Insurance firm Willis has invested in Miller to form a partnership specialising in wholesale insurance broking.

Under the agreement, Willis takes a majority (85%) interest in the partnership, which combines the firms’ respective wholesale businesses to trade under the Miller brand, while being managed and regulated as a standalone legal entity and separate Lloyd’s broker.

Wholesale broking activities will transfer from Willis to Miller, and Miller’s treaty reinsurance, UK corporate client and financial institutions retail teams will transfer to Willis.

Dominic Casserley, CEO of Willis, says: “The successful completion of this transaction combines the exceptional talent and capabilities of Willis and Miller, creating a platform for future growth. Bringing together complementary businesses under our respective brands adds further strength and depth to our client propositions.”

Graham Clarke, CEO of Miller, adds: “By combining the strengths of our two firms, we will be able to offer additional expertise, experience and product knowledge. While we look back proudly on our long heritage, we are also looking forward to a new era of partnership.”

The partnership’s remaining interest (15%) is retained by Miller partners and can be transferred to new generations of partners in perpetuity.