Giles Insurance Brokers is thrashing out the final details of its acquisition of Miller Insurance Services (UK) remaining retail business.

It follows the relocation of Miller's global risk team to London.

Insurance Times exclusively revealed last week that the UK retail division's global risk team would be transferring from the Beckenham office in Kent, with Giles picking up the rest of the retail arm for an unknown sum, subject to contract.

It is understood that the deal means a restructure is on the cards, with potential job losses, but Giles chief executive Chris Giles was unavailable for comment.

This week, Giles called the remaining Miller UK team in Beckenham an "integral part of our business in the South," but has not yet revealed details of how the acquisition would affect staff.

It is understood that 60 jobs at Miller Insurance were under threat following its plans to relocate part of its retail business from Beckenham to London.

The retail arm in Beckenham includes a high net worth, schemes and technology team.

Miller chief executive Graham Clarke said: "By moving the servicing of our larger corporate risk accounts to London, these clients will benefit from a wider range of specialist services and our ability to access the world's major insurance markets, along with a better co-ordinated service."

As part of Miller's review it is also transferring its motor fleet business and team to another Lloyd's broker. The transfer is due to take place early 2007.