The reinsurance broker believes that the deal is a turning point in its development as an independent specialty reinsurance broker. Credit: Panchenko Vladimir/Shutterstock.

Singaporean sovereign wealth fund GIC has finalised the acquisition of Cinven’s stake in specialist reinsurance broker Miller for an undisclosed sum.  

With the completion of this transaction, initially announced in December 2023, GIC has emerged as the majority shareholder of Miller.   

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The reinsurance broker believes that the deal is a turning point in its development as an independent specialty reinsurance broker. 

Now, Miller has a workforce of over 900 across its offices in the UK, Europe, Bermuda, and Asia 

Private equity investor Cinven and GIC acquired UK-headquartered Miller from Willis Towers Watson in 2021.  

Since then, the company claims to have experienced a transformative phase of growth.  

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

This expansion has been attributed to organic development and strategic international mergers and acquisitions. 

Miller’s 2023 results reflected this upward trajectory, with a 26% increase in total revenues to £240m and approximately $4bn in gross written premium. 

Miller CEO James Hands said: “We are hugely excited to have GIC as our majority investor. The completion of this transaction is the culmination of three years of outstanding growth since Miller returned to independence. We have added exceptional talent, built out our international footprint and moved into new classes where we have identified demand for genuine specialism and service.  

“Today we are a business that has meaningful scale and market-leading specialism, underpinned by our one team culture. Our focus is now on continuing to move ahead at pace with our strategy, capitalising on the energy I see throughout our business to attract new talent, capture new opportunities and help our clients solve new challenges.” 

Earlier this month, the specialist reinsurance broker forayed into the parametric insurance space by launching a dedicated global team. 

Miller aims to apply parametric insurance solutions across a range of industries, extending beyond the conventional natural catastrophe triggers. 

In December 2023,  Miller formed a partnership with Salesforce to adopt cutting-edge artificial intelligence and cloud-based tools aimed at boosting productivity.