Acquisitions ‘firmly on agenda’ for broker, says chief executive Bruce

AXA-owned broking group Bluefin has several acquisitions in the pipeline as it begins 2014, according to chief executive Mike Bruce.

Insurance Times has heard Bluefin is conducting due diligence on five potential deals, but the company declined to confirm numbers.

Bruce said: “Acquisitions remain firmly on the agenda for 2014. There are a number of potential deals we’re currently looking at and we’re pleased that so many firms want to talk to us and recognise the value we can add to their propositions.”

Bluefin rejoined the acquisition trail in 2013 after a lull in 2012. It bought care home specialist broker Bonsure in May and Edinburgh-based professional indemnity broker P I Brokers in December.

Bluefin executive chairman Stuart Reid told Insurance Times last year that the company is looking to buy brokers with revenues of up to £2m.

Since becoming executive chairman in July, Reid has been focused on the development and execution of acquisition opportunities for Bluefin, as well as developing its managing general agency business.

Bruce, who took the chief executive role from Reid, is responsible for top line growth, profitability, client focus and attracting and retaining talent.