Under the proposed transaction, Miller will move its treaty reinsurance and retail activities to Willis, according to a statement today from the London-based broker. Willis would transfer its wholesaleinsurance brokerage units to Miller, which will be governed and regulated as a standalone entity, according to the statement, which didn't disclose terms.
"The proposals under discussion would confirm Miller as a leading London specialist wholesaler," Willis Chief Executive Officer Dominic Casserley said in the statement. The deal will allow "Willis and Miller to draw on each other's professional strengths, and further demonstrates Willis' deep commitment to London and the London insurance market."
Casserley, a former McKinsey & Co. partner, has been reshaping Willis since taking over as CEO last year. In April, he announced that the company would relocate 3,500 workers to lower-cost locations such as Mumbai and Nashville, Tennessee, in an effort to boost profits.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
