Miller & Willis form wholesale broker

Miller has reached an agreement with Willis to form, what it believes will be, a leading London wholesale specialist broking firm.

Willis and Miller will combine their wholesale and specialty businesses to trade under the Miller brand, managed, governed and regulated as a standalone legal entity and separate Lloyd’s broker.

Willis will become a corporate member in Miller Insurance Services by taking an 85 percent interest in the partnership. Partners of Miller will retain the remaining interest in perpetuity to be transferred across generations of new partners.

Selected broking activities will transfer between the two firms, with wholesale broking activities encompassing a series of units transferring from Willis to Miller and Miller’s treaty reinsurance, UK corporate client and financial institutions teams transferring to Willis.

The transaction is expected to close in the second quarter of 2015.

Graham Clarke, chief executive officer of Miller, said: “This agreement will accelerate our growth strategy and enhance our offering to our clients. It is a unique opportunity to combine the strengths of two firms for whom client service is paramount. 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.

Dominic Casserley, chief executive officer of Willis, added: “Miller, a pre-eminent independent specialist broker in the London wholesale market, is highly regarded by clients and insurance carriers alike, with a culture and professional approach that aligns closely with Willis’ own values-based client service and heritage.

“This transaction positions Miller as a leading London specialist wholesaler, allowing Willis and Miller to draw on each other’s professional strengths, and underlines the deep commitment of both parties to the London insurance market.”