Miller awaits South Korea licence approval with Malaysia entry planned next

Miller is to continue its expansion across Asia under the ownership of Singapore sovereign wealth fund GIC with the broker expecting to launch in South Korea and Malaysia over the next 12 months.

Speaking to The Insurer at this year’s Singapore International Reinsurance Conference (SIRC), Miller’s regional head Ron Whyte said the broker was continuing to grow in the region and expects to have close to 50 people in Singapore by the end of the year.

“We are waiting for our licence to come through in South Korea, where we will be focusing on some of the specialty areas we know best. These include marine and energy as well as more specialist lines like credit and political risk and sports and entertainment.”

Over the past year the firm has also been building its Japanese operations, having acquired marine-focused broker Lead in 2022, which has subsequently expanded into non-marine classes.

Whyte highlighted sports and entertainment as potential areas of opportunity in both Japan and South Korea. “They have huge entertainment industries, and we don’t see other brokers focusing on that space in Asia,” he said.

“At the moment the focus is growing the business in Japan, bedding down in Korea and entering Malaysia in the next 12 months. Then we will look further afield,” he said.

GIC completed its buyout of previous investment partner Cinven to become Miller’s majority shareholder in March this year, and Whyte said the broker was benefiting from having the sovereign wealth fund as its long-term investor.

“It has definitely helped us and given us credibility. Miller is well known in the London market but not so well known in Asia. It is also powerful in attracting people to the company, especially in Singapore.”

Chihiro Maekawa, who heads up Miller’s property casualty team in Asia, said the focus over the past 12 months had been to expand the firm’s product offering in the region to mirror its specialisms in London.

“Over the last year we have added cargo, financial lines including warranty and indemnity, credit and political risk, and sports and entertainment. Our treaty team also joined just before SIRC last year,” she said.

“This has strengthened our specialisms and expertise in Asia. We still work very closely with London.”