Specialist reinsurance broker Miller has agreed to acquire Bruzon Correduría de Seguros y Reaseguros (Bruzon), a Spanish commercial insurance and reinsurance broker.
The financial terms of the deal were undisclosed.
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The move marks Miller’s second acquisition in Continental Europe, as it continues to build its specialty boutique model internationally.
Established in 1990, Bruzon is engaged in structuring and placing direct and reinsurance risks. It serves a large client base that includes banks, insurance companies, corporates, and members of IBEX 35, Spain’s stock exchange.
The company offers a wide array of insurance solutions, particularly in facultative reinsurance, accident and health, sports, financial lines, credit, and surety insurance.
Bruzon’s consultancy arm Bruzon Services focuses on financial advisory and structuring.
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By GlobalDataMiller CEO James Hands said: “This is an exciting time for Miller as we continue to expand our presence across the UK, Europe and Asia.
“Bruzon has an outstanding reputation in Spain and shares our vision to create the broker of choice for clients with complex risk-transfer needs and for talented brokers to pursue their passion. Together we can broaden the spectrum of solutions and services available to our global clients.”
Bruzon founder, chairman and CEO John Bruzon will continue to lead the company’s 32 employees.
They will work in close collaboration with Miller’s team of more than 900 staff spread across the UK, Asia, Bermuda, and other European markets such as France, Belgium, and Switzerland.
Upon completion of the transaction, Bruzon will operate under the “Bruzon Miller” brand, reflecting a longstanding partnership, with Miller having previously been a minority shareholder in Bruzon before 2015.
Pending regulatory approvals, the acquisition is due to close later this year.
In March, Miller launched a dedicated global team to enter the parametric insurance arena.
The new team focuses on the application of parametric insurance across various industries.
