Willis (Bermuda) Ltd. managing director Vince McGeehan has moved to assure Bermuda's business community that the company will continue its operations on the Island, despite plans to move its global headquarters to Ireland.

The Royal Gazette reported on Monday that Willis Group Holdings Ltd., the world's third-largest insurance broker, had announced its intention to redomicile to Ireland as the company seeks "a more stable environment".

The move, which was approved by Willis' board of directors and is subject to being given the go-ahead by shareholder at a meeting in three to four months' time and the Supreme Court of Bermuda, follows a number of Bermuda-based companies deciding to switch their centre of operations to Europe.

Since then, concerns have been raised about the volume of businesses leaving the Island for rival jurisdictions, with Shadow Finance Minister Bob Richards adding his voice to the debate, urging Government to do all it could to retain these firms.

But Mr. McGeehan said Willis, which has a staff base of 38 working out of its Bermuda office, had no plans to cease operating on the Island and was fully committed to being here.

"Nothing is going to happen whatsoever and there are going to be no interruptions here," he said. "We were here prior to Willis incorporating here in 2001 and we had already been here for many years.

"Our day-to-day operations here will be completely unaffected by this move and we are definitely not moving any of the people here either.

"We will continue to serve our clients' needs and it is business as usual for us."

One top business executive, who asked to remain anonymous, said there were two ways of looking at the move – on the one hand that Willis would continue to operate in Bermuda, thus contributing to the Island's business community and economy, and the flipside that questions needed to be asked as to the reasons behind seeking a more stable environment.

"It is not as if they are moving their physical presence from here," he said.

"The Willis offices will still continue to operate and essentially they are only taking away their corporate presence.

"However, the concern was, and it was never fully explained, the move to a 'more stable environment'.

"That could mean two things – one of onshore attacks on offshore domiciles, which creates a level of uncertainty, and that is something that has arisen before, and the other is whether an unstable environment is something much more domestic or political, but whatever it is, it is certainly not a good move from a Bermuda context.

"I think it is important that Government and business people locally try and find out a bit more about what occasioned the move so that it the issue of stability can be properly identified and addressed."