Marsh to acquire Bluefin Insurance Group from AXA
Broker Marsh has reached an agreement with AXA Group to acquire Bluefin Insurance Group (Bluefin), a broker network and managing general agent business owned, which is a subsidiary of AXA UK.
The transaction, which is subject to regulatory approval, is expected to close in the first quarter of 2017.
Founded in 2008, Bluefin has approximately 1,500 colleagues based in 45 locations around the UK. It also operates an extensive broker network and growing Managing General Agent business.
On completion, Marsh will combine Bluefin and Jelf, another UK broker it acquired a year ago, into a single business unit to be led by Phil Barton, CEO of Jelf, and a management team drawn from both firms.
"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 and Ireland.
"We are investing in new policies, products and analytic tools to help businesses make informed choices on how best to manage the risks they face. Under Rob Organ, Bluefin have built a fantastic business and we look forward to welcoming him and his colleagues to the firm."
Barton added: "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, added: "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."
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