Miller combines with Willis to form London wholesale broking firm
Source: Asia Insurance Review | Mar 2015
Miller Insurance Services LLP has reached a successful conclusion to the negotiations with Willis Group Holdings to form a leading London wholesale specialist broking firm.
The agreement will combine the firms’ wholesale and specialty businesses to trade under the Miller brand, managed, governed and regulated as a standalone legal entity and separate Lloyd’s broker.
Under the terms of the transaction, which is subject to regulatory approval, the Willis Group will become a corporate member in Miller Insurance Services LLP by taking a majority (85%) interest in the partnership. Partners of Miller will retain the remaining interest in perpetuity to be transferred across generations of new partners.
The transaction combines those businesses of Miller and Willis that are complementary and selected broking activities will transfer between the two firms. Wholesale broking activities encompassing a series of units will transfer from Willis to Miller and Miller’s treaty reinsurance, UK corporate client and financial institutions teams will transfer to Willis. For Willis, the deal brings additional expertise and enhanced value to the firm’s combined UK retail and global specialty business and its treaty reinsurance team.
The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2015. The terms of the transaction were not disclosed.