Global broker Marsh announced on Monday that it has reached agreement with AXA Group to acquire Bluefin Insurance Group Limited, a subsidiary of AXA UK plc.
Although Bluefin had been backed by AXA UK plc, it describes itself as one of the UK’s leading independent insurance brokers, “remaining truly independent in the advice we provide and the insurers we recommend,” according to the Bluefin website.
Founded in 2008, Bluefin has approximately 1,500 colleagues based in 45 locations around the UK, providing guidance on creating insurance solutions to over 150,000 businesses and individuals. In addition to insurance broking, it also operates an extensive broker network and growing managing general agent business.
Marsh plans to combine Bluefin with Jelf, another UK broker which it acquired late last year.
The businesses will be combined into a single business unit to be led by Phil Barton, CEO of Jelf, with a management team drawn from both firms. Together, Marsh says the unit will serve over 250,000 clients in 80 locations, and that it will also include around 400 network broker members as well as a strong affinity and digital offering.
In a statement about the deal, which did not disclose financial terms, Marsh said the combination will be a leader in the mid-size and SME company segment, offering technical advice, bespoke products as well as claims and risk management services.
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.”
Robert Organ, CEO of Bluefin, commented: “This announcement is great news for our clients and colleagues and gives Bluefin a strong, long-term owner from which to grow. Clients will benefit from access to unrivalled global expertise, delivered locally and our colleagues will have expanded career opportunities in a major broking business that puts them and their clients first.”
Speaking on behalf of AXA, Amanda Blanc, CEO of AXA UK and Ireland 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,” going on to thank Bluefin’s teams for their contribution over the years.