Miller breaks revenue record

Miller breaks revenue record | Insurance Business Asia

Reinsurance

Miller breaks revenue record

It also reveals a new major hire

Reinsurance

By
Kenneth Araullo

Specialist re/insurance broker Miller has revealed its annual results for the year ending December 31, 2023, and named a new leader for its Asia operations.

The firm report record revenue of £240 million, marking a 26% increase from the previous year. The revenue growth was attributed to 19% organic growth and the positive impact of acquisitions made in 2022.

Miller also reported a 31% rise in group EBITDA from the previous year, with total gross written premium (GWP) placed reaching approximately $4 billion.

In 2023, Miller expanded its workforce by 140, bringing its total number of employees to over 900. The year also saw the launch of five new teams across various regions and sectors, including Singapore Treaty, Singapore Financial Lines, and Fine Art & Specie.

Meanwhile, its international footprint continued to grow, with revenues increasing by 44%, highlighted by a significant expansion in Asia, where the company has doubled its headcount since 2021.

In March 2023, Miller announced the launch of Casper Specialty UK Limited, a casualty-focused MGA, alongside the continued expansion of its retail business, which now accounts for approximately 26% of total revenues. Notably, the special risks business unit saw significant growth.

December 2023 also marked a pivotal moment for Miller with the announcement of an agreement for GIC to acquire Cinven’s shares in the company.

James Hands, CEO of Miller, commented on the company’s performance, noting that 2023 was another year of outstanding performance.

“This performance was primarily driven by organic growth, while we were also pleased to maintain our strong operating margin despite the significant investments we are making into our business,” Hands said.

Miller’s new head of operations in Asia

Additionally, Miller has welcomed Frédérique Champvillard as its new head of operations in Asia.

Champvillard, who has over 30 years of experience in the insurance and reinsurance industry, previously served as managing director and head of operations in Marsh’s Asia Wholesale Placement Hub.

At Miller, she will play a pivotal role in supporting the firm’s continued expansion in the region, focusing on client service excellence.

Ron Whyte, head of Miller Asia, expressed his enthusiasm for Champvillard’s appointment, emphasizing the importance of exceptional client service as a key differentiator for Miller in the competitive landscape.

“Frédérique will play an important role in ensuring we deliver this, while her broader experience and regional knowledge will be an important asset to the team,” Whyte said.

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