Willis’s wholesale book will move to Miller, while Miller’s existing retail and treaty reinsurance business will transfer to Willis
Willis has entered into exclusive talks with Miller Insurance Services to buy a majority stake in the business.
The proposed deal will combine their wholesale businesses to trade under the Miller brand, governed and regulated as a standalone legal entity and separate Lloyd’s broker.
Wholesale activities covering a number of units will be moved from Willis to Miller, while Miller’s existing retail book and treaty reinsurance will transfer to Willis.
Under the new deal Willis will become a partner of Miller with a majority interest, while Miller’s executive team will retain a significant partnership.
Miller will continue to operate under the Miller brand out of its London headquarters with its management.
Willis Group chief executive Dominic Casserley said: “Miller is a pre-eminent independent specialist broker in the London wholesale market, highly regarded by clients and carriers alike, with a culture and professional approach that aligns closely with Willis’ values-based client service and heritage.
“The proposals under discussion would confirm Miller as a leading London specialist wholesaler, allowing Willis and Miller to draw on each other’s professional strengths, and further demonstrates Willis’ deep commitment to London and the London insurance market.”
Miller chief executive Graham Clarke said the deal would give Miller access to Willis’ global reach and scale, its industry and product capabilities, and client support operations, while maintaining the Miller brand and ethos.
He added: “It will also enable both firms to serve their clients more effectively through improved access to the breadth of their services, markets, and analytical capabilities. This transaction will accelerate our growth strategy and enhance our current platform.”