Miller Insurance Services LLP’s sale, which was examined through the European Commission’s (EC) simplified merger review procedure, has secured the green light from the European Union (EU) watchdog.
Under the merger regulation of the EU, Miller and its buyers are granted approval after it was concluded by the EC that “the proposed acquisition would raise no competition concerns because of the limited market position of Miller in the European Economic Area.”
Headquartered in the UK, Miller is a £2 billion-premium (around SG$3.6 billion) brokerage that provides non-life insurance and reinsurance broking services. It employs more than 640 people across the company’s offices in London, Ipswich, Brussels, Paris, Singapore, and Geneva.
In 2015, broking giant Willis Towers Watson acquired 85% of the business before announcing a strategic review of Miller last year.
Now the Chartered insurance broker is being snapped up by Guernsey-based private equity firm Cinven Capital Management (SSF) General Partner Limited and London-registered Raffles Private Holdings Limited.
The latter is an investment vehicle ultimately controlled by Singapore’s sovereign wealth fund GIC Private Limited, which manages a diverse portfolio of private equity global investments.