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 valuable partner. We are pleased to be able to deepen our relationship through an ownership stake and enhance BB&T Insurance's overall customer value proposition and offering," said John Howard, vice chairman and CEO of the Wholesale and Specialty division of BB&T Insurance Holdings. Howard was recently named chairman and CEO of BB&T Insurance Holdings Inc. effective Jan. 1, 2016.

The transaction is subject to customary closing conditions including regulatory approval and is expected to close in the fourth quarter of 2015. Terms of the transaction were not disclosed. This transaction was contemplated in BB&T's capital plan that has been approved by the Federal Reserve as part of the 2015 Comprehensive Capital Analysis and Review (CCAR) and does not change BB&T's previously announced capital actions.

Deutsche Bank Securities Inc. served as financial advisor to BB&T. Willkie Farr & Gallagher LLP and Wachtell, Lipton, Rosen & Katz served as legal counsel to BB&T in this transaction.