AXA refutes claims Bluefin is up for sale, expresses happiness with broking arm

Chief executive officer of AXA Insurance UK,   Philippe Maso, recently spoke out against rumours that the UK personal and business insurance provider has any plans to sell off Bluefin, its recently acquired broking arm.

Stating that AXA was very happy with Bluefin’s performance, Mr Maso, who also sits on the Bluefin executive board, stated that in the face of market conditions that were quite difficult, Bluefin Insurance Group has proceeded in a satisfactory manner and has made progress of the past two years since the acquistion that he categorised as substantia.  AXA remains fully committed in regards to the distribution market, Mr Maso added, and has no intentions of selling off the business they had only begun to build since 2007.

Mr Maso was quick to comment that AXA had a clear strategic plan in place, evidence of which can be seen in the personal and commercial insurance provider’s recent acquisition tactics.  AXA UK’s strategy for the future, he added, hinges upon its management of distribution.

In an interview with Insurance Times last year, Mr Maso had commented that AXA would consider selling Bluefin for an appropriately high price tag, but stressed that AXA had been approached numerous times for buyout offers but had rejected them all unilaterally.

Mr Maso stated that he would consider selling their broking arm if the value offered was sufficiently high, but he did stress that any number attached to the sale would have to be an extremely high one indeed.

With a staff of approximately 2,500 spread across in excess of 80 offices throughout Britain, Bluefin offers both UK companies and individuals comprehensive insurance advice and financial planning services and has been facilitating insurance brokerage since AXA poured more than £300 million into the financial advisory group.

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