Industry powerhouse AXA is reportedly in “advanced discussions” with international broker
Marsh to sell another major part of its operations in the UK.
Citing insider sources,
Sky News reported on Sunday that AXA is looking to offload Bluefin, one of the biggest British insurance broking networks.
The report said the timing and terms of AXA’s transaction with Marsh were yet to be finalised, but a potential deal could amount to £300 million.
The detailed talks between the two companies could be concluded in the next few weeks, according to the
Sky News report.
If a deal is closed, Marsh would acquire Bluefin’s network of 40 offices and 1,400 employees from AXA.
Aon and other insurance brokers are reportedly also among those that have examined offers for Bluefin.
AXA has been divesting its British businesses with two major deals earlier this year. In May, the French insurer sold its portfolio service business Elevate to Standard Life for £9.8 billion.
Also in May, AXA sold its pensions and investments unit Embassy and protection business SunLife to Phoenix Group for £375 million. The insurer also withdrew its investments in the tobacco industry which were previously valued at £1.8 billion.
Earlier this month, AXA chief executive Thomas Buberl dismissed reports that the company was merging with European rival
Generali.
Related stories:
AXA plans to cut 650 jobs
Regulator clears £375 million AXA-Phoenix deal
AXA boss addresses rumoured merger with big rivals
AXA drops tobacco industry investments
