Miller plots more hires, expansion in Asia, Europe and North America as 'independent' broker

Greg Collins, the chief executive of re/insurance broker Miller, has outlined plans for growth and expansion across Asia, Europe and North America, as well as making targeted investments in the business under the  new ownership of private equity firm Cinven and Singapore’s sovereign wealth fund GIC.

Cinven and GIC have completed the acquisition of Miller Insurance Services from broker Willis Towers Watson. The deal was first announced in November 2020, and secured approval from the European Commission (EC) under the EU Merger Regulation in February 2021.

Miller operates in the UK, Lloyd’s and internationally across a number of specialist areas, including marine, energy, credit and political risks, delegated authorities, professional risks, property, casualty, sports and entertainment and re/insurance. It operates through offices in London, Ipswich, Brussels, Paris, Singapore and Geneva.

The London-listed Chartered Insurance Broker places c. £2 billion worth of premiums annually.

According to its chief executive Collins, the company is poised for its next phase of growth that will see it expand its offering in Asia, Europe and North America, alongside recruiting and incentivising highly skilled specialist brokers to strengthen its existing talent base.

“Today marks the start of a new phase of growth. From this point onwards you will begin to see us make precise strategic investments as we look to establish Miller as the leading independent specialist (re)insurance broking firm for clients across the specialist sectors in which we choose to do business," he said.

Collins added: “With expanded Miller management ownership in the business, we will be making targeted investments in the business, including enhancing our technology to sharpen our digital capabilities.

“Independent ownership is absolutely the right model to really accelerate Miller’s growth, whilst staying true to the culture and values the firm holds dear.”

Cinven Funds’ previous investments in the European insurance sector include Guardian Financial Services in the UK, Eurovita in Italy, and Viridium in Germany. Other UK-headquartered financial services investments include Partnership Assurance, NewDay and Premium Credit.

GIC has invested in companies such as Rothesay and RAC in the UK, Convex in London and Bermuda, Mass Mutual Asia in Hong Kong, and China Pacific Insurance group in China.

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