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.
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