GIC, the Singaporean sovereign wealth fund, has become the majority shareholder in Miller, the specialist insurance and reinsurance broker with an office in Bermuda.

The global investment firm assumed the majority position after completing its acquisition of Cinven’s shares in Miller.

GIC and Cinven, the London-headquartered global private equity firm, first invested in Miller in 2021.

Since then, the broker said, Miller has undergone a period of significant expansion driven by both strong organic growth and strategic international M&A.

Miller recently announced its 2023 results, which saw the business increase its total revenues by 26 per cent year-on-year to £240 million (approximately $303 million), while placing gross written premium of approximately $4 billion.

The broker said the transaction was a critical milestone in the company’s evolution into a leading independent specialist broker, providing a long-term investor committed to supporting Miller’s entrepreneurial culture, one team approach and unrivalled focus on client service.

Miller now has more than 900 employees across nine offices in Bermuda, the United Kingdom, Europe and Asia.

James Hands, the chief executive of Miller, said: “We’re hugely excited to have GIC as our majority investor. The completion of this transaction is the culmination of three years of outstanding growth since Miller returned to independence.

“We have added exceptional talent, built out our international footprint and moved into new classes where we have identified demand for genuine specialism and service. Today, we are a business that has meaningful scale and market-leading specialism, underpinned by our one team culture.

“Our focus is now on continuing to move ahead at pace with our strategy, capitalising on the energy I see throughout our business to attract new talent, capture new opportunities and help our clients solve new challenges.”

Financial details of the transaction were not disclosed.