January 22, 2015 by Canadian Underwriter
Willis Group Holdings plc announced Thursday it has reached an agreement with Miller Insurance Services LLP, in which the companies would combine their wholesale businesses to form a separate broker, offering insurance from the Lloyd’s market, that would be majority-owned by Willis.
“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,” London-based Miller stated in a release Thursday.
The transaction is subject to regulatory approval and customary closing conditions. Financial terms were not disclosed.
If it closes as expected in the second quarter, London-based Willis would “become a corporate member in Miller Insurance Services LLP by taking a majority (85%) interest in the partnership,” stated London-based Willis – whose services include risk management and commercial insurance broking – in a press release. “Partners of Miller will retain the remaining interest so that it can be transferred to new generations of Miller partners in perpetuity.”
The new partnership, under the Miller brand, would be based in London. It would be “managed, governed and regulated as a standalone legal entity and separate Lloyd’s broker.”
Miller Insurance has offices in London, Brussels, Paris, Hong Kong, Kuala Lumpur, Sinagpore, Taipei, São Paulo and Hamilton, Bermuda.
Willis has more than 18,000 employees in more than 400 offices. In Canada, Willis Group more than 250 insurance professionals working from offices in Toronto, Montreal, Vancouver and Calgary.
“Bringing together complementary businesses under our respective brands adds further strength and depth to our client propositions,” Willis Group CEO Dominic Casserley stated in a release.
“This agreement will accelerate our growth strategy and enhance our offering to our clients,” Miller CEO Graham Clarke stated. “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.”
Have your say: