Tom Broughton comments on AXA's broking rebrand.

Venture Preference, the AXA-owned broking empire, this week unleashed its new brand on the market: Bluefin (see page 6). It’s the name of a tuna fish, but that’s not why this move has attracted so much attention.

AXA has been at pains to point out that Bluefin is not operating under a tied agency model. For many, the first question is why it has made such an effort. Of course, for regulatory reasons, Bluefin must appear to be run separately from AXA. The model of insurers owning brokers has led to increasing amounts of industry chatter, however, as the consolidators have grown more powerful and insurers have begun to react aggressively by acquiring stakes in brokers to secure distribution.

This debate has sharpened in focus recently, as the FSA looks to finalise its review of commission disclosure and ownership transparency, against a backdrop of a handful of insurers who are privately shouting in the FSA’s ear about the conflict of interests that could potentially arise. The same insurers monitor how much premium Venture Preference has given to AXA on a regular basis, although there is no evidence to suggest clients are being treated unfairly.

But it is the personalities behind these manoeuvrings that make the AXA play all the more interesting. Following Peter Hubbard’s departure as chief executive earlier this year, it was clear that his successor, Philippe Maso, would have to produce some fancy footwork to win back its credibility with its broker audience.

Maso has also had to get a handle on a soft market and cajole brokers and rival insurers alike to make prices in the marketplace more realistic. When he arrived from France,

Maso not only installed the local knowledge he needed to grow his broking arm – by appointing Stuart Reid – but also managed to lure the experienced Paul Meehan back to the group to assist in the process. Maso’s biggest test will be to manage the dual operation of reducing commissions across the board and driving rates up, while directing Stuart Reid to obtain value from Bluefin.

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