LONDON, June 01, 2015 (GLOBE NEWSWIRE) -- Willis Group Holdings (NYSE:WSH), the global risk advisory, re/insurance broker and human capital and benefits firm, today announced that following receipt of all necessary regulatory approvals, it has completed its investment in Miller Insurance Services LLP to form a leading London wholesale specialist insurance broking firm.
The transaction combines the firms’ respective wholesale businesses to trade under the Miller brand, managed, governed and regulated as a standalone legal entity and separate Lloyd’s broker.
Under the terms of the transaction, Willis has become a corporate member in Miller Insurance Services LLP by taking a majority (85%) interest in the partnership. Partners of Miller retain the remaining interest so that it can be transferred to new generations of Miller partners in perpetuity.
The transaction combines those businesses of Willis and Miller that are complementary, and selected broking activities will transfer between the two firms. 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.
Dominic Casserley, CEO of Willis Group, commented:
“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.”
Graham Clarke, CEO of Miller, said:
“I am delighted that we have concluded this transaction to create a unique partnership in our industry; one where we have preserved the values of Miller that matter to our clients – those of independent advice and where clients come first. By combining the strengths of our two firms, we will be able to offer additional expertise, experience and product knowledge. While we look back proudly on our long heritage, we are also looking forward to a new era of partnership.”
Willis announced its agreement to take a majority interest in the Miller partnership on 22 January 2015. The terms of the transaction were not disclosed.
Willis Group Holdings plc is a leading global risk advisory, re/insurance broker and human capital and benefits firm. With roots dating to 1828, Willis operates today on every continent with more than 18,000 employees in over 400 offices. Willis offers its clients superior expertise, teamwork, innovation and market-leading products and professional services in risk management and transfer. Our experts rank among the world’s leading authorities on analytics, modelling and mitigation strategies at the intersection of global commerce and extreme events. Find more information at our website, www.willis.com, our leadership journal, Resilience, or our up-to-the-minute blog on breaking news, WillisWire. Across geographies, industries and specialisms, Willis provides its local and multinational clients with resilience for a risky world.
About Miller Insurance Services LLP
Miller Insurance Services LLP (Miller) is a specialist insurance and reinsurance broker, operating internationally and at Lloyd's. It handles reinsurance, complex large commercial insurance business and programmes & facilities.
Founded in 1902, the partnership today has over 580 people and eight international offices in the world’s key insurance markets. Miller holds Chartered Insurance Broker status, demonstrating professionalism, a client focused approach and commitment to excellent service standards.
For more information, please visit www.miller-insurance.com
We have included in this document ‘forward-looking statements’ within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbours created by those laws. All statements, other than statements of historical facts, are forward-looking statements, including statements that address the combined company and the potential platform for future growth and performance. Also, when we use the words such as ‘expect’, ‘estimate’, or similar expressions, we are making forward-looking statements. There are important uncertainties, events and factors that could cause our actual results or performance to differ materially from those in the forward-looking statements contained in this document, including, the risk that we may not fully realize the anticipated benefits from the transaction, or that the benefits may take longer to realize than expected, including the anticipated scale and revenue synergies of the combined business; the risk that we may not be able to effectively integrate the Miller businesses into our business; the risk that we may not be able to retain key Miller employees; the risks associated with operating in foreign markets, including being subject to foreign regulations that may adversely affect our business and being subject to other laws and regulations that apply to our operations and conduct around the world; the impact of any regional, national or global political, economic, business, competitive, market, environmental or regulatory conditions on our global business operations; and the impact of current global economic conditions on our results of operations and financial condition. More detailed information about the above and other factors is available ‘‘Risk Factors’’ section included in Willis’ Form 10-K for the year ended December 31, 2014 and our subsequent filings with the Securities and Exchange Commission. Copies are available online at http://www.sec.gov or www.willis.com. Our forward-looking statements speak only as of the date made and we will not update these forward-looking statements unless the securities laws require us to do so.
Source:Willis Group Holdings