Cinven and GIC Complete Purchase of UK Broker Miller from Willis Towers Watson

Cinven, the global non-public equity organization, and GIC, Singapore’s sovereign prosperity fund, have completed the acquisition of top specialist coverage and re/insurance policies broker, Miller, from Willis Towers Watson.

The acquisition was initially declared in November 2020. Although economical details of the offer were not disclosed, Bloomberg described that the deal values the company at about 680 million lbs ($947 million), according to persons acquainted with the make any difference.

In a February 2020 submitting with the U.S. Securities and Exchange Fee, WTW declared that it was taking into consideration “strategic alternatives” with regard to Miller. WTW procured an 85% stake in Miller 2015. The sale of Miller reportedly was deemed required in purchase to handle antitrust issues of the proposed merger of Aon and WTW.

Launched in 1902, Miller operates in the British isles, Lloyd’s and internationally. It employs much more than 640 folks as a result of its workplaces in London, Ipswich (England), Brussels, Paris, Singapore and Geneva, covering the world’s key coverage hubs. Miller operates throughout a number of specialist spots, together with maritime, vitality, credit and political threats, delegated authorities, qualified pitfalls, property, casualty, sports and leisure and re/insurance plan.

Headquartered in London, it areas somewhere around £2 billion well worth of rates per year.

“Today marks the get started of a new section of development. From this position onwards you will get started to see us make precise strategic investments as we seem to establish Miller as the major impartial expert re/coverage broking firm for clientele across the specialist sectors in which we opt for to do organization. This involves expanding our presenting in Asia, Europe and North The united states, together with recruiting and incentivising extremely competent specialist brokers to increase to the depth of our current talent base,” commented Greg Collins, CEO, Miller..

“With expanded Miller administration possession in the business, we will be building qualified investments in the business enterprise, including enhancing our technology to sharpen our digital capabilities. Impartial ownership is completely the correct model to really accelerate Miller’s expansion, whilst being correct to the lifestyle and values the company retains dear,” he additional.

Cinven Funds’ preceding investments in the European insurance sector contain Guardian Monetary Providers in the United kingdom, Eurovita in Italy, and Viridium in Germany. Other United kingdom-headquartered economical expert services investments by the Cinven Funds contain Partnership Assurance, NewDay and Top quality Credit history. GIC has invested in organizations this kind of as Rothesay and RAC in the Uk, Convex in London and Bermuda, Mass Mutual Asia in Hong Kong, and China Pacific Coverage Team in China.

Source: Cinven