
Cinven has agreed to buy Miller, the specialist insurance broker owned by Willis Towers Watson, in its first deal from a new fund dedicated to financial services investments, reported Bloomberg.
The private equity firm is teaming up with Singapore’s sovereign wealth fund GIC Pte to acquire London-based Miller, the buyers said in a Monday, November 9, statement confirming an earlier Bloomberg News report. While financial details were not disclosed, the deal values the business at about £680 million (US$896 million), people familiar with the matter said.
Willis Towers Watson bought Miller in 2015. It’s recently been exploring strategic alternatives for the business following its March agreement to be taken over by rival Aon in a roughly US$30 billion deal.
“Miller is a highly attractive, resilient specialist insurance business with strong long-term growth opportunities across all of its segments,” said Luigi Sbrozzi, a Cinven partner, in the statement.
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