Willis Group Holdings (NYSE:WSH), the global risk adviser,
insurance and reinsurance broker, is pleased to announce that it
has reached an agreement with Miller Insurance Services LLP to form
a leading London-based wholesale specialist insurance broking firm.
The agreement will combine 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, which is subject to
regulatory approval, Willis will become a corporate member in
Miller Insurance Services LLP by taking a majority (85%) interest
in the partnership. Partners of Miller will retain the remaining
interest so that it can be transferred to new generations of Miller
partners in perpetuity.
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 units will transfer from Willis to Miller
and Miller treaty reinsurance, UK Corporate client and Financial
Institutions retail teams will transfer to Willis.
Dominic Casserley, CEO of Willis Group, commented:
"This transaction combines the exceptional talent and
capabilities of Willis and Miller, creating a platform for
significant future growth. Bringing together complementary
businesses under our respective brands adds further strength and
depth to our client propositions.
"Miller, a pre-eminent specialist independent broker in the
London wholesale market, is highly regarded by clients and
insurance carriers alike, with a culture and professional approach
that aligns closely with Willis' own values-based client service
and heritage. The deal also brings additional expertise and
enhanced value to Willis' combined UK retail and global specialty
business and its treaty reinsurance team."
Graham Clarke, CEO of Miller, said:
"This agreement will accelerate our growth strategy and enhance
our offering to our clients. It is a unique opportunity to combine
the strengths of two firms for whom client service is paramount.
Miller's independent platform and partnership will continue to
operate under the Miller brand with the same ethos and continuity
of leadership, complemented by Willis' international experience,
scale and industry and product knowledge."
The transaction is subject to customary closing conditions and
is expected to close in the second quarter of 2015. The terms of
the transaction were not disclosed.
About Willis
Willis Group Holdings plc is a leading global risk adviser,
insurance and reinsurance broker. With roots dating to 1828, Willis
operates today on every continent with more than 18,000 employees
in over 400 offices. Willis offers its clients superior expertise,
teamwork, innovation and market-leading products and professional
services in risk management and transfer. Our experts rank among
the world's leading authorities on analytics, modelling and
mitigation strategies at the intersection of global commerce and
extreme events. Find more information at our website,
www.willis.com, our leadership journal, Resilience, or our
up-to-the-minute blog on breaking news, WillisWire. Across
geographies, industries and specialisms, Willis provides its local
and multinational clients with resilience for a risky world.
About Miller Insurance Services LLP
Miller Insurance Services LLP (Miller) is a specialist insurance
and reinsurance broker, operating internationally and at Lloyd's.
It handles reinsurance, complex large commercial insurance business
and programmes & facilities.
Founded in 1902, the partnership today has over 580 people and
eight international offices in the world's key insurance markets.
Miller holds Chartered Insurance Broker status, demonstrating
professionalism, a client focused approach and commitment to
excellent service standards.
For more information, please visit www.miller-insurance.com.
Willis Group - Forward Looking Statements
Willis Group have included in this document 'forward-looking
statements' within the meaning of Section 27A of the Securities Act
of 1933, and Section 21E of the Securities Exchange Act of 1934,
which are intended to be covered by the safe harbors created by
those laws. These forward-looking statements include information
about possible or assumed future results of our operations. All
statements, other than statements of historical facts that address
activities, events or developments that we expect or anticipate may
occur in the future, including such things as our outlook, future
capital expenditures, growth in commissions and fees, business
strategies, competitive strengths, goals, the benefits of new
initiatives, growth of our business and operations, plans and
references to future successes, are forward-looking statements.
Also, when we use the words such as 'anticipate', 'believe',
'estimate', 'expect', 'intend', 'plan', 'probably', or similar
expressions, we are making forward-looking statements.
