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Axa loses £69.75m from sale of Bluefin

Axa loses £69.75m from sale of Bluefin

Axa has completed the sale of its UK insurance broker arm Bluefin, part of the French insurance giant’s withdrawal from the British market.

Global insurance broker Marsh is the buyer, paying £295m for Bluefin in a deal that has resulted in a more than expected 82 million euro (£69.75m) loss for Axa.

According to its website, Bluefin has around 1,400 staff in over 40 offices across the UK, and provides independent business and personal insurance advice to thousands of clients.

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The deal to sell off Bluefin was announced in November 2016.

At that time Axa anticipated it would result in a 66 million euro (£56.14m) loss.

In a statement announcing the sale, Amanda Blanc, chief executive of Axa UK and Ireland, said: “We are very happy to be able to agree to this transaction with Marsh, 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.”