Global (re)insurance broker Aon has filed a preliminary proxy statement to move the jurisdiction of incorporation for the firm’s parent company from the United Kingdom to Ireland as a result of Brexit and a desire to remain within the European Union single market.
In a recent statement from Aon “Remaining within the European Union single market will help the firm maintain a stable corporate structure and capital flexibility.”
Aon have said that the move of the parent company will not result in any material change to Aon’s current business operations, reporting requirements or listings and Aon will maintain its operating company headquarters in London and its commitment to the UK and the London insurance market remain unchanged and unrivalled.
The transaction is expected to be completed in the first quarter of 2020. The new move will require shareholder approval and if and when this is received, Aon is then required to make a subsequent application to the High Court of Justice of England and Wales to seek approval.
It’s expected that the shares of the new Irish company will be listed on the NYSE, and Aon will continue to report earnings and other financial statements in accordance with Securities and Exchange Commission (SEC) regulations.