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Willis Group Holdings ended the day at .84, a rise of 1.44 points (3.17 per cent) compared to Tuesday.

The new company will have around 39,000 employees in more than 120 countries.

Mr Looby believes Bermuda should have alternatives to consider.

He is quick to point out that he has no background in energy or engineering his professional experience is in media production.

The companys founder John Ballor, a former professional musician and Emmy award-winning cameraman, has a passion for renewable energy and believes Bermudas economy could be transformed by a switch away from hydrocarbons.

The pay-off for the Island, they argue, is that Bermuda would eradicate the hefty fossil fuel bill that it foots today in order to power the Island.

The deal which is expected to be finalized by the end of the year will leave Willis shareholders with about 50.1 per cent of the new company with Towers Watson shareholders holding around 49.9 per cent. A Bermuda company has a billion plan to lead the Island to energy independence within ten years.

The ambitious project, which aims to give the Island an electricity supply fuelled entirely by renewable sources, has been in the works for two years.

But driven by a desire to find a way to wean the Island off its fossil fuel dependency, he has contacted experts in the field of renewable energy, as well as engineers, accountants, financiers and architects, who could help to make it happen.

The inspiration for the ideas came after Mr Looby suffered a health scare in 2011.

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