Miller to acquire Bruzon
Specialist reinsurance broker Miller Insurance Services is acquiring Madrid-based commercial insurance and reinsurance broker Bruzon Correduría de Seguros y Reaseguros S.A. and Bruzon Services S.A. (“Bruzon”), subject to regulatory approval.
The transaction is Miller’s second Continental European acquisition as it continues to expand its specialty boutique model internationally, combining solutions to complex risk-transfer needs with excellence in client service.
Established in 1990, Bruzon is one of Spain’s leading insurance and reinsurance brokers, excelling in the structuring and placement of direct and reinsurance risks. Bruzon’s clients include large banks, insurance companies, large corporates and members of the IBEX 35. The broker offers a broad range of solutions and is a market leader in Facultative Reinsurance, Accident & Health, Sports, Financial Lines, Credit and Surety Insurance. Bruzon Services, a boutique consultancy firm, concentrates its main activities in financial advisory and structuring.
Bruzon’s 32 staff will continue to be led by its founder, Chairman and CEO John Bruzon, and will collaborate closely with Miller’s 900+ staff across the UK, Asia, Bermuda and a growing number of European insurance markets including France, Belgium and Switzerland. 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.
“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 to create the broker of choice for clients with complex risk-transfer needs and for talented brokers to pursue their passion. Together we can broaden the spectrum of solutions and services available to our global clients.” – James Hands, CEO at Miller.
“We are delighted to join Miller as the next step of Bruzon’s journey. This transaction will advance our own presence in the Spanish market, continuing to provide our clients excellent advice, solutions and service. With Miller’s ownership and increased resources, we preserve the legacy and strengthen the special character of our company.” – John Bruzon, Chairman and CEO at Bruzon.
