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Willis Group Holdings P.L.C. and Miller Insurance Services L.L.P. are in talks to create a London wholesale specialist broking firm which would combine the companies' wholesale businesses under the Miller brand as a stand-alone entity and separate Lloyd's broker, Willis said Monday.
According to a statement issued by Willis, the companies call the talks “advanced” but cautioned no deal had been set and that they would not “comment on this matter further unless and until a transaction is agreed.”
Under the combination, Willis would take a majority interest in Miller as a range of wholesale business would move from Willis to Miller while Miller treaty reinsurance and retail-orientated business would move to Willis, according to a statement issued by Willis
“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,” Willis CEO Dominic Casserley, said in the statement.
Miller would continue to operate under its own name and out of its London headquarters under the arrangement.
“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. It will also enable both firms to serve their clients more effectively through improved access to the breadth of their services, markets, and analytical capabilities,” Graham Clarke, CEO of Miller, said in the statement.
Insurance and reinsurance broker Miller Insurance Services L.L.P. has combined its property/casualty specialists into one business area led by Ken MacDonald, head of property/casualty.