Willis in talks with Miller Insurance to take majority stake

Pedestrians walk past the entrance to the old Sears Tower in Chicago after it was officially renamed Willis Tower during a ceremony Thursday, July 16, 2009. (AP Image)

(Bloomberg) — Willis Group Holdings Plc, the third-largest insurance broker by market value, said it’s in exclusive talks with Miller Insurance Services LLP to take a majority stake and combine some of their businesses.

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.”