In February 2020, Willis Towers Watson confirmed media reports that it is exploring alternatives for Miller Insurance Services, which included a possible sale

office-1209640_640 (1)

COVID-19 forces Willis Towers Watson to pause on sale plans of Miller Insurance Services. (Credit: Free-Photos from Pixabay)

Willis Towers Watson (WTW) has reportedly put a halt on its plans for a potential divestiture of its subsidiary Miller Insurance Services, owing to the uncertainty prevailing around the coronavirus outbreak.

In February 2020, Willis Towers Watson confirmed media reports that it is exploring alternatives for Miller Insurance Services, which included a possible sale.

Based in London, Miller Insurance Services is a specialist insurance and reinsurance broker, which has been operating in Lloyd’s of London, and also in international markets.

A spokesperson of Willis Towers Watson has been quoted by Reuters as saying: “Given the current COVID-19 outbreak and associated uncertainty, we have paused our current efforts to explore strategic alternatives for Miller.

“WTW and Miller remain committed to the process and will make an announcement in due course.”

Founded in 1902, Miller Insurance Services is engaged in specialist (re)insurance broking partnerships with intermediaries, direct insureds, and reinsureds. The company has more than 650 employees across its UK and international locations, who annually place around $3bn premium.

Willis Towers Watson bought majority stake in Miller Insurance Services in 2015

In June 2015, Willis Towers Watson acquired an 85% stake in Miller Insurance Services in a move to become a leading London-based wholesale specialist insurance broking firm. The remaining 15% stake is held by Miller Insurance Services’ partners.

Last month, Willis Towers Watson agreed to be acquired by Aon in an all-stock transaction worth around $30bn in a move to create one of the largest insurance brokers in the world. The combined equity value of the combined company is worth around $80bn.

Post completion of the merger deal, existing Aon shareholders will own around 63% in the enlarged company, while existing Willis Towers Watson’s shareholders will own the remaining stake of 37%.