Marsh to Acquire Bluefin Insurance Group from AXA
November 14 2016 - 8:43AM
Business Wire
Marsh, a global leader in insurance broking and risk management
and a wholly-owned subsidiary of Marsh & McLennan Companies
(NYSE:MMC), today announced that it has reached agreement with AXA
Group to acquire Bluefin Insurance Group Limited (Bluefin), a
subsidiary of AXA UK plc. 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, 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.
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 SME companies, 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. “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.”
Mr 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, 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.”
“We are very happy to be able to agree to this transaction with
Marsh,” said Amanda Blanc, CEO of AXA UK & Ireland. “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.”
About Marsh
Marsh is a global leader in insurance broking and risk
management. Marsh helps clients succeed by defining, designing, and
delivering innovative industry-specific solutions that help them
effectively manage risk. Marsh’s approximately 30,000 colleagues
work together to serve clients in more than 130 countries. Marsh is
a wholly owned subsidiary of Marsh & McLennan Companies (NYSE:
MMC), a global professional services firm offering clients advice
and solutions in the areas of risk, strategy, and people. With
annual revenue of US$13 billion and approximately 60,000 colleagues
worldwide, Marsh & McLennan Companies is also the parent
company of Guy Carpenter, a leader in providing risk and
reinsurance intermediary services; Mercer, a leader in talent,
health, retirement, and investment consulting; and Oliver Wyman, a
leader in management consulting. Follow Marsh on Twitter,
@MarshGlobal; LinkedIn; Facebook; and YouTube.
About Bluefin
Bluefin is one of the UK’s leading independent insurance
brokers, providing specialist insurance and risk management
services to individuals and businesses. It provides market leading
insurance solutions delivered locally through a network of over 40
offices and over 1400 staff. As a top ten independent UK insurance
broker, Bluefin provides specialist advice across all classes of
business including property, employers liability, public and
products liability, professional indemnity, contractors all risks,
motor and engineering.
Bluefin is proud to have been awarded Chartered Insurance
Brokers status by the Chartered Insurance Institute in 2012.
www.bluefingroup.co.uk
About Axa Group
The AXA Group is a worldwide leader in insurance and asset
management, with 166,000 employees serving 103 million clients in
64 countries. In 2015, IFRS revenues amounted to Euro 99.0 billion
and IFRS underlying earnings to Euro 5.6 billion. AXA had Euro
1,363 billion assets under management as of December 31, 2015. The
AXA ordinary share is listed on compartment A of Euronext Paris
under the ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP –
Reuters: AXAF.PA). AXA’s American Depository Share is also quoted
on the OTC QX platform under the ticker symbol AXAHY. The AXA Group
is included in the main international SRI indexes, such as Dow
Jones Sustainability Index (DJSI) and FTSE4GOOD. It is a founding
member of the UN Environment Programme’s Finance Initiative (UNEP
FI) Principles for Sustainable Insurance and a signatory of the UN
Principles for Responsible Investment.
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MarshEileen Mercer, +44 (0)7990 802
830eileen.mercer@marsh.com
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