Shareholders of global insurance broker Willis Group Holdings Ltd. approved its move of domicile from Bermuda to Ireland at a special meeting in New York.

The proposal to reorganise the company now goes before the Supreme Court of Bermuda for approval. The court hearing is scheduled for December 18.

Upon completion of the reorganisation, 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.

Willis also announced that its shareholders approved at the special meeting 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 reorganisation.

The company has previously stated that its operating platform in Bermuda - which employs around 38 people - will not be impacted by the holding company's move.