Willis Group Holdings Ltd., the global insurance broker, plans to change its incorporation from Bermuda to Ireland, a move it says will benefit it economically and competitively.

The board of directors approved the change, which now requires shareholder approval, expected at a meeting within the next three months to four months. The redomestication also needs the approval of the Supreme Court of Bermuda.

If approved, a new Irish public limited company, Willis Group Holdings plc, would replace Willis Group Holdings Limited as the ultimate public holding company of the Willis Group, which merged with Richmond, Va.-based Hilb Rogal and Hobbs last year.

Joseph J. Plumeri

“We reviewed a number of alternatives with our board of directors and believe that incorporating in Ireland will provide Willis with economic benefits and help ensure our continued global competitiveness,” said Joseph J. Plumeri, Willis Group’s chairman and CEO, in a statement.

Willis Group officials said as a member of the European Union, Ireland offers a long history of international investment and long-established commercial relationships, trade agreements and tax treaties with European Union member states, the United States and other countries around the world where Willis does business. In addition to providing a more stable environment with the financial and legal infrastructure to meet Willis’ needs, it also improves Willis’ ability to maintain a competitive worldwide effective corporate tax rate, company officials said.

Willis has had ongoing operations serving a wide range of clients in Ireland since 1903 and currently is the largest insurance broker in Ireland, the company noted.

Willis does not expect the redomestication will have any material change on its financial results and day-to-day operations.