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Cinven, GIC To Buy Willis Towers’s Insurance Broker Miller For $896M

By  |  November 9, 2020

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.

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    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.

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    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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