Miller announces acquisition of reinsurance broker

Specialist reinsurance broker Miller announced the acquisition of Bruzon Correduría de Seguros y Reaseguros SA and Bruzon Services SA (Bruzon), a commercial insurance and reinsurance broker based in Madrid.

The transaction is part of Miller’s continued expansion of its specialty boutique model. Miller CEO James Hands expressed his enthusiasm for the deal.

“This is an exciting time for Miller as we continue to expand our presence across the UK, Europe and Asia. Bruzon has an outstanding reputation in Spain and shares our vision of creating a broker of choice for clients with complex risk transfer needs and for talented brokers to pursue their passion,” said Hands.

“Together we can expand the spectrum of solutions and services available to our global customers,” he added.

With the acquisition, Bruzon will change its name to “Bruzon Miller”, confirming the partnership between the two companies, as Miller was a minority shareholder before 2015. Bruzon’s staff will continue to be headed by Bruzon founder, president and CEO, John Bruzon. They will work with Miller employees in the UK, Asia and Bermuda, as well as the broker’s European insurance markets, which include France, Belgium and Switzerland.

“We are delighted to join Miller on the next stage of Bruzon’s journey. This transaction will strengthen our presence in the Spanish market, providing our clients with excellent advice, solutions and services,” said Bruzon.

“With Miller’s ownership and increased resources, we are preserving our legacy and enhancing the unique character of our company,” he added.

Bruzon is one of the leading insurance and reinsurance brokers in Spain. The clients are large banks, insurance companies, large corporations and members of IBEX 35. The broker offers solutions in the field of facultative reinsurance, accident and health insurance, sports insurance, financial lines and loan and surety insurance. Meanwhile, boutique consulting firm Bruzon Services focuses on financial advisory and structuring.

Miller’s transaction with Bruzon, which is expected to close later this year and is subject to regulatory approvals, is the broker’s second acquisition in Europe.

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