Willis set to redomicile to Ireland

Willis has unveiled plans to redomicile to Ireland subject to shareholder approval.

The broker's shareholders will be asked to vote in favor of the redomicile at a shareholders meeting in the next few months.

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

If approved, it is expected that a new Irish public limited company, Willis Group Holdings plc, would replace Willis Group Holdings Limited as the ultimate public holding company of the Willis Group.

Willis chairman and chif executive Joe Plumeri, said, “The Board of Directors has determined that the company’s redomestication to Ireland is in the best interests of Willis and our shareholders. We reviewed a number of alternatives with our Board of Directors, and believe that incorporating in Ireland will provide Willis with economic benefits and help ensure our continued global competitiveness.”

The company said it does not expect the move to have any material change on its financial results and day-to-day operations and that the Willis Group will continue to conduct its current business operations once completed.