Global risk adviser, insurance and reinsurance broker Willis Group Holdings has signed an agreement to acquire 85% stake in Miller Insurance Services, to expand operations in London.
Terms of the deal were not disclosed, and the remaining stake in the firm will be retained by Miller partners.
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: "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.
Willis noted that the deal will allow the firm to form a leading London-based wholesale specialist insurance broking firm, and will combine the firms’ respective wholesale businesses to trade under the Miller brand and separate Lloyd’s broker.
Under the agreement, 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: "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."
Subject to customary closing conditions, the transaction is expected to be completed in the second quarter of 2015.
Image: Willis Building in London. Photo: courtesy of Colin.