Miller’s revenue now up 67% since independence from WTW

By Edward Carron

Feb 18 - (The Insurer) - London wholesale broker Miller has increased its revenue by 67% since 2021, when WTW sold its 85% stake in the firm for 623 million pounds to an investor consortium formed by private equity company Cinven and Singapore sovereign wealth fund GIC.

The specialty (re)insurance broker yesterday announced 271 million pounds of revenue in 2024, its first full year of operation since GIC announced that it was buying out Cinven in December 2023, up from 162 million pounds in 2021.

Miller grew its revenue by 13% in 2024, of which 12 points were organic, it said in its results statement.

Since 2021 the broker has been on a hiring spree, expanding its workforce by 74% from 630 to 1,100.

This increase in headcount was intended to facilitate growth in all of its markets, but particularly in Asia.

Milleris targeting a fivefold increase in revenue in Asia by 2028, head of Asia Ron Whyte told The Insurer at last year’s Singapore International Reinsurance Conference.

Whyte was appointed as Miller’s head of Asia at the start of this year, having joined as regional head of strategic development in 2021. He previously served as regional chief operating officer for Corporate Risk & Broking at WTW.

At the conference he said that Miller’s backing from GIC “not only provides secure financing, it also makes people feel comfortable in the region”.

Since the start of 2024 Miller haslaunched a new APAC treaty reinsurance team; struck up a long-term strategic partnership with Central Insurance Services in Thailand; opened a new office in South Korea, and expanded its Japanese business into non-marine lines.

The London broker is also making a push to build out its reinsurance business, as demonstrated by its acquisition earlier this month of AHJ Holdings, the parent of specialist broker Alwen Hough Johnson.

Miller said that the acquisition would be “highly complementary” to its reinsurance strategy, providing it with “immediate scale and capability in treaty reinsurance”, and giving it access to AHJ’s “strong positioning in Nordic, Caribbean and North American treaty business”.

The deal to acquire AHJ was Miller's most significant expansive move in the reinsurance broking space since the change in ownership.

Miller has made several other acquisitions since gaining independence from WTW, including Swiss brokerage 4809 Brokers and Spain’s Bruzon.