New parent company incorporated in Ireland
Willis Group Holdings said that its reorganization has been completed and the new parent company of the Willis Group, Willis Group Holdings Public Limited Company, is incorporated in Ireland.
The transaction was completed after the supreme court of Bermuda, and other consents, approvals and waivers were received. The Willis Group parent company was previously incorporated in Bermuda.
Under the reorganization, common shares in Willis Group Holdings were canceled and ordinary shares in Willis Group Holdings Public Limited Company were issued to all shareholders on a one-for-one basis. The Willis Group Holdings has become a wholly owned subsidiary of Willis Group Holdings Public Limited Company.
Joseph Plumeri, chairman and CEO, said: “Incorporating in Ireland provides Willis with economic benefits that will help ensure our continued global competitiveness. 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.”
Willis will continue to be subject to US Securities and Exchange Commission (SEC) reporting requirements, prepare its financial statements and pay dividends in US dollars, and be subject to US GAAP.