The world's third-largest insurance broker, Bermuda-based Willis Group Holdings Ltd., has announced it plans to move its global headquarters from the Island to Ireland as the company seeks "a more stable environment".

In a statement, the company also said the move will improve the company's "ability to maintain a competitive worldwide effective corporate tax rate".

The Willis' board of directors said they had approved the move, and the choice will now go before shareholders in three or four months' time.

Meanwhile, the economic bad news mounted as Bermuda notched up a 16th consecutive month of falling retail sales, according to the latest figures released by Government.

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