AXA swoops for SBJ

AXA Advisory Holdings has announced that it has made a formal offer to purchase 100% of the share capital of SBJ Group.

The offer, which has been unanimously recommended by the Board of SBJ, has been put to SBJ shareholders.

In a statement AXA said the acquisition would complement and enhance AXA’s UK advisory and broking capability, bringing a number of strengths to the group, including increased scale, a wider national presence and access to new market areas.

SBJ UK is a broker and risk management consultant with revenues of £78.1m, according to 2006 figures. It is focused on the mid-corporate market.

AXA said the addition of the business would expand its SME market offering currently represented by Venture Preference, and would enhance the proposition for larger corporate clients.

SBJ is made up of four principal business units. SBJ Benefit Consultants, including its online pension solution Orbit Benefits, is a leading employee benefit consultancy, which complements AXA’s existing Thinc and PIFC operations while adding considerable scale. SBJ is a Lloyd’s broker providing access for its international network of long-standing intermediary partners into the London insurance market. Helix UK provides claims and recovery services to the insurance industry.

Nicolas Moreau, Chief Executive of AXA UK said: "This signals an exciting opportunity offering real benefits for both AXA UK and SBJ and I am confident that SBJ’s shareholders will respond positively to our offer. AXA UK is firmly committed to expanding its presence and expertise in advisory services and in broking and SBJ will be joining a company with real ambition in these areas."

George Boden, Chief Executive of SBJ said: "SBJ has grown substantially in both business and staff over the last five years and we foresee a period of further sustained growth as part of AXA who will provide firm support for our business plans."