Posted on 11 Dec 2009
Willis Group Holdings Limited, the global insurance broker, said that its shareholders today approved changing the place of incorporation of the parent company of the Willis Group from Bermuda to Ireland.
With shareholder approval, the proposal to reorganize the company now goes before the Supreme Court of Bermuda for approval. Willis expects to complete the reorganization on or about the end of this year, assuming the transaction is approved by the Supreme Court of Bermuda at a hearing currently scheduled for December 18, 2009, and certain other consents, approvals and waivers are received.
Upon completion of the reorganization, a new Irish public limited company, Willis Group Holdings plc, will replace Willis Group Holdings Limited as the ultimate public holding company of the Willis Group.
Willis also announced that its shareholders approved at the special meeting the creation of distributable reserves of Willis Group Holdings plc, which is expected to be approved by the Irish High Court within three to six weeks after completion of the reorganization.