AXA "very happy" with its investment in Bluefin, says insurer boss

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, who also sits on the board of Bluefin, 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.

"We have a clear strategy in place evidenced by recent acquisitions. 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.

“For an enormous value, I would probably consider it – but it would be very, very expensive,” Maso said when asked if he would sell the business.