Miller broadcasts acquisition of reinsurance dealer

Specialist reinsurance dealer Miller has introduced its acquisition of Bruzon Correduría de Seguros y Reaseguros S.A. and Bruzon Companies S.A. (Bruzon), a industrial insurance coverage and reinsurance dealer primarily based in Madrid.

The transaction is a part of the Miller’s continued growth of its specialty boutique mannequin. Miller CEO James Arms expressed his enthusiasm for the deal.

“That is an thrilling time for Miller as we proceed to develop our presence throughout the UK, Europe and Asia. Bruzon has an excellent fame in Spain and shares our imaginative and prescient to create the dealer of alternative for shoppers with complicated risk-transfer wants and for gifted brokers to pursue their ardour,” stated Arms.

“Collectively we will broaden the spectrum of options and companies accessible to our world shoppers,” he added.

With the acquisition, Bruzon will rebrand to “Bruzon Miller”, which acknowledges the partnership between the 2 companies as Miller has been a minority shareholder since earlier than 2015. Bruzon’s workers will nonetheless be led by Bruzon founder, chairman, and CEO John Bruzon. They are going to be collaborating with Miller’s workers from the UK, Asia, and Bermuda in addition to the dealer’s European insurance coverage markets which embody France, Belgium, and Switzerland. 

“We’re delighted to hitch Miller as the subsequent step of Bruzon’s journey. This transaction will advance our personal presence within the Spanish market, persevering with to offer our shoppers glorious recommendation, options and repair,” stated Bruzon.

“With Miller’s possession and elevated assets, we protect the legacy and strengthen the particular character of our firm,” he added.

Bruzon is likely one of the main insurance coverage and reinsurance brokers in Spain. With its shoppers being giant banks, insurance coverage companies, giant corporates and IBEX 35 members, the dealer provides options in facultative reinsurance, accident & well being, sports activities, monetary strains, and credit score and surety insurance coverage. In the meantime, boutique consultancy agency Bruzon Companies is concentrated on monetary advisory and structuring. 

With its completion anticipated to happen someday this 12 months whereas being topic to regulatory approvals, Miller’s transaction with Bruzon serves because the dealer’s second acquisition in Europe. 

What are your ideas on this story? Please be happy to share your feedback beneath.