WILLIS GROUP Holdings, the insurance broker moving to Ireland from Bermuda, said taxes and a lack of stimulus has made business in its new home “a drag”.
“Ireland is getting worse,” chief executive Joseph Plumeri said yesterday on a conference call.
Willis, the world’s third-biggest broker, said last month that it expected to pay less tax by moving its legal home to Ireland. “They’re the only country in the world that had an economic impact and didn’t have a stimulus package because they didn’t have enough money,” Mr Plumeri told analysts.
“So there’s higher taxes that are being pushed on people in businesses.” He called Ireland and Britain “a drag” on revenue, while businesses in Spain, Italy, Denmark and Asia performed better.
Willis has its main executive headquarters in London. Willis said yesterday that profit in the three months to the end of September more than doubled to $79 million (€53 million) on increased revenue from its acquisition of Hilb Rogal Hobbs.
Willis reported 3 per cent growth in commissions and fees on business outside North America, excluding the effect of foreign exchange and acquisitions, according to a statement yesterday. – (Bloomberg)
