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(Reuters) — Insurance broker Aon PLC plans to move its parent company’s jurisdiction of incorporation to Ireland from Britain due to Brexit, it said in a statement on Tuesday.
New York-listed Aon will keep its operational headquarters in London, and the switch of jurisdiction will not affect its business operations, reporting requirements or listings, it added.
“Remaining within the European Union single market will help the firm maintain a stable corporate structure and capital flexibility,” the firm said.
The move is subject to shareholder approval and is expected to complete in the first quarter of 2020.
Over 300 banks, insurers and asset managers in Britain have opened EU hubs to serve their customers directly from inside the bloc, on expectations that a Brexit deal will no longer allow access to the EU’s single market.
Aon, one of the world’s largest insurance brokers, said it would maintain its “commitment to the U.K. and the important London insurance market.”
Aon PLC on Friday reported organic revenue growth of 5% in the third quarter of 2019, including 7% organic growth in its commercial insurance brokerage unit and 5% organic growth in its reinsurance division.