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.
The world’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.
“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,” said Willis’s chairman and chief executive Joseph Plumeri.
President Barack Obama’s tough stance on tax havens has caused a dozen other multinational companies, including Accenture, to seek alternative locations.
The firm’s shareholders will vote on the plan in the next few months.