LONDON, 1 June 2015 – Willis Group Holdings (NYSE: WSH), the global risk advisory, re/insurance broker and human capital and benefits firm, today 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.
About Miller Insurance Services LLP
Miller Insurance Services LLP (Miller) is a leading specialist wholesale insurance broker, operating internationally and at Lloyd's. It handles complex large commercial insurance business, facultative reinsurance and programmes & facilities.
Founded in 1902, the partnership today has over 600 people and four international offices based in key international 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 advisory, re/insurance and human capital and benefits firm. 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