Non-public fairness investor Cinven and GIC acquired UK-headquartered Miller from Willis Towers Watson in 2021.
Since then, the corporate claims to have skilled a transformative part of progress.
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This growth has been attributed to natural growth and strategic worldwide mergers and acquisitions.
Miller’s 2023 outcomes mirrored this upward trajectory, with a 26% enhance in complete revenues to £240m and roughly $4bn in gross written premium.
Miller CEO James Arms mentioned: “We’re massively excited to have GIC as our majority investor. The completion of this transaction is the fruits of three years of excellent progress since Miller returned to independence. Now we have added distinctive expertise, constructed out our worldwide footprint and moved into new lessons the place we now have recognized demand for real specialism and repair.
“Right this moment we’re a enterprise that has significant scale and market-leading specialism, underpinned by our one group tradition. Our focus is now on persevering with to maneuver forward at tempo with our technique, capitalising on the vitality I see all through our enterprise to draw new expertise, seize new alternatives and assist our shoppers remedy new challenges.”
Earlier this month, the specialist reinsurance dealer forayed into the parametric insurance coverage area by launching a devoted international group.
Miller goals to use parametric insurance coverage options throughout a variety of industries, extending past the traditional pure disaster triggers.
In December 2023, Miller shaped a partnership with Salesforce to undertake cutting-edge synthetic intelligence and cloud-based instruments geared toward boosting productiveness.
