Insurance company United America Indemnity has become the latest company to announce that it is moving its corporate headquarters to Ireland.

The company said its board had approved the move to re-locate from the Cayman Islands to Ireland. If the proposal is accepted by shareholders, the United America Indemnity will become a wholly-owned subsidiary of Global Indemnity plc, an Irish company.

The company previously announced that it was reconsidering its original plan to switch to Switzerland.

It said it believed Ireland offered an attractive business environment, a highly educated and motivated workforce, a strong legal system and a 'sophisticated regulatory environment'.

A number of international companies have switched from locations such as Bermuda or the Caymans to Ireland in recent months, including insurance broker Willis, healthcare products maker Covidien, electrical products maker Cooper Industries and management consultancy Accenture.