BB&T acquires stake in Miller
US insurance broker BB&T has agreed to acquire a 16.9 percent share in broker Miller from Willis.
In June 2015, Willis acquired an 85 percent stake in Miller through Miller 2015, a subsidiary of Willis established exclusively to house this partnership.
BB&T will acquire a 19.9 percent stake in Miller 2015 through its subsidiary BB&T IHC International, resulting in a 16.9 percent interest in Miller.
"The Lloyd's market is a global centre of excellence for specialty insurance and is strategically important to BB&T Insurance. This investment establishes stronger connectivity with the Lloyd's market and provides greater certainty of high quality access for BB&T Insurance,” said John Howard, vice chairman and chief executive officer of the wholesale and specialty division of BB&T Insurance Holdings.
“Miller has been a strong and valuable partner. We are pleased to be able to deepen our relationship through an ownership stake and enhance BB&T Insurance's overall customer value proposition and offering.”
The transaction is subject to customary closing conditions including regulatory approval and is expected to close in the fourth quarter of 2015.
