Reid: Bluefin restructure will not hinder acquisition strategy

Bluefin will continue to make acquisitions in 2011 despite its recent restructure, chief executive Stuart Reid has said.

The AXA-owned broker changed its operational structure on 1 January, creating new segments for corporate, commercial and private clients’ business as well as its network, Bluefin Broker Partnership Services.

Reid said the new structure would not affect acquisitions. “We’ll do as many as we can that don’t put in peril the various changes we are doing at the business,” he said.

Last year, Bluefin’s acquisitions included St Albans-based Gilbert Business Insurance Brokers and Ross Lloyd in Carlisle.

Reid added: “Acquisition activity should and will continue. We’re not looking for the trophy-type purchases that someone such as Giles may be looking at. But we are definitely still in the business of acquiring, both for teams and for businesses themselves.”

Reid also welcomed the official appointment this week of Amanda Blanc as chief executive of AXA’s commercial business, saying she would “no doubt be able to elicit synergies for both companies”. Blanc starts on 14 February.