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| Bermuda Insurer Willis Plans Irish Relocation |
by Phillip Morton, Investors Offshore.com
Wednesday, September 23, 2009
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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