NU Online News Service, Dec. 11, 11:39 a.m. EST
Willis Group Holdings Ltd. said its shareholders have approved changing parent company Willis Group's place of incorporation from Bermuda to Ireland.
The insurance brokerage said having secured shareholder agreement at a special meeting in New York, the proposal to reorganize the company now goes before the Supreme Court of Bermuda for approval.
Willis said it expects to complete the reorganization on or about the end of this year, assuming the Supreme Court of Bermuda gives at a hearing scheduled for Dec. 18, approvals and waivers and certain other consents,
Upon completion of the reorganization, a new Irish public limited company, Willis Group Holdings plc, will replace Willis Group Holdings Ltd. as the ultimate public holding company of the Willis Group, the firm said.
Willis also announced that shareholders at the special meeting approved the creation of distributable reserves of Willis Group Holdings plc, which is expected to be approved by the Irish High Court within three to six weeks after completion of the reorganization.
Under Irish law, Willis is required to create distributable reserves on its balance sheets in order to make distributions, including payment of cash dividends, to shareholders or buy back shares of stock.
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