AXA to sell its UK P&C commercial broker Bluefin to Marsh
AXA announced today that it had entered into an agreement with Marsh to sell Bluefin Insurance Group Ltd (“Bluefin”), its P&C commercial broker in the UK.
Bluefin is a leading insurance broker, providing services to private individuals, small businesses, and large corporates in the UK, employing approximately 1,500 colleagues based in 45 locations. Marsh is a global leader in insurance broking and risk management, which operates in more than 130 countries.
The price for the disposal of Bluefin would amount to GBP 295 million (1) (or Euro 340 million (2)). The proposed transaction is subject to customary conditions, including the receipt of regulatory approvals, and should be finalized before the end of the Q1 2017.
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.
The proposed transaction should generate a negative exceptional P&L impact of Euro 66 million, which would be accounted for in Net Income.
(1) Price subject to adjustment to reflect the net cash position of the company at the closing date.
(2) 1 EUR = 0.86801 GBP as of November 10, 2016 (Source: Bloomberg)