Willis Group Holdings Ltd. - the world's third largest insurance broker - is the latest Bermuda-based company to announce plans to move its global headquarters overseas after signalling its intent to relocate to Ireland.

The firm will be renamed Willis Group Holdings plc. if the transfer is approved by shareholders at a meeting in three to four months’ time and the Supreme Court of Bermuda, the company said in a statement today.

The move, which was approved by Willis’ board of directors, follows a number of companies redomiciling from the Island to Switzerland and Ireland in recent months, while insurer Ace Ltd. moved to Zurich from the Cayman Islands last year, and Accenture, Ingersoll Rand and Tyco and a host of other firms announced their decision to move earlier this year.

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