Willis Group Holdings has reached an agreement with Miller Insurance Services to form a London-based wholesale specialist insurance broking firm.
The agreement will combine 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, which is subject to regulatory approval, Willis will become a corporate member in Miller by taking a majority (85 percent) interest in the partnership.
Partners of Miller will retain the remaining interest so that it can be transferred to new generations of Miller partners in perpetuity, according to Willis.
Wholesale broking activities encompassing a series of units will transfer from Willis to Miller and Miller treaty reinsurance, UK corporate client and financial institutions retail teams will transfer to Willis.
Dominic Casserley, CEO of Willis, commented: "This transaction combines the exceptional talent and capabilities of Willis and Miller, creating a platform for significant future growth.”
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.”
The transaction is subject to customary closing conditions and is expected to close in Q2 of 2015. The terms of the transaction were not disclosed.
