Miller Insurance Services LLP, the London broker majority owned by Willis Towers Watson (WTW), has completed its acquisition of Lloyd’s accredited and London headquartered insurance and reinsurance broker Alston Gayler (AG).
Alston Gayler has a recognised ILW broking practice specialty and experience broking to collateralised reinsurance markets as a result and is well-known to the insurance-linked securities (ILS) fund world, placing business with ILS funds on an industry-loss and collateralised indemnity reinsurance or retrocession basis.
The acquisition was first announced back in October, although terms of the deal were not disclosed.
Miller said today that it has now received all necessary regulatory approvals and so has completed its acquisition of Alston Gayler and Co (AG).
The broker said that the transaction “strengthens Miller’s position as a leading London wholesale and specialist broking platform.”
Greg Collins, CEO of Miller, said, “The successful completion of this transaction confirms the union of our experienced teams, which already share aligned values, strategic visions and client-focussed cultures. By combining the strength of our two firms, we can continue to grow together and provide an enhanced suite of services to our valued clients.”
Robert Alexander, Managing Director of AG, added,: “I am delighted that we have concluded the transaction with Miller and look forward to joining their highly talented team, bringing the best of both firms to our clients and prospects.”
The ILW team from Alston Gayler will offer Miller additional expertise in delivering capital markets backed reinsurance and retro solutions for their clients, which will sit well alongside Miller’s specialisms in broking non-standard products with bespoke triggers, such as parametric and business interruption solutions, as well as other non-standard reinsurance instruments.
The AG ILW team have been responsible for placing a reasonable amount of industry-loss based reinsurance limit over the last few years.