Global risk adviser, insurance and reinsurance broker Willis Group Holdings has completed the acquisition of 85% stake in Miller Insurance Services, allowing the firm to form a leading London-based wholesale specialist insurance broking firm.
Terms of the deal have not been disclosed and the remaining stake in the firm will be retained by Miller partners. The deal was first announced in January of this year.
Established in 1902, Miller is a specialist insurance and reinsurance broker that deals with reinsurance, complex large commercial insurance business and programmes and facilities.
Willis Group CEO Dominic Casserley said: "The successful completion of this transaction combines the exceptional talent and capabilities of Willis and Miller, creating a platform for future growth."
The deal aggregates the Willis’ respective wholesale businesses to trade under the Miller brand and separate Lloyd’s broker.
Under the deal, Willis will transfer its wholesale broking activities including a series of units to Miller, while Miller will transfer its treaty reinsurance, UK corporate client and financial institutions retail teams to Willis.
Miller Insurance Services CEO Graham Clarke said: "By combining the strengths of our two firms, we will be able to offer additional expertise, experience and product knowledge."
Image: Willis Building in London. Photo: courtesy of Colin.