Maso insists the insurer is happy with Bluefin's progress

AXA Insurance UK chief executive Philippe Maso has denied speculation that the insurer is ready to consider offers for broking arm Bluefin.

AXA said it has no intention of selling the business it began assembling in 2007 and remains fully committed to the distribution market.

Maso said: “We are very happy with the investment we have made in Bluefin Insurance Group, which is proceeding satisfactorily and has made substantial progress over the past two years in difficult market conditions. Managing distribution continues to be key to AXA’s future strategy in the UK."

Last year, Maso told Insurance Times that AXA had rejected numerous approaches for Bluefin, but that it would consider selling at a very high price.