Adam McNestrie and Rachel Dalton
This publication reported in early April that Willis had put the sale of its London wholesale broking arm on ice in the midst of market turmoil caused by Covid-19.
It had previously appointed Goldman Sachs to advise on the disposal of Miller, a key step in the closing of the broker’s own sale to Aon.
As the worst fears over the impact of the virus begin to recede, sources told this publication that Willis has had preliminary discussions to gauge the interest of potential financial bidders.
It is also understood that work is being carried out to produce updated sales materials that reflect the impact of Covid-19 on Miller’s business.
A formal relaunch could take place as soon as September, sources said.
Signs are growing that the freeze on broker M&A that began in the early days of the pandemic crisis may be thawing.
Earlier this month, this publication revealed that Ed and Besso owner BGC has retained Bank of America Merrill Lynch for a strategic review of its insurance operations.
Broking group Ardonagh last month also sealed a refinancing deal that brought in new major investors and left the intermediary with a reloaded M&A war chest of around £300mn.
A spokesperson for Willis said: “The process to explore strategic alternatives for Miller remains paused given the ongoing uncertainty related to the Covid-19 outbreak.
“Willis Towers Watson and Miller remain committed to the process and will make an announcement in due course.”
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