Willis completes deal with London wholesale broker

Willis Group Holdings P.L.C. on Monday announced the completion of its investment in London-based Miller Insurance Services L.L.P. to form a London-based wholesale insurance brokerage.

Under the deal, financial terms of which were not disclosed, the two companies' wholesale businesses will combine to trade under the Miller brand in a unit managed and regulated as a stand-alone legal entity and separate Lloyd's of London broker. As part of the transaction, Willis has become a corporate member in Miller, taking an 85% interest in the partnership.

Wholesale broking activities will transfer to Miller from Willis, while Miller's treaty reinsurance, U.K. corporate clients and financial institutions retail teams will transfer to Willis, Willis said in a statement.

“The successful completion of this transaction combines the exceptional talent and capabilities of Willis and Miller, creating a platform for future growth,” Dominic Casserley, CEO of Willis, said in the statement.

“Bringing together complementary businesses under our respective brands adds further strength to our client propositions,” he said.

Willis currently is involved in legal action against London-based brokerage Jardine Lloyd Thompson Group P.L.C. concerning the hiring by JLT of several members of Willis' fine art, jewelry and specie division. Willis alleges that JLT's hiring of several key members of that division interfered in the sale of the unit to Miller.

Miller, which was founded in 1902 and employs more than 600 people, generated revenue of £112.9 million ($190.5 million) for the year ended April 30, 2014.