Willis Group Board OKs Relocation To Ireland

NEW YORK (AP) — Insurance broker Willis Group Holdings Ltd. said Monday its board of directors approved changing its place of incorporation to Ireland from Bermuda. Shareholders will be asked to vote on the proposal at a meeting in the next three to four months.

Chairman and CEO Joseph J. Plumeri said the company chose Ireland for its economic benefits, including a history of international investments and commercial relationships with the European Union, the U.S. and other countries.

If shareholders sign off on the relocation, the company's name would likely change to Willis Group Holdings PLC.

The company said a relocation is not expected to have a material affect on its financial results or day-to-day business operations.

Shares of Willis Group slipped a penny to $28.14 in morning trading Monday.