Miller acquires Madrid-based commercial re/insurance broker Bruzon – Reinsurance News
30th May 2024 – Author: Saumya Jain
Independent specialist insurance and reinsurance broker, Miller, has acquired Madrid-based commercial re/insurance broker Bruzon Correduría de Seguros y Reaseguros S.A. and Bruzon Services S.A. (Bruzon), subject to regulatory approval, with the deal expected to complete later this year.
This is Miller’s second Continental European acquisition transaction as it continues the expansion of its specialty boutique model internationally. The company will rebrand and trade under the name “Bruzon Miller”, with Miller having been a minority shareholder of Bruzon before 2015.
James Hands, Chief Executive Officer, Miller, commented, “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.”
Established in 1990, Bruzon is one of Spain’s prominent re/insurance brokerages, with expertise in the structuring and placement of direct and reinsurance risks. Its clients include large banks, insurance companies, large corporates and members of the IBEX 35. The broker offers a broad range of solutions in **Facultative Reinsurance**, **Accident & Health**, **Sports**, **Financial Lines**, **Credit**, and **Surety Insurance**. Bruzon Services, a boutique consultancy firm, concentrates its main activities on financial advisory and structuring.
As per the acquisition terms, Bruzon’s 32 staff will continue to be led by its founder, Chairman and CEO John Bruzon, and will collaborate closely with Miller’s staff across the UK, Asia, Bermuda and a growing number of European insurance markets including France, Belgium, and Switzerland.
John Bruzon, Chairman and CEO at Bruzon, commented: “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.”
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