Willis Group Holdings has announced that following receipt of all necessary regulatory approvals, it has completed its investment in Miller Insurance Services LLP to form a leading London wholesale specialist insurance broking firm.
The transaction combines the firms’ respective wholesale 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, Willis has become a corporate member in Miller Insurance Services LLP by taking a majority (85%) interest in the partnership. Partners of Miller retain the remaining interest so that it can be transferred to new generations of Miller partners in perpetuity.
The transaction combines those businesses of Willis and Miller that are complementary, and selected broking activities will transfer between the two firms. Wholesale broking activities encompassing a series of business units will transfer from Willis to Miller and Miller’s treaty reinsurance, UK Corporate client and Financial Institutions retail teams will transfer to Willis.
Dominic Casserley, CEO of Willis Group, commented:
“The successful completion of this transaction combines the exceptional talent and capabilities of Willis and Miller, creating a platform for future growth. Bringing together complementary businesses under our respective brands adds further strength and depth to our client propositions.”
Graham Clarke, CEO of Miller, said:
“I am delighted that we have concluded this transaction to create a unique partnership in our industry; one where we have preserved the values of Miller that matter to our clients – those of independent advice and where clients come first. By combining the strengths of our two firms, we will be able to offer additional expertise, experience and product knowledge. While we look back proudly on our long heritage, we are also looking forward to a new era of partnership.”
Willis announced its agreement to take a majority interest in the Miller partnership on 22 January 2015. The terms of the transaction were not disclosed.