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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.

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