International revenues soar 44% for Miller, Asia expansion notable

The company had five new teams launched, two of which are in Singapore.

Independent specialist (re)insurance broker, Miller, saw its 2023 total revenues reach £240m, jumping 26% year-on-year (YoY). This growth was primarily driven by a 19% increase in organic growth and positive contributions from acquisitions made in 2022.

Group EBITDA increased by 31% YoY whilst gross written premium placed amounted to approximately $4b.

Miller also said it expanded its workforce by 140 during 2023, with a total headcount now exceeding 900 employees. Five new teams were launched, including Singapore Treaty, Singapore Financial Lines, and Fine Art & Specie.

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Miller continued to expand its international footprint, with international revenues increasing by 44%. This expansion included significant growth in Asia, with headcount doubling since 2021.

The company's retail business now represents approximately 26% of total revenues, with significant growth observed in the special risks business unit.

Miller realigned into two divisions, Miller UK and Miller International, to focus on expansion in Asia, Europe, and Bermuda. Additionally, Casper Specialty UK Limited, a casualty-focused MGA (Managing General Agent), was launched in March 2023. In December 2023, an agreement was announced for GIC to acquire Cinven’s shares in Miller.