Marsh has acquired Bluefin Insurance Group for an undisclosed sum. The acquisition, following expected closure at the start of 2017, will be integrated with Jelf which was itself picked up last year. The combined business will be one of the UK’s leading insurance brokers for mid-size and SME companies, serving over 250,000 clients.
Bluefin Insurance Group (Bluefin) is a UK-based insurance broker, and a subsidiary of AXA UK. The company, which was established in 2008, has since grown to a team of more than 1,500 across a footprint of 45 UK locations. Bluefin today serves more than 150,000 businesses and individuals, and also operates as an insurance broker network and a Managing General Agent (MAG) business.
The acquisition, which has been rumoured for weeks and is expected to close in the first quarter 2017, creates one of the largest players in the insurance brokerage market with a focus on mid-size and SME companies. The combined forces from the two companies will allow for the delivery of highly technical advice and bespoke products, from claims consultancy to risk management. In addition, the growing cyber security risk segment will be covered by the new entity, as well as increasing concerns around employee benefits, from pension planning to stress managements.
The new entity will be integrated with Marsh's Jelf subsidiary, and fall under the direction of Phil Barton, CEO of Jelf. Marshes new business unit will have more than 400 network broker members, servicing more than 250,000 clients in 80 locations.
Mark Weil, Marsh’s CEO for UK & Ireland, says, “Since Marsh’s acquisition of Jelf last year we have been able to deliver the value and expertise that comes from being part of a global firm to our clients while maintaining the entrepreneurial spirit we’re known for. By combining Bluefin and Jelf, we will now have the footprint and capabilities to provide better client service to companies of all sizes across the UK.”
Bluefin's CEO, Robert Organ, adds, “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.”