GIC has become Miller’s majority shareholder after buying Cinven’s shares in the re/insurance broker. GIC and Cinven first invested in Miller in 2021. The deal was completed for an undisclosed consideration.

James Hands, CEO 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.”

Miller has more 900 employees across offices in the UK, Europe, Bermuda and Asia. It places gross written premium of around £3.2bn.