AXA to offload Bluefin advisory arm but commits to broking

AXA UK is preparing to sell Bluefin Advisory Services but insists the insurance broking part remains core to the business.

AXA said it has appointed Fenchurch Advisory Partners to consult on “the firm’s strategic options” following reports it was looking to cash in on the £100m advisory business.

“Working closely with the senior management team in BAS, Fenchurch will consider both the prospects for the continued growth of the business under its existing ownership structure as well as assessing and testing whether Bluefin Advisory Services, its clients and staff would be better positioned under new ownership,” it said.

AXA is thought to have received healthy interest in the business from private equity and trade buyers and a management buy-out led by BAS managing director Nick Burns also remains an option.

AXA stressed that Bluefin Insurance Group, the general insurance broking arm led by Stuart Reid, is a completely separate business and would not be part of the review.

Reid told Insurance Times this morning: “I can confirm that the sale of Bluefin Advisory Service is in no way connected to Bluefin Insurance Group. We continue to be an integral part of AXA’s strategy in the UK. We remain profitable and our future with AXA remains secure.”

The potential sale of BAS follows AXA’s £2.75bn sale of parts of its UK life business to Resolution in June last year.