It has been rumoured for weeks (see our original report
here) – and now it’s official: Marsh is buying the Bluefin Insurance Group.
Revealed in a company release this morning (November 14), broking giant Marsh has officially reached an agreement with AXA Group to acquire Bluefin Insurance Group Limited with the deal, subject to regulatory approval, to be closed early in 2017.
Bluefin is one of the most significant names in insurance broking with 1,500 colleagues across 45 locations in the country, serving around 150,000 businesses and individuals. In addition to broking, it also operates an insurance broker network and a rapidly expanding managing general agent (MGA) business.
When the deal is complete, Marsh will combine Bluefin and
Jelf into a single business to be led by Phil Barton,
Jelf’s existing CEO, as well as a management team drawn from both firms. The combined business will then boast more than 250,000 clients across 80 locations – including 400 network broker members. The combined business will be one of the UK’s leading insurance brokers for mid-size and SME companies.
“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.”
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.”
Related stories:
AXA in talks with Marsh to sell Bluefin Network
Bluefin hit by £17 million loss
