Reinsurance broker Willis Group Holdings said it has completed its investment in Miller Insurance Services LLP that will enhance its wholesale insurance brokerage business and expertise in marine insurance.
The transaction, for which talks began last October, 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 percent) interest in the partnership. Partners of Miller are retaining the remaining interest.
Terms of the deal were not disclosed.
Miller had revenue of £112.9 million ($171.5 million) in the year ended April 30, according to its website. The London-based company has more than 580 people and eight office locations including in Belgium, Malaysia, Hong Kong and Brazil.
According to the announcement from Willis, 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, has completed more than a half dozen deals since assuming his position in January of 2013. He said last October that his acquisition strategy focuses on specialty businesses that have “strong franchises,” rather than going after volume. Last month Willis offered to buy the 70 percent of Gras Savoye that it doesn’t already own to expand in France, Eastern Europe and the Middle East. Also, in October of last year Willis invested $205 million in Swedish personal lines broker Max Matthiessen.
At the same time that it has been acquiring, Willis has been cutting expenses by laying off and relocating employees.