Miller completes acquisition of Spanish reinsurance/specialty insurance broker Bruzon

Miller, the London-based specialist reinsurance broker, announces that it has completed the acquisition of the Madrid-based commercial insurance broker Bruzon Correduría de Seguros y Reaseguros.

The transaction, which was first announced in May, closed on September 30 after receiving all necessary regulatory approvals. Financial details of the transaction were not disclosed.

Founded in 1990, Bruzon is one of the leading insurance brokers in Spain, focused on the structuring and placement of direct and reinsurance risks. The transaction marks Miller’s third acquisition in continental Europe in the last two years and underlines Miller’s commitment to expand into the UK, Europe and Asia and develop its reinsurance offering.

The company will trade under the brand name “Bruzon Miller” to recognize a long-standing partnership between the two companies, with Miller having been a minority shareholder in Bruzon prior to 2015. Bruzon’s 32 employees will continue to be led by its founder and CEO , John Bruzon.

“Our ambition is for Miller to be the international partner of choice within our specialty offering, and the completion of this acquisition marks another stage in that journey,” commented James Hands, CEO, Miller, in a statement. “I am excited to expand our already strong relationship with Bruzon and bring our expert capabilities to a greater number of clients.”

“It is a pleasure to work with Miller and to be with them on their international growth trajectory. Together we can bring specialized solutions to clients both in the Spanish market and globally, as we continue to prioritize providing excellent solutions and services,” according to Bruzon. “Miller has a special culture, shares the passion we have for our customers and celebrates the same entrepreneurial approach that we do. We look forward to partnering with our new colleagues.”

The completion follows the announcement of Miller’s acquisition of reinsurance capital advisory firm 4809 Brokers in June and is part of Miller’s continued international expansion.

Source: Miller

TOPICS
M&A Agents Excess Reinsurance