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BB&T Acquires Stake in Lloyd's Broker

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BB&T IHC International Ltd., a subsidiary of BB&T Corporation (NYSE: BBT), announced today it has reached an agreement to enter into a partnership with Willis Group Holdings (NYSE: WSH), the global risk advisor, re/insurance broking and human capital and benefits firm, and Miller Insurance Services LLP, a specialist wholesale insurance broker operating internationally and a top five Lloyd's broker.

On June 1, 2015, Willis announced that it had acquired an 85 percent interest in the Miller partnership. Partners of Miller retain the remaining 15 percent interest which will be transferred to new generations of Miller partners in perpetuity. Willis' acquisition of an 85 percent stake in Miller Insurance Services LLP was completed through Miller 2015 Limited, a subsidiary of Willis established exclusively to house this partnership.

BB&T has agreed to acquire 19.9 percent of Miller 2015 Limited from Willis, resulting in a 16.9 percent interest in Miller Insurance Services LLP. 

"The Lloyd's market is a global center of excellence for specialty insurance and is strategically important to BB&T Insurance Holdings. This investment establishes stronger connectivity with the Lloyd's market and provides greater certainty of high quality access for BB&T Insurance.  Miller has been a strong and

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Posted-In: M&A News Press Releases

 

Related Articles (BBT + WSH)

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