Addleshaw Goddard's leading professional practices team has advised on one of the most significant professional partnership deals in the City.
The firm advised Miller Insurance Services LLP (Miller), the specialist insurance and reinsurance broker, on its agreement with Willis Group Holdings plc (Willis), the leading New York listed and global risk advisor, to combine their wholesale businesses to form a separate London wholesale specialist broking firm, which will operate under the Miller brand and be managed, governed and regulated as a standalone legal entity and separate Lloyd's broker.
The transaction, which is subject to regulatory approval, will see Willis make an investment in Miller in return for a majority stake in the partnership. It is expected to close in the second quarter of 2015. Willis was advised by Herbert Smith Freehills.
The Addleshaw Goddard team was led by partner William Wastie, and included corporate partners Jon Cheney, Nick Pearey and Charles Penney, managing associate Matt Hann, and associates Zulon Begum and Tim Trueman, as well as other specialists across the firm.
William Wastie, commenting on the transaction, said: "This is a significant deal in the insurance market and a very strategic transaction for our client. We are delighted to be supporting them in their growth strategy, as well as cementing our reputation as the leading Professional Practices Group."