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<\/div>\nMiller, the London-based independent specialist re\/insurance broker, announced that GIC, Singapore\u2019s sovereign wealth fund, has completed the acquisition of Cinven\u2019s shares in Miller.<\/p>\n
GIC and private equity firm Cinven acquired Miller in 2021<\/a> from Willis Towers Watson. Since then, Miller said, it has undergone a period of significant expansion driven by both strong organic growth and strategic international M&A. Miller recently announced its 2023 results, which saw the business increase its total revenues by 26% year on year to \u00a3240 million, while placing gross written premium of approximately $4 billion.<\/p>\n Financial details of the deal, which was first announced in December 2023<\/a>, were not disclosed.<\/p>\n Completion of transaction, which sees GIC become Miller\u2019s majority shareholder, secures the broker\u2019s independent future by providing a long-term investor in the business, the broker asserted.<\/p>\n Miller now has over 900 colleagues across offices in the UK, Europe, Bermuda and Asia.<\/p>\n \u201cWe\u2019re hugely excited to have GIC as our majority investor. The completion of this transaction is the culmination of three years of outstanding growth since Miller returned to independence,\u201d commented James Hands, CEO, Miller.<\/p>\n \u201cWe have added exceptional talent, built out our international footprint and moved into new classes where we have identified demand for genuine specialism and service,\u201d he added.<\/p>\n \u201cToday we are a business that has meaningful scale and market-leading specialism, underpinned by our one team culture. Our focus is now on continuing to move ahead at pace with our strategy, capitalising on the energy I see throughout our business to attract new talent, capture new opportunities and help our clients solve new challenges.\u201d<\/p>\n About GIC<\/strong><\/p>\n Established in 1981, GIC manages and invests Singapore\u2019s foreign reserves. These investments include equities, fixed income, real estate, private equity, venture capital, and infrastructure. Headquartered in Singapore, GIC has a global talent force of over 2,100 people in 11 key financial cities with investments in over 40 countries.<\/p>\n Source: Miller<\/em><\/p>\n Topics<\/span> Mergers & Acquisitions<\/a> Agencies<\/a> <\/p>\n<\/p><\/div>\n Was this article valuable?<\/p>\n<\/p><\/div>\n