By Aidan Gregory

Feb 3 - (The Insurer) - London (re)insurance broker Miller has agreed to acquire AHJ Holdings, the parent of specialist broker Alwen Hough Johnson (AHJ), in a move that will accelerate its reinsurance expansion.

The acquisition, for an undisclosed price, is expected to close in the second quarter of 2025, subject to regulatory approvals, Miller said in a statement on Monday.

Miller said that the acquisition will be “highly complementary” to its reinsurance strategy, providing it with “immediate scale and capability in treaty reinsurance”, and giving it access to AHJ’s “strong positioning in Nordic, Caribbean and North American treaty business”.

Founded in 1973, AHJ is a specialist reinsurance broker focused on P&C and marine and energy. It employs 90 staff across London and Scandinavia.

Miller has been majority owned by Singaporean sovereign wealth fund GIC since March last year.

GIC had previously partnered with Cinven to acquire the broker from WTW in a $634mn deal in 2021, with GIC acquiring Cinven's stake three years later.

The deal to acquire AHJ Is Miller's most significant expansive move in the reinsurance broking space since the change in ownership.

Last year, Miller bought capital advisory business 4809 Brokers and Spanish reinsurance broker Bruzon.

It also previously acquired London reinsurance broker Alston Gayler in 2018.

“The acquisition of AHJ is our most significant investment since returning to independence in 2021 and a major milestone for Miller, significantly accelerating our reinsurance strategy,” said James Hands, CEO of Miller, in the statement on Monday.

"Alongside sharing our commitment to specialism, AHJ is an excellent cultural fit and, like us, their success has been built on a client-first philosophy and desire to develop long-term relationships. AHJ will give us an established reinsurance platform from which to drive further growth, including meaningful hiring plans as we seek to attract talent that wants to be part of an independent specialist.”

Macquarie Capital, Herbert Smith Freehills and PwC were advisers to Miller on the acquisition. AHJ was advised by Grant Thornton and Stephenson Harwood.