Willis, Miller to form broking firm

Willis Group Holdings has announced that it has reached an agreement with Miller Insurance Services LLP to form a leading 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 Insurance Services LLP by taking a majority (85 percent) interest in the partnership. 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 Group, commented: "This transaction combines the exceptional talent and capabilities of Willis and Miller, creating a platform for significant future growth. Bringing together complementary businesses under our respective brands adds further strength and depth to our client propositions.”

The transaction is expected to close in the second quarter of 2015.