Cinven to exit stake in Miller to GIC as insurance sector heats up

Miller is an independent re-insurance broker.

  • GIC and Cinven first acquired Miller in 2021
  • The transaction is expected to close at the end of Q1 of 2024
  • GIC is a global investor that manages Singapore’s foreign reserves

Cinven has agreed to sell its shares in Miller, an independent re-insurance broker, to GIC.

Miller is based in London. The company has annualised revenues of more than £200 million ($251 million; €233 million).

GIC will become the majority shareholder in Miller, subject to completion and regulatory approval.

This deal is the latest in the insurance sector, following Permira agreeing to acquire German insurance broker GGW Group from Hg.

GIC and Cinven first acquired Miller in 2021.

“We are very proud of the journey Miller has travelled over the last three years and its strong growth during that time, which has been supported by expanding into new geographies and product lines,” said Luigi Sbrozzi, partner at Cinven .

The transaction is expected to close at the end of Q1 of 2024.

“The defensive nature and strong market dynamics of the (re)insurance market, coupled with Miller’s positioning, have seen the business consistently deliver growth with the foundations laid for continued sustainable success,” said Yong Cheen Choo, chief investment officer of Private Equity, GIC.

No financial details of the transaction were disclosed.

GIC is a global investor that manages Singapore’s foreign reserves. It is based in Singapore.

Cinven is a London-headquartered private equity firm.