UK-based risk adviser, insurance and reinsurance broker Willis Group is in exclusive talks with insurance and reinsurance broker Miller Insurance Services to create a London wholesale specialist broking firm.
Under the proposed deal, Willis plans to transfer its wholesale businesses to Miller, which will be governed and regulated as a standalone legal entity and separate Lloyd’s broker.
Willis Group CEO Dominic Casserley said: "Miller is a pre-eminent independent specialist broker in the London wholesale market, highly regarded by clients and carriers alike, with a culture and professional approach that aligns closely with Willis’ values-based client service and heritage.
"The proposals under discussion would confirm Miller as a leading London specialist wholesaler, allowing Willis and Miller to draw on each other’s professional strengths, and further demonstrates Willis’ deep commitment to London and the London insurance market."
Wholesale activities, including a series of units, are expected to be transferred from Willis to Miller, while existing Miller treaty reinsurance and retail-orientated activities are expected to transfer to Willis, as part of the proposed transaction.
Willis noted that it will become a partner of Miller Insurance with a majority interest, while Miller will continue to operate under the same brand from its new London headquarters.
Miller Insurance Services CEO Graham Clarke said: "The proposed transaction will give Miller access to Willis’ global reach and scale, its industry and product capabilities, and outstanding client support operations, while maintaining the Miller brand and ethos."
Image: Willis Building in the city of London. Photo: courtesy of Colin.