Aon has revealed plans to move the jurisdiction of incorporation for its parent company from the UK to Ireland due to Brexit.
The insurance broker explained in a statement that it would keep its operational headquarters in London, and that the transition to Ireland will not affect its business operations, reporting requirements, or listings.
"Remaining within the European Union single market will help the firm maintain a stable corporate structure and capital flexibility," Aon said.
Remaining within the European Union single market will help the firm maintain a stable corporate structure and capital flexibility"
The international firm also affirmed in its statement that it would maintain "commitment to the UK and the important London insurance market."
It is 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.
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.