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Duo first made investments in 2021
![GIC snaps up Cinven shares in Miller to become majority shareholder](https://cdn-res.keymedia.com/cdn-cgi/image/w=840,h=504,f=auto/https://cdn-res.keymedia.com/cms/images/us/023/0321_638475723696816134.jpg)
Re/insurance coverage specialist dealer Miller has introduced the completion of GIC’s acquisition of shares from Cinven, to mark a shift within the firm’s possession construction.
GIC, a worldwide institutional investor, initially invested in Miller alongside Cinven in 2021, setting the stage for Miller’s subsequent development.
Below the brand new possession, Miller has reported an increase in trajectory, evidenced by a 26% enhance in complete revenues 12 months over 12 months, reaching £240 million in 2023. Moreover, the agency touted that it has efficiently positioned roughly $4 billion in gross written premiums, highlighting its increasing affect and capability within the reinsurance sector.
The finished acquisition transforms GIC into the bulk shareholder of Miller, an organization whose presence has since expanded, now boasting over 900 workers throughout workplaces situated within the UK, Europe, Bermuda, and Asia.
James Fingers, CEO of Miller, expressed enthusiasm over GIC’s transition to turning into the corporate’s majority investor.
“The completion of this transaction is the fruits of three years of excellent development since Miller returned to independence,” Fingers acknowledged.
Fingers additionally emphasised the corporate’s profitable expertise acquisition, worldwide enlargement, and foray into new markets pushed by specialised demand.
“In the present day 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, capitalizing on the vitality I see all through our enterprise to draw new expertise, seize new alternatives and assist our shoppers resolve new challenges,” he stated.
Monetary specifics of the GIC-Cinven transaction haven’t been disclosed.
Past Miller, GIC has invested in firms similar to Rothesay and RAC within the UK, Convex in London and Bermuda, Mass Mutual Asia in Hong Kong, and China Pacific Insurance coverage group in China.
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