Willis Group Holdings Limited, the global insurance broker, announced on September 21 that its Board of Directors has approved changing the company’s place of incorporation from Bermuda to Ireland.
Joseph Plumeri, the company’s Chairman and CEO, commented: “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 explained that it opted for Ireland because it offers a long history of international investment and long-established commercial relationships, trade agreements and tax treaties with European Union member states, the United States and other countries around the world where Willis does business, and reaps the benefits of EU membership. “In addition to providing a more stable environment with the financial and legal infrastructure to meet Willis’ needs, it also improves Willis’ ability to maintain a competitive worldwide effective corporate tax rate. Most importantly, Willis has had ongoing operations serving a wide range of clients in Ireland since 1903 and currently is the largest insurance broker in Ireland,” Willis explained in a statement to shareholders.
“Willis does not expect the redomestication will have any material change on its financial results and day-to-day operations and the Willis Group will continue to conduct its current business operations after the redomestication," it added.
Prior to the relocation of the company’s headquarters, shareholders will be asked to vote in favor of completing the change in place of incorporation at a shareholders meeting to be held in approximately three or four months. The redomestication will also be subject to approval of the Supreme Court of Bermuda, as well as receipt of customary consents, approvals and waivers.
If the redomestication is approved by Willis shareholders and the Supreme Court of Bermuda, 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.
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