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Willis plans move to Ireland

by Richard Kilner

Global insurance broker Willis Group Holdings Limited has announced its Board of Directors has approved the proposed change to move its place of incorporation from Bermuda to Ireland.

The move still requires shareholder approval for the redomestication to occur, and they will be asked to back the move in three or four months time.

It will also be subject to the approval of the Supreme Court of Bermuda.

Chairman and CEO Joseph J. Plumeri has stated that a number of alternatives were considered but that Ireland was selected as it would be able to offer an economic advantage and help the firm maintain its competitive edge.

In July of this year Beazley moved from the UK to Ireland, to enjoy the benefits of a lower corporate tax rate.

 

Source: Willis plans move to Ireland

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