Specialist reinsurance broker Miller generated total revenues of £271m in 2024, 13% higher than the previous year.
The company attributed the rise to organic growth of 12%.
Go deeper with GlobalData
The group’s EBITDA (earnings before interest, taxes, depreciation and amortisation) margin has remained over 30%, despite considerable investments in team expansion, technology and capabilities.
Its total gross written premiums (GWP) for the year ended 31 December 2024 stood at $4bn.
Over the past year, Miller hired more than 200 new employees, taking its total workforce to more than 1,100.
The company introduced new products and teams across various sectors including real estate, Europe nuclear risks, transactional risks, marine, North American casualty and specialty reinsurance.
Miller also strengthened its global presence with the launch of a new office in Korea and the strengthening of its Japanese operations with the inclusion of non-marine lines.
The company also completed the acquisitions of 4809 Brokers in Switzerland and Bruzon in Spain, enhancing its European platform.
The proposed acquisition of specialist reinsurance broker AHJ was announced after the reporting period.
The company’s retail specialty business accounted for 30% of total revenue.
In the first quarter of 2024, GIC became the majority shareholder of Miller, following the acquisition of Cinven’s stake in the company.
GIC and Cinven initially invested in Miller in 2021.
Commenting on the results, Miller CEO James Hands said: “2024 was another record year for Miller as our business continues to go from strength to strength. We started the year with increased momentum, as the completion of GIC’s investment secured our long-term future as the independent specialist partner of choice.”
Additionally, Miller has revealed a new brand and visual identity, developed around the new brand line ‘Go Be Great’.
The rebrand is designed to reflect the company’s entrepreneurial spirit, growing international reach and diversified business model.
Hands further noted: “Our new brand is about putting clients at the absolute centre of everything we do. We are truly passionate about the role insurance can play as an enabler of greatness and, at a time when much of our market is looking inward, distracted by consolidation and change, Miller’s renewed commitment to clients coming first is more relevant than ever.
“For over 120 years we have been finding the right solutions for our clients and matching their ambition every step of the way. Our new brand truly reflects the spirit of Miller – innovation, energy, and above all, trust.”
