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Categorized | Insurance

Axa sells Bluefin in latest latest UK asset disposal


Posted on November 14, 2016

Axa has announced the latest in a string of UK disposals. It has sold Bluefin, a broker which specialises in small and mediums sized businesses, to US based Marsh for £295m.

Earlier this year the French group sold its UK life insurance operations in a series of deals. The buyers included Phoenix Group and Standard Life, writes Oliver Ralph.

A year ago Marsh bought Jelf, another UK insurance broker specialising in SMEs, for £260m. Bluefin and Jelf will now be combined under the leadership of Jelf chief executive Phil Barton.

Bluefin employs 1500 people and arranges £500m of insurance per year for its clients.

Mr Barton said:

Since Marsh’s acquisition of Jelf last year we have been able to deliver the value and expertise that comes from being part of a global firm to our clients while maintaining the entrepreneurial spirit we’re known for. By combining Bluefin and Jelf, we will now have the footprint and capabilities to provide better client service to companies of all sizes across the UK.

Amanda Blanc, Axa UK chief executive, said:

As market dynamics have evolved and our own strategy has progressed, it has become increasingly apparent that Bluefin’s ability to achieve its potential would be better served under a new parent. I would like to take this opportunity to thank Bluefin’s teams for their great contribution over the years.