Miller's Hands targets another record year in 2025

By Aidan Gregory

March 11 - (The Insurer) - Specialty (re)insurance broker Miller is targeting "another record year" in 2025 fuelled by selective M&A and further hires as it seeks to capitalise on the momentum built during its first year of full ownership by GIC, the Singaporean sovereign wealth fund, CEO James Hands told The Insurer.

Hands said Miller has ambitions for further growth this year after the broker grew its revenue by 13% in 2024 to 275 million pounds ($355 million) – a company record. The broker also hired more than 200 staff to reach a headcount of more than 1,100 people in 2024.

Hands said Miller is on the hunt for deals and talent in its core markets of the UK, Europe and Asia Pacific, where it has opened an office in Seoul and expanded its Japanese business into non-marine lines. Miller will pursue the “right” M&A opportunities that expand its footprint in specialty, Hands said.

“There isn’t any pressure on M&A, it is only if the right opportunities are there,” he said. “Putting that aside, it comes back to two areas. Organic growth where we have done really well over the last three to four years and continuing to expand and hire new teams into existing or new product specialties where we see we can make a difference to our customers.”

While the broker did not give specific growth targets for 2025, Hands said that he expects 2025 to be “another record year for us".

In February, Miller accelerated its reinsurance broking build-out with the acquisition of AHJ Holdings, the parent company of specialist reinsurance broker Alwen Hough Johnson, for an undisclosed price. The deal represented “a big change” for Miller, according to Hands.

“We won't be a volume player in terms of M&A,” said Hands. “Going back to our approach on M&A, you know, we're not looking for cost synergies when we acquire businesses. We're not looking to drive out people and accelerate cost synergies."

Last year, Miller also acquired capital advisory business 4809 Brokers and Spanish reinsurance broker Bruzon. In 2018, Miller bought Alston Gayler, a London-based wholesaler.

“When we acquire a business, we're looking to grow that business to expand that platform, and to make it as strong and as successful as we possibly can in whichever region that, or whichever country that acquisitions reside in,” said Hands.

Alongside the deal activity, Vincent Foucart has joined from Scor to lead the reinsurance build-out in France, Benelux, Switzerland and Monaco.

The broker has also created a global M&A and strategic solutions team led by ex-Paragon executives Andrew Johnson and Edwina Charlton. The team also includes Robert Newman, who has also joined from Paragon as its head of broking.

“In terms of how we will expand, it will only ever be in specialty,” said Hands. “Miller has forever been synonymous with the specialty space, and that is where we want to stay. It will be a focus on the specialties we are already in or expanding into new specialties that will be the journey for us.”

Last year was Miller’s first under full ownership by GIC after the Singaporean sovereign wealth fund bought out UK private equity group Cinven’s stake in the broker in March.

The two investment groups originally formed a consortium to buy Miller out of its former parent WTW for $634 million in 2021.

“It’s a highly competitive space and there is lots of interest from all kinds of different stakeholders,” said Hands. “For us it is nice to have the stability and certainty that Miller has and that is underpinned by our ownership by GIC, and the long-term nature of their investment, which enables us to think and plan long term.”