NU Online News Service, Jan. 4, 12:29 p.m. EST
Insurance broker Willis Group Holdings Ltd. said it has finished moving its corporate domicile from Bermuda to Ireland under the new name Willis Group Holdings Public Ltd. Co.
The transaction was completed Dec. 31, following receipt of the required approval from the Supreme Court of Bermuda, and after certain other consents, approvals and waivers were received, the firm said.
Willis said it has had ongoing operations in Ireland since 1903 and currently is one of the country's largest insurance brokers. The company employs approximately 300 people in offices in Dublin, Limerick and Cork, Ireland.
"Incorporating in Ireland provides Willis with economic benefits that will help ensure our continued global competitiveness," said Joseph J. Plumeri, the company's chairman and chief executive officer, in a statement.
He added that the move "underscores our strong commitment to the Irish market and our determination to be a significant part of its growth potential as an important financial and insurance center."
As a result of the reorganization, common shares in Willis Group Holdings Ltd. were cancelled and ordinary shares in Willis Group Holdings Public Ltd. Co. were issued to all shareholders on a one-for-one basis, said Willis.
Willis Group Holdings Ltd. has become a wholly owned subsidiary of Willis Group Holdings Public Ltd. Co.
The company's trading symbol, "WSH," has not changed and its shares will continue to be traded on the New York Stock Exchange.
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