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The CEO also said Gallagher Re posted a 12% organic revenue growth in Q1 amid the current hardening of the reinsurance market.
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Shares were trading down 6% following the publication of the broker’s Q1 results.
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The wholesaler’s new chief said owners Cinven and GIC have “long-term ambitions” for Miller now it has “regained its mojo”.
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The brokerage, which is majority owned by PE house EMZ, is being advised by Lincoln International.
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The carrier has retained advisers to run the sale process of the unit, which is valued at over $330mn, according to Bloomberg News.
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Sources said the executive had a minority ownership interest believed to be around 20%-30% of the operation.
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The broking CEO set out the London wholesaler’s growth strategy a year on from the AUB takeover announcement.
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The companies expect to complete the transaction in the second half of the year, subject to regulatory approvals and customary closing conditions.
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With the deal, the Canadian conglomerate will boost its ownership interest in the Middle East carrier to 90%.
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The broker said competitive conditions made it an “optimal time” for insurance buyers.
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The acquisition comes less than a week after Ardonagh agreed to acquire Dutch specialist commercial lines broker Klap.
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Sources said BlueChip NY-based managing directors Chris Opisso, Jon Sprintz and Jason Tomitz will join Volante to run the unit.
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