Willis and Miller have entered into exclusive talks to create a London wholesale specialist broking firm. The proposed transaction will combine their wholesale businesses to trade under the Miller brand, governed and regulated as a standalone legal entity and separate Lloyd’s broker.

Wholesale activities encompassing a series of units will be expected to transfer from Willis to Miller, while existing Miller treaty reinsurance and more retail-orientated activities will be expected to transfer to Willis. Miller is expected to continue to serve the global independent wholesale specialty and MGA client base.

Under the agreement, Willis will become a partner of Miller Insurance Services LLP with a majority interest. Miller will continue to operate under the Miller brand out of its new London HQ with continuity of management and will continue to interact directly with clients and markets.

Dominic Casserley, CEO of Willis Group, commented, “Miller is a pre-eminent independent specialist broker in the London wholesale market, highly regarded by clients and carriers alike, with a culture and professional approach that aligns closely with Willis’ values-based client service and heritage. 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.”

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.”

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