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Article: Willis to shift domicile from Bermuda to Ireland.
- Article from:
- Business Insurance
- Article date:
- September 28, 2009
- Author:
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: COLLEEN McCARTHY
Insurance brokerage Willis Group Holdings Ltd. said it plans redomesticate from Bermuda to Ireland for "a more stable environment where it can remain competitive.
The change, announced last week, is the latest Bermuda-domiciled insurance-related entity to exit the island in the past year for tax and other reasons. In addition, about 10 noninsurance-related companies have said they plan to leave Bermuda since President Barack Obama proposed widespread U.S. Tax Code changes that include a crackdown on so-called tax havens.
"The board of directors has determined that the company's redomestication to Ireland is in the best ...