Home Insurance Law GIC closes reinsurance dealer Miller buyout 

GIC closes reinsurance dealer Miller buyout 

GIC closes reinsurance dealer Miller buyout 


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

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

The reinsurance dealer believes that the deal is a turning level in its improvement as an unbiased specialty reinsurance dealer. 

Now, Miller has a workforce of over 900 throughout its workplaces within the UK, Europe, Bermuda, and Asia 

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

Since then, the corporate claims to have skilled a transformative section of progress.  

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This enlargement has been attributed to natural improvement and strategic worldwide mergers and acquisitions. 

Miller’s 2023 outcomes mirrored this upward trajectory, with a 26% enhance in whole revenues to £240m and roughly $4bn in gross written premium. 

Miller CEO James Arms mentioned: “We’re massively excited to have GIC as our majority investor. The completion of this transaction is the fruits of three years of excellent progress since Miller returned to independence. We have now added distinctive expertise, constructed out our worldwide footprint and moved into new courses the place we have now recognized demand for real specialism and repair.  

“Immediately we’re a enterprise that has significant scale and market-leading specialism, underpinned by our one crew tradition. Our focus is now on persevering with to maneuver forward at tempo with our technique, capitalising on the vitality I see all through our enterprise to draw new expertise, seize new alternatives and assist our purchasers resolve new challenges.” 

Earlier this month, the specialist reinsurance dealer forayed into the parametric insurance coverage area by launching a devoted world crew. 

Miller goals to use parametric insurance coverage options throughout a spread of industries, extending past the standard pure disaster triggers. 

In December 2023,  Miller shaped a partnership with Salesforce to undertake cutting-edge synthetic intelligence and cloud-based instruments geared toward boosting productiveness. 



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