Willis completes acquisition of majority of Miller wholesale brokerage partnership

Willis Group Holdings plc announced Monday it has completed a transaction, originally announced last January, whereby Willis and Miller Insurance Services LLP will combine their wholesale businesses to form a separate brokerage, offering commercial insurance from the Lloyd’s market.

“Following receipt of all necessary regulatory approvals,” Willis “has completed its investment” in London-based Miller, Willis stated in a release.

London-based Willis is now a corporate member in Miller Insurance and owns 85% of the partnership, with the other 15% owned by Miller partners. The terms were not disclosed.

“The transaction combines those businesses of Willis and Miller that are complementary, and selected broking activities will transfer between the two firms,” Willis stated. “Wholesale broking activities encompassing a series of business units will transfer from Willis to Miller and Miller’s treaty reinsurance, UK Corporate client and Financial Institutions retail teams will transfer to Willis.”

Founded in 1902, Miller Insurance has more than 580 people working in offices in London, Brussels, Paris and Singapore. Its areas of specialty include property, liability, business interruption, marine, political violence, healthcare, energy and construction, among others.

“By combining the strengths of our two firms, we will be able to offer additional expertise, experience and product knowledge,” Miller chief executive officer Graham Clarke stated in a release.

“Bringing together complementary businesses under our respective brands adds further strength and depth to our client propositions,” Willis Group CEO Dominic Casserley stated in a press release of the Miller transaction.

In Canada, Willis employs more than 250 in offices in Toronto, Montreal, Calgary and Vancouver.

Worldwide, Willis has more than 18,000 employees in more than 400 offices. The firm reported US$3.767 billion in fees and commissions in 2014.

Last year, Finaccord Ltd. reported that Willis had 4.2% of the commercial non-life broking market 2013, ranking third behind Aon plc and Marsh Inc., which had 12.5% and 10.5% respectively.