Miller Completes Acquisition of Spanish Specialty Re/Insurance Broker Bruzon

Miller, the London-based specialist re/insurance broker, announce it has completed the acquisition of Madrid-based commercial insurance broker Bruzon Correduría de Seguros y Reaseguros.

The transaction, which first was announced in May, closed on Sept. 30 following the receipt of all necessary regulatory approvals. Financial details of the deal were not disclosed.

Established in 1990, Bruzon is one of Spain’s leading insurance brokers, focused on the structuring and placement of direct and reinsurance risks. The transaction marks Miller’s third Continental European acquisition in the past two years, and underscores Miller’s commitment to expanding across the UK, Europe and Asia and building out its reinsurance offering.

The company will trade under the “Bruzon Miller” brand to acknowledge a longstanding partnership between the two companies, with Miller having been a minority shareholder of Bruzon prior to 2015. Bruzon’s 32 staff will continue to be led by its founder and CEO John Bruzon.

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

“It is a pleasure to be working with Miller and to be joining them on their international growth trajectory. Together we can bring specialist solutions to clients in both the Spanish market and globally, as we continue to prioritise providing excellent solutions and services,” according to Bruzon. “Miller has a special culture, shares the passion we have for our clients and celebrates the same entrepreneurial approach we do. We can’t wait to partner with our new colleagues.”

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

Source: Miller