Insurance and reinsurance broker Miller, the newly independent and private equity funded broking group, has announced the launch of a Bermuda arm that will have a retrocession and ILS focus, as well as the hire of retro broking specialist Charlie Simpson from Aon to lead the unit.
Miller was recently taken private after it was acquired by private equity specialist investor Cinven and Singapore’s sovereign wealth fund GIC.
Miller already has an industry-loss warranty (ILW) and insurance-linked securities (ILS) broking practice, which is largely London based.
Now, the broker is expanding into Bermuda with the formalised launch of a new platform on the island, which looks destined to have retrocession and collateralized reinsurance specialism as well.
Miller announced the hiring and appointment of Charlie Simpson, who joins from his last role in Aon’s non-marine and retro focused team, who will lead the broker’s new platform in Bermuda.
Simpson joins as Head of Bermuda and will be tasked with growing Miller’s presence in the key reinsurance hub.
This is to be achieved through the launch of a high-quality independent broking offering, initially focused on reinsurance and insurance-linked securities (ILS), with more key hires to be announced soon.
Greg Collins, Miller CEO, stated, “Miller is committed to providing best-in-class service and solutions and we continue to hire exceptional people to deliver on our commitments to clients. Bermuda was an obvious choice of location for our continued expansion given its excellent reputation. With his considerable experience and market contacts, we are delighted that Charlie has joined us to shape and drive our strategy on the island.”
Charlie Simpson added, “I am delighted to join Miller given its excellent reputation and collaborative culture. The opportunity to develop Miller’s strategy in Bermuda is a unique and exciting challenge and I look forward to reconnecting with my contacts on the island and fostering new relationships as we expand our platform.”
Simpson has more than 40 years’ experience in the insurance and reinsurance broking sector.
His most recent role was with Aon, where he was Executive Vice President of Non-Marine.
Before that, he held a number of senior positions at Guy Carpenter, R K Carvill, JLT and BMS Reinsurance.
Miller said that Simpson’s appointment “signals a major development and continuing commitment to Miller’s growth ambitions following the completion of its acquisition by investor partners, Cinven and GIC.”