GIC, Singapore’s sovereign wealth fund, and private equity firm Cinven have announced that they have reached an agreement to acquire insurance and reinsurance broker, Miller, from Willis Towers Watson.
Founded in 1902, Miller operates in a number of specialist areas including marine, energy, credit and political risks, delegated authorities, professional risks, property, casualty, sports and entertainment and reinsurance.
“Miller is one of the top and most established wholesale brokers with highly respected franchises in areas such as marine and energy, sports and entertainment, and cargo. We are pleased to partner with Cinven and look forward to supporting Greg Collins and his team to seize future expansion opportunities for Miller. As a long-term investor, we are confident in the growth potential of the specialty insurance sector, and of Miller within it,” said Yong Cheen Choo, chief investment officer of private equity at GIC.
The transaction is expected to complete in the first quarter of 2021 and is subject to regulatory approval.