Willis to leave Bermuda

Insurance broker Willis Group announced yesterday that it will move its global headquarters from Bermuda to Dublin, amid fears of a US crack-down on tax-havens.<br /><br />The world&rsquo;s third-largest insurance broker is the latest in a line of firms with large US operations to relocate from the island to other locations with low corporate tax rates. <br /><br />&ldquo;We reviewed a number of alternatives with our board and believe that incorporating in Ireland will provide Willis with economic benefits and help ensure our continued global competitiveness,&rdquo; said Willis&rsquo;s chairman and chief executive Joseph Plumeri.<br /><br />President Barack Obama&rsquo;s tough stance on tax havens has caused a dozen other multinational companies, including Accenture, to seek alternative locations.<br /><br />The firm&rsquo;s shareholders will vote on the plan in the next few months.