Miller Insurance Services LLP is an independent specialist (re)insurance broker. Miller returned to independence in 2021. Miller is a wholesale broker with franchises in areas such as marine & energy, sports & entertainment, and cargo. Singapore’s GIC Private Limited, a sovereign wealth fund, and international private equity firm Cinven reached an agreement for GIC to…
Cinven and GIC Complete Purchase of UK Broker Miller from Willis Towers Watson March 1, 2021
Cinven, the international private equity firm, and GIC, Singapore’s sovereign wealth fund, have completed the acquisition of leading specialist insurance and re/insurance broker, Miller, from Willis Towers Watson.
The acquisition was first announced in November 2020. Although financial details of the deal were not disclosed, Bloomberg reported that the deal values the business at about 680 million pounds ($947 million), according to people familiar with the matter.
In a February 2020 filing with the U.S. Securities and Exchange Commission, WTW announced that it was considering “strategic alternatives” with respect to Miller. WTW purchased an 85% stake in Miller 2015. The sale of Miller reportedly was deemed necessary in order to address antitrust concerns of the proposed merger of Aon and WTW.