Specialist reinsurance dealer Miller has agreed to accumulate Bruzon Correduría de Seguros y Reaseguros (Bruzon), a Spanish industrial insurance coverage and reinsurance dealer.
The monetary phrases of the deal have been undisclosed.
The transfer marks Miller’s second acquisition in Continental Europe, because it continues to construct its specialty boutique mannequin internationally.
Established in 1990, Bruzon is engaged in structuring and inserting direct and reinsurance dangers. It serves a big shopper base that features banks, insurance coverage corporations, corporates, and members of IBEX 35, Spain’s inventory alternate.
The corporate provides a big selection of insurance coverage options, significantly in facultative reinsurance, accident and well being, sports activities, monetary traces, credit score, and surety insurance coverage.
Bruzon’s consultancy arm Bruzon Companies focuses on monetary advisory and structuring.
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Miller CEO James Arms stated: “That is an thrilling time for Miller as we proceed to broaden our presence throughout the UK, Europe and Asia.
“Bruzon has an impressive fame in Spain and shares our imaginative and prescient to create the dealer of alternative for purchasers with advanced risk-transfer wants and for proficient brokers to pursue their ardour. Collectively we are able to broaden the spectrum of options and providers obtainable to our international purchasers.”
Bruzon founder, chairman and CEO John Bruzon will proceed to steer the corporate’s 32 workers.
They are going to work in shut collaboration with Miller’s crew of greater than 900 employees unfold throughout the UK, Asia, Bermuda, and different European markets comparable to France, Belgium, and Switzerland.
Upon completion of the transaction, Bruzon will function underneath the “Bruzon Miller” model, reflecting a longstanding partnership, with Miller having beforehand been a minority shareholder in Bruzon earlier than 2015.
Pending regulatory approvals, the acquisition is because of shut later this yr.
In March, Miller launched a devoted international crew to enter the parametric insurance coverage enviornment.
The brand new crew focuses on the applying of parametric insurance coverage throughout numerous industries.
