[ad_1]
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 growth 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 part of progress.
Entry essentially the most complete Firm Profiles
available on the market, powered by GlobalData. Save hours of analysis. Acquire aggressive edge.
Firm Profile – free
pattern
Thanks!
Your obtain e-mail will arrive shortly
We’re assured concerning the
distinctive
high quality of our Firm Profiles. Nonetheless, we would like you to take advantage of
useful
choice for your enterprise, so we provide a free pattern which you could obtain by
submitting the under kind
By GlobalData
This enlargement has been attributed to natural growth and strategic worldwide mergers and acquisitions.
Miller’s 2023 outcomes mirrored this upward trajectory, with a 26% enhance in complete revenues to £240m and roughly $4bn in gross written premium.
Miller CEO James Fingers stated: “We’re massively excited to have GIC as our majority investor. The completion of this transaction is the end result of three years of excellent progress since Miller returned to independence. We’ve got added distinctive expertise, constructed out our worldwide footprint and moved into new lessons the place we have now recognized demand for real specialism and repair.
“As we speak we’re a enterprise that has significant scale and market-leading specialism, underpinned by our one staff 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 remedy new challenges.”
Earlier this month, the specialist reinsurance dealer forayed into the parametric insurance coverage area by launching a devoted world staff.
Miller goals to use parametric insurance coverage options throughout a variety of industries, extending past the traditional 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.
[ad_2]