Cinven, a private equity firm, and GIC, the Singaporean sovereign wealth fund, have signed a deal to acquire UK-based specialist insurance broker Miller Insurance for an undisclosed price.

The sellers are advisory, broking and solutions company Willis Towers Watson (WTW), which holds an 85% stake, and Miller Insurance’s partners, who hold the remaining 15%.

Luigi Sbrozzi – Partner of Cinven said: “Cinven is delighted to be making this investment in Miller alongside GIC.

“Miller is a highly attractive, resilient specialist insurance business with strong long-term growth opportunities across all of its segments and a history of consistent growth through various economic cycles. We see opportunities both organically, by recruiting new specialist brokers, and through incremental M&A over time.

“Miller also offers a scalable platform, particularly internationally, with associated benefits for clients as the business develops and expands over the long-term. We believe that independent ownership is the right model to really accelerate the company’s growth.”

Miller Insurance, which operates in Lloyd’s of London, and international markets, is a specialist insurance and (re)insurance broker that caters to intermediaries, direct insureds, and reinsureds.

The company’s operations span specialist areas such as marine, energy, professional risks, property, casualty, sports and entertainment, credit and political risks, and (re)insurance.

Miller Insurance is claimed to place around £2 billion worth of premiums annually.

Greg Collins – CEO of Miller Insurance said: “We are very pleased to be partnering with Cinven and GIC, whose knowledge and insurance investment expertise will enormously support our business as we enter this important next phase of growth. We are excited about bringing together our combined expertise to bolster our best in class client service and solutions and strengthen Miller’s position in our core activities.

“This includes making incremental targeted, strategic investments as we look to realise our ambition of becoming the leading independent specialist (re)insurance broking firm. I would also like to take this opportunity to thank WTW for their support over the last five years.”

The closing of the transaction will be subject to regulatory approval and is likely to occur in the first quarter of 2021.

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