News from Miller

View our latest press information


Miller reaches agreement with Willis Group to form a leading London wholesale specialist broking firm

London, UK, 22 January 2015 – Miller Insurance Services LLP is pleased to announce that it has reached a successful conclusion to the negotiations with Willis Group Holdings (NYSE: WSH) 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.

Miller will utilise its existing client service capabilities and rich 112-year heritage, enhanced by Willis’ wholesale industry and specialist skills to continue to serve the global independent wholesale specialty and MGA client base, operating under the Miller brand out of its new London HQ with continuity of leadership and management.

Graham Clarke, CEO of Miller, said: “This agreement will accelerate our growth strategy and enhance our offering to our clients. It is a unique opportunity to combine the strengths of two firms for whom client service is paramount. Miller’s independent platform and partnership will continue to operate under the Miller brand with the same ethos and continuity of leadership, complemented by Willis’ international experience, scale and industry and product knowledge.

Dominic Casserley, CEO of Willis Group, commented: “Miller, a pre-eminent independent specialist broker in the London wholesale market, is highly regarded by clients and insurance carriers alike, with a culture and professional approach that aligns closely with Willis’ own values-based client service and heritage.

This transaction positions Miller as a leading London specialist wholesaler, allowing Willis and Miller to draw on each other’s professional strengths, and underlines the deep commitment of both parties to the London insurance market.”

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.

-Ends-

About Miller Insurance Services LLP
Miller Insurance Services LLP (Miller) is a specialist insurance and reinsurance broker, operating internationally and at Lloyd's. It handles reinsurance, complex large commercial insurance business and programmes & facilities.

Founded in 1902, the partnership today has over 580 people and eight international offices in the world’s key insurance markets. Miller holds Chartered Insurance Broker status, demonstrating professionalism, a client focussed approach and commitment to excellent service standards.

For more information, please visit www.miller-insurance.com

About Willis Group
Willis Group Holdings plc is a leading global risk adviser, insurance and reinsurance broker. With roots dating to 1828, Willis operates today on every continent with more than 18,000 employees in over 400 offices. Willis offers its clients superior expertise, teamwork, innovation and market-leading products and professional services in risk management and transfer. Our experts rank among the world’s leading authorities on analytics, modelling and mitigation strategies at the intersection of global commerce and extreme events. Find more information at our website, www.willis.com, our leadership journal, Resilience, or our up-to-the-minute blog on breaking news, WillisWire. Across geographies, industries and specialisms, Willis provides its local and multinational clients with resilience for a risky world. www.willis.com