WTW puts Miller sale on hold

Willis Towers Watson (WTW) has pressed pause on the potential sale of its wholesale Lloyd’s broker Miller, amid uncertainty caused by the Covid-19 pandemic.

WTW said in February it was undertaking a strategic review to consider Miller’s future, prompting speculation that the broker was clearing the decks ahead of a large merger.

The following month, Aon confirmed an offer of about $30bn for WTW.

But a WTW spokesperson told CRE: “Given the current Covid-19 outbreak and associated uncertainty, we have paused our current efforts to explore strategic alternatives for Miller. WTW and Miller remain committed to the process and will make an announcement in due course.”

Miller operates as a separate Lloyd’s broker and retained its brand name when Willis acquired 85% of Miller Insurance Services in 2015. Willis moved its own wholesale business to Miller, and integrated Miller’s treaty reinsurance and financial institutions business into the parent group.