Willis-Miller reveal wholesale merger plans
Willis and Miller have revealed details of their much anticipated deal to merge some operations. But they have also stressed that, despite talks being at an advanced stage, there is no certainty that a deal will happen.
The companies are exploring the possibility of combining their wholesale units to form a new London wholesale specialist broker that would operate under the Miller brand.
Separately, Miller’s treaty reinsurance and retail-orientated brokerage activities could transfer to Willis.
Willis would become a partner and have a majority interest in the newly created wholesale unit, to be called Miller Insurance Services. Partners of Miller would also retain a significant partnership interest, the companies said.
“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,” said Dominic Casserley, CEO of Willis Group.
Graham Clarke, CEO of Miller, said: “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. This transaction will accelerate our growth strategy and enhance our current platform.”
Neither company’s executives in Baden-Baden would comment further on the proposed transaction.
