Willis considering sale of Miller

Re/insurance brokerage Willis Towers Watson has said it is “considering strategic alternatives with respect to its Miller Insurance Services business,” which could include a sale.

In a statement Willis said: “Willis Towers Watson and Miller can confirm they are exploring strategic alternatives for Miller. Since the formation of Willis Towers Watson in 2016, the company strategy has continued to evolve. Both parties agree that now is the appropriate time to consider next steps for Miller to maximise growth, continue to provide best in class client service and solutions, and enhance opportunities for colleagues.

“Willis Towers Watson and Miller expect to have ongoing relationships in certain aspects of the business where they remain closely aligned.”

Willis acquired Miller, its wholesale arm, in 2015, combining the firms’ wholesale businesses to trade under the Miller brand, managed, governed and regulated as a standalone legal entity and separate Lloyd’s broker.

Wholesale broking activities encompassing a series of business units transferred from Willis to Miller and Miller’s treaty reinsurance, UK corporate client and financial institutions retail teams transferred to Willis.

At the time, Dominic Casserley, chief executive officer (CEO) of Willis, said: “The successful completion of this transaction combines the exceptional talent and capabilities of Willis and Miller, creating a platform for future growth. Bringing together complementary businesses under our respective brands adds further strength and depth to our client propositions.”