GIC to buy out partner to become majority shareholder of reinsurance broker Miller

SINGAPORE’S GIC has agreed to buy out its partner’s stake in UK specialist insurance and reinsurance broker Miller.

After acquiring the shares from private equity firm Cinven, GIC will become the majority shareholder of Miller, GIC and Miller said on Monday (Dec 11).

Financial details of the transaction were not disclosed.

GIC and Cinven first acquired Miller in 2021. Then, financial details of the transaction were also not disclosed.

James Hands, chief executive of Miller, expects GIC’s ownership will enable the company to maintain the “exciting trajectory we are on”.

He said: “As we seek to add new talent and continue our merger and acquisition strategy, stable long-term ownership and independence will be critical differentiators for Miller.”

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Choo Yong Cheen, chief investment officer of private equity at GIC, said that the further investment in Miller is consistent with GIC’s strategy of developing long-term relationships with its portfolio companies and targeting the highest-quality businesses.

Since returning to independence in 2021, Miller has reported significant sustained growth. Annualised revenues are now well in excess of £200 million (S$338 million), and headcount has risen to over 900 with the addition of more than 250 new employees.

Miller has also made acquisitions in Europe and Asia, and launched its first managing general agent sister entity, Casper Specialty UK.

Choo said: “The defensive nature and strong market dynamics of the (re)insurance market, coupled with Miller’s positioning, have seen the business consistently deliver growth with the foundations laid for continued sustainable success.”