Miller posts 12% organic growth in first year under full GIC ownership

By Aidan Gregory

Feb 17 - (The Insurer) - Miller, the London specialist (re)insurance broker, has reported revenue growth of 13% to 275 million pounds in 2024, the first year of its full majority ownership by Singaporean sovereign wealth fund GIC.

In its 2024 annual results statement on Monday, Miller said that the revenue growth last year was driven “almost entirely” by 12% organic growth. Around $4 billion of gross written premium placed was placed during the year.

The broker’s Ebitda margin remained above 30%, despite “significant investment in teams, technology and capabilities.”

Miller said it hired over 200 new staff last year and that its total headcount has reached 1,100 due to expansion in real estate, European nuclear risks, transactional risks, marine, and its North American casualty and specialty reinsurance teams.

The reinsurance broker also opened a new office in South Korea and expanded its Japanese business into non-marine lines.

Miller also made several acquisitions, including Swiss brokerage 4809 Brokers and Spain’s Bruzon. Earlier this month, Miller also announced the acquisition of specialist reinsurance broker AHJ for an undisclosed price.

“The second half of the year also saw us successfully deliver on our M&A strategy, with the acquisitions of 4809 Brokers and Bruzon, and at the start of 2025 we announced the acquisition of AHJ,” said James Hands, Miller's CEO. “Together, these deals will significantly move forward our reinsurance strategy which we expect to be a key pillar of future growth, having identified strong market demand for an agile, niche and advisory-led alternative.”

Miller said that it will continue its hiring spree in 2025 and will explore “accretive M&A” opportunities that expand its footprint into new markets.

The 2024 annual results reflect the first year that Miller has been under the full control of GIC, the Singaporean sovereign wealth fund. In March, GIC closed the buyout of private equity group Cinven’s stake in the broker.

GIC and Cinven originally formed an investor consortium to acquire Miller from WTW for $634m in 2021.