US market, broker Willis Group Holdings, which has recently announced a move to Bermuda, has filed to sell roughly $220 million in an initial public offering.

Willis, the world's third-largest insurance brokerage, said in a filing with the Securities and Exchange Commission last week that it will sell 20 million shares at between $10 and $12 a share.

With about 144 million shares expected to be outstanding after the IPO, the deal would value Willis at roughly $1.58 billion.

Willis, based in London but moving to Bermuda, was formed back in 1998 when Kohlberg Kravis Roberts & Co. bought out the company, then known as Willis Corroon Group PLC.

Since the buy out, the company has been restructured, with a particular emphasis on shaking up its North American operations.

After reporting a net loss of $132 million in 1999, Willis re-entered the black last year, earning $9 million. Revenue in 2000 rose to $1.3 billion, from $1.24 billion.