Global insurance broker Willis will ask shareholders to approve a move from Bermuda to Ireland as the company’s place of incorporation.

CEO Joe Plumeri says the change will provide a “more stable environment” with the financial and legal infrastructure to meet its needs and better allow it to maintain a competitive worldwide effective corporate tax rate.

Financial commentators are saying taxation is likely to be the motivating factor, with recession-ravaged Ireland offering an even better deal than Bermuda, which is renowned for its low taxes.