There are important uncertainties, events and factors that could
cause our actual results or performance to differ materially from
those in the forward-looking statements contained in this document,
including the following: the ability to consummate the proposed
transaction; the ability to obtain requisite regulatory and other
approval and the satisfaction of other conditions to the
consummation of the proposed transaction; the impact of any
regional, national or global political, economic, business,
competitive, market, environmental or regulatory conditions on our
global business operations; the impact of current global economic
conditions on our results of operations and financial condition,
including as a result of those associated with the Eurozone, any
insolvencies of or other difficulties experienced by our clients,
insurance companies or financial institutions; our ability to
implement and fully realize anticipated benefits of our new growth
strategy and revenue generating initiatives; our ability to
implement and realize anticipated benefits of any expense reduction
initiative, including our ability to achieve expected savings from
the multi-year operational improvement program as a result of
unexpected costs or delays and demand on managerial, operational
and administrative resources and/or macroeconomic factors affecting
the program; changes in the tax or accounting treatment of our
operations and fluctuations in our tax rate; volatility or declines
in insurance markets and premiums on which our commissions are
based, but which we do not control; our ability to develop and
implement technology solutions and invest in innovative product
offerings in an efficient and effective manner; our ability to
continue to manage our significant indebtedness; our ability to
compete in our industry; our ability to develop new products and
services; material changes in commercial property and casualty
markets generally or the availability of insurance products or
changes in premiums resulting from a catastrophic event, such as a
hurricane; our ability to retain key employees and clients and
attract new business; the timing or ability to carry out share
repurchases and redemptions; the timing or ability to carry out
refinancing or take other steps to manage our capital and the
limitations in our long-term debt agreements that may restrict our
ability to take these actions; fluctuations in our earnings as a
result of potential changes to our valuation allowance(s) on our
deferred tax assets; any fluctuations in exchange and interest
rates that could affect expenses and revenue; the potential costs
and difficulties in complying with a wide variety of foreign laws
and regulations and any related changes, given the global scope of
our operations; rating agency actions, including a downgrade to our
credit rating, that could inhibit our ability to borrow funds or
the pricing thereof and in certain circumstances cause us to offer
to buy back some of our debt; a significant decline in the value of
investments that fund our pension plans or changes in our pension
plan liabilities or funding obligations; our ability to achieve
anticipated benefits of any acquisition or other transactions in
which we may engage, including any revenue growth or operational
efficiencies; our ability to effectively integrate any acquisition
into our business; our inability to exercise full management
control over our associates, such as Gras Savoye; our ability to
receive dividends or other distributions in needed amounts from our
subsidiaries; any potential impact from the US healthcare reform
legislation; our involvement in and the results of any regulatory
investigations, legal proceedings and other contingencies;
underwriting, advisory or reputational risks associated with
non-core operations as well as the potential significant impact our
non-core operations (including the Willis Capital Markets &
Advisory operations) can have on our financial results; our
exposure to potential liabilities arising from errors and omissions
and other potential claims against us; the interruption or loss of
our information processing systems, data security breaches or
failure to maintain secure information systems; and impairment of
the goodwill in one of our reporting units, in which case we may be
required to record significant charges to earnings.
The foregoing list of factors is not exhaustive and new factors
may emerge from time to time that could also affect actual
performance and results. For more information see the section
entitled ''Risk Factors'' included in Willis' Form 10-K for the
year ended December 31, 2013 and our subsequent filings with the
Securities and Exchange Commission. Copies are available online at
http://www.sec.gov or www.willis.com.
Although we believe that the assumptions underlying our
forward-looking statements are reasonable, any of these
assumptions, and therefore also the forward-looking statements
based on these assumptions, could themselves prove to be
inaccurate. In light of the significant uncertainties inherent in
the forward-looking statements included in this document, our
inclusion of this information is not a representation or guarantee
by us that our objectives and plans will be achieved.
Our forward-looking statements speak only as of the date made
and we will not update these forward-looking statements unless the
securities laws require us to do so. In light of these risks,
uncertainties and assumptions, the forward-looking events discussed
in this document may not occur, and we caution you against unduly
relying on these forward-looking statements.
CONTACT: Media:
Miles Russell
+ 44 20 3124 7446
Email: miles.russell@willis.com
Investors:
Peter Poillon
+1 212 915 8084
Email: Peter.Poillon@willis.com