Marsh to acquire Bluefin Insurance from AXA for $369m
Marsh will acquire Bluefin Insurance group from AXA UK for $369m. Following the transaction, Marsh will combine Bluefin and Jelf in a single business under the leadership of Jelf Chief Executive Phil Barton, as well as a management team derived from both firms. The deal is subject to regulatory approval, which is expected to be granted in Q1 2017.

Marsh announced it has reached agreement with AXA Group to acquire Bluefin Insurance Group Ltd., a subsidiary of AXA UK plc. The transaction, which is subject to regulatory approval, is expected to close in the first quarter of 2017.

AXA said the price for the disposal of Bluefin would amount to £295 million ($369.4 million).

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, Marsh and AXA said in statements. In addition to insurance broking, it also operates an extensive broker network and growing managing general agent business.

On completion, Marsh will combine Bluefin and Jelf into a single business unit to be led by Phil Barton, CEO of Jelf, and a management team drawn from both firms. This unit will bring together two leading community brokers with complementary regional offices across the UK, serving over 250,000 clients in 80 locations. It will also include around 400 network broker members as well as a strong affinity and digital offering.

The combined business will be one of the UK’s leading insurance brokers for mid-size and small- and medium-sized enterprises (SMEs), offering a compelling proposition through its commitment to high quality technical advice, bespoke products and distinctive services including claims consultancy and risk management. It will also provide intelligent risk insights that will enable companies to address emerging risks such as cyber, as well as people-related issues through a strong employee benefits team.

“We want to make sure that businesses of all sizes are getting the very best risk and insurance advice to help them navigate the uncertainties of today’s environment. Bringing the Bluefin and Jelf teams together will give us a great platform to do just that,” said Mark Weil, Marsh’s CEO for UK & Ireland.

“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,” said Barton. “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. Together with colleagues in Jelf, we will present a leading risk and insurance offering to businesses and individuals across the UK.”

Amanda Blanc, CEO of AXA UK & 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. I would like to take this opportunity to thank Bluefin’s teams for their great contribution over the years.”

Source: Marsh and AXA

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Topics Mergers & Acquisitions Agencies AXA XL