Miller Insurance Services LLP, is pleased to announce that BB&T IHC International Ltd., a subsidiary of BB&T Corporation, one of the largest financial services holding companies in the United States, is to make a strategic investment in the firm.
BB&T, which owns the world’s sixth largest insurance broking business, has acquired its stake from Willis Group Holdings PLC, the global risk advisory, re/insurance broking and human capital and benefits firm. BB&T will acquire a 16.9% interest in Miller, and Willis will continue to hold the majority interest, retaining 68.1%. Partners of Miller will retain the remaining 15% interest in the firm, to be transferred across generations of new partners.
Graham Clarke, CEO of Miller Insurance Services LLP, commented:
“This investment further strengthens our leading position in our chosen markets and enshrines our independence. BB&T, along with Willis, was attracted to our established business model and the quality of our operations. We are pleased to have two strong partners who bring us improved access to distribution around the world and the ability to draw upon combined professional capabilities across key markets.”
John Howard, chairman and CEO of BB&T IHC International Ltd., said:
“The Lloyd’s market is a global center of excellence for specialty insurance and is strategically important to BB&T Insurance Holdings. This investment establishes stronger connectivity with the Lloyd’s market and provides greater certainty of high quality access for BB&T Insurance. Miller has been a strong and valuable partner. We are pleased to be able to deepen our relationship through an ownership stake and enhance BB&T Insurance’s overall customer value proposition and offering.”
Mr Howard was recently named chairman and CEO of BB&T Insurance Holdings Inc., and will assume that position effective 01 January 2016.
Dominic Casserley, CEO of Willis Group Holdings, commented:
“BB&T’s investment reinforces the independent platform that attracted us to invest in Miller and its compelling business model. We believe that an additional, strong partner will further enhance Miller’s long term growth prospects.”
The transaction is subject to the customary closing conditions. The financial terms were not disclosed.
Perella Weinberg Partners LP served as financial advisor to Willis. Herbert Smith Freehills LLP served as legal counsel to Willis in this transaction.