Miller snaps up ‘excelling’ Spanish broker to expand European reach
Specialist re/insurance broker Miller further expanded its European footprint with the acquisition of a Spanish specialty insurance and reinsurance broker it says is “excelling” in the structuring and placement of direct and reinsurance risks.
Miller has acquired Madrid-based Bruzon Correduría de Seguros y Reaseguros S.A. and Bruzon Services S.A. The transaction is Miller’s second Continental European acquisition as it continues to expand its specialty boutique model internationally.
Established in 1990, Bruzon’s clients include large banks, insurance companies, large corporates and members of the IBEX 35. The broker offers a broad range of solutions and is said to be a “market leader” in facultative reinsurance, accident & health, sports, financial lines, credit and surety insurance. Bruzon Services, a boutique consultancy firm, concentrates its main activities in financial advisory and structuring.
Bruzon’s 32 staff will continue to be led by its founder, chairman and CEO John Bruzon, and will collaborate closely with Miller’s staff across the UK, Asia, Bermuda and a number of European insurance markets including France, Belgium and Switzerland.
The company will trade under the “Bruzon Miller” brand, with Miller having been a minority shareholder of Bruzon prior to 2015. The acquisition is subject to regulatory approvals with completion expected later this year.
James Hands, CEO at Miller, said: “This is an exciting time for Miller as we continue to expand our presence across the UK, Europe and Asia. Bruzon has an outstanding reputation in Spain and shares our vision to create the broker of choice for clients with complex risk-transfer needs and for talented brokers to pursue their passion. Together we can broaden the spectrum of solutions and services available to our global clients.”
Bruzon added: “We are delighted to join Miller as the next step of Bruzon’s journey. This transaction will advance our own presence in the Spanish market, continuing to provide our clients excellent advice, solutions and service. With Miller’s ownership and increased resources, we preserve the legacy and strengthen the special character of our company.”
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