Our business is structured as a Limited Liability Partnership (LLP), made up of Partners and corporate members.
Benefits of our structure
Partnership has been an integral part of Miller since we were founded, both in a legal sense and in terms of ethos. Our approach to partnership allows us to meet the challenges presented by our growth plans and the modern insurance market landscape, delivering a number of benefits:
- Agility - We have structured ourselves in a way that allows us to react rapidly to the developments that occur in a fast-changing business environment. Keeping chains of command as short as possible and encouraging involvement in planning and decision-making at every level of our business ensures we remain responsive to the needs of our clients.
- Continuity - We fully intend to remain at the forefront of our industry in the long-term. Accordingly, we have structured our business with a view to facilitating succession plans, ensuring the principles and values that have driven our success to date are passed from one partnership generation to the next with ease.
- Progression - Our partnership ethos is aligned with our learning, development & progression model, as well as our values, meaning our people benefit from a clear indication of how their hard work will help them progress. Miller prides itself on developing highly skilled and motivated specialists in every area in an environment where we can grow together.
Our senior management
Miller's senior management is led by the Partnership Board, which is responsible for the overall management of the firm and for determining long-term objectives and commercial strategy. Sitting on the Board are a number of our Partners as well as independent non-executives.
A Group Executive Committee, through delegation, has the authority and responsibility for developing and delivering our strategy and key policies.
Our corporate member
On 31 May 2015, Miller and Willis Towers Watson (WTW), then Willis Group, completed a transaction which saw WTW join the partnership as a corporate member. This corporate member is a wholly owned subsidiary of WTW and holds an 85% economic interest in Miller. The remaining 15% is held in perpetuity by Partners of Miller.
As one of the world’s largest brokers, WTW has the scale and financial resources available to support our growth plans, and are well placed to support and share in our successes as we continue to achieve our goals.
It is important to note that there is no involvement from WTW in the day to day operations of running the partnership. Miller operates as a stand-alone FCA authorised and regulated firm in the UK, utilising our own systems, policies and procedures and internal control environment, and with a governance framework that comprises its own Compliance, Risk and Audit functions and respective Committees.