GIC snaps up Cinven shares in Miller to turn out to be majority shareholder

Re/insurance coverage specialist dealer Miller has introduced the completion of GIC’s acquisition of shares from Cinven, to mark a shift within the firm’s possession construction.

GIC, a worldwide institutional investor, initially invested in Miller alongside Cinven in 2021, setting the stage for Miller’s subsequent progress.

Below the brand new possession, Miller has reported an increase in trajectory, evidenced by a 26% enhance in complete revenues yr over yr, reaching £240 million in 2023. Moreover, the agency touted that it has efficiently positioned roughly $4 billion in gross written premiums, highlighting its increasing affect and capability within the reinsurance sector.

The finished acquisition transforms GIC into the bulk shareholder of Miller, an organization whose presence has since expanded, now boasting over 900 staff throughout workplaces positioned within the UK, Europe, Bermuda, and Asia.

James Arms, CEO of Miller, expressed enthusiasm over GIC’s transition to turning into the corporate’s majority investor.

“The completion of this transaction is the fruits of three years of excellent progress since Miller returned to independence,” Arms said.

Arms additionally emphasised the corporate’s profitable expertise acquisition, worldwide growth, and foray into new markets pushed by specialised demand.

“At present 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, capitalizing on the vitality I see all through our enterprise to draw new expertise, seize new alternatives and assist our shoppers remedy new challenges,” he stated.

Monetary specifics of the GIC-Cinven transaction haven’t been disclosed.

Past Miller, GIC has invested in firms resembling Rothesay and RAC within the UK, Convex in London and Bermuda, Mass Mutual Asia in Hong Kong, and China Pacific Insurance coverage group in China.

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