Clyde & Co advises shareholders of Shields on sale to Miller

Clyde & Co has advised the selling shareholders of Shields Reinsurance Brokers Limited on its agreed sale to Miller, the independent specialist (re)insurance broker, subject to regulatory approval.

Headquartered in Dubai and regulated by the Dubai Financial Services Authority, Shields is a fast-growing reinsurance broker with a strong track record across facultative and treaty placements for insurers, reinsurers and takaful operators across the MENA region and beyond. The transaction marks a significant step in Miller’s continued international expansion and provides a strategic platform in the Dubai International Financial Centre, one of the fastest-growing reinsurance hubs globally. 

Clyde & Co acted for the two existing shareholders on the sale of 100% of the business. The firm’s cross-border, multi-disciplinary team was led by Roshanak Gharb Bassiri, supported by Sameh Dahroug and Karen Gabriel. Employment advice was provided by Ben Brown and David True, while tax advice was delivered by Janet Gooi, Ray Smith and Liam Thomas. 

Roshanak Gharb Bassiri commented:

This transaction highlights Clyde & Co’s market-leading position in complex, cross-border insurance M&A, particularly in transactions spanning the UK and the Middle East. It also reflects the continued growth of the UAE – particularly the Dubai International Financial Centre and Abu Dhabi Global Market – as key hubs for reinsurance and managing general agent (MGA) activity.  

In addition, the transaction included warranty & indemnity (W&I) insurance, an area where Clyde & Co continues to be a recognised market leader, further demonstrating the firm’s ability to support clients across the full lifecycle of sophisticated M&A transactions. The transaction is expected to be completed in Q2, 2026, subject to regulatory approvals.