Previously incorporated in Bermuda, Willis Group Holdings Public Ltd. Co., the parent company of Willis Group Holdings Ltd. global insurance broker, is now incorporated in Ireland.
The transaction followed receipt of the required approval from the Supreme Court of Bermuda, and after certain other consents, approvals and waivers were received. The Willis Group parent company was previously incorporated in Bermuda.
Willis 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.
“Incorporating in Ireland provides Willis with economic benefits that will help ensure our continued global competitiveness,” says Joseph Plumeri, the company’s chairman and CEO. “Furthermore, this 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. The common shareholders of Willis Group Holdings Ltd. have become ordinary shareholders of Willis Group Holdings Public Ltd. Co. and Willis Group Holdings Ltd. has become a wholly owned subsidiary of Willis Group Holdings Public Ltd. Co.
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