AXA will retain "proprietary rights"

SBJ Global Risks is to rebrand and expand its mark on the managing general agency landscape after completing its management buy-out (MBO) from AXA.

The Lloyd’s broker has also appointed Duncan Vinten as chief operating officer and plans to expand its broking team.

Speaking on the rebrand, chief executive Simon Rice said: “There will be a rebrand shortly and a launch.

“We have an agreement with AXA. It still holds the proprietary rights, which is fair and reasonable. It will give us the chance to uniquely represent ourselves in the market.”

SBJ Global Risks helps to set up MGAs and will now aim to form its own platform with capacity from Lloyd’s.

The firm has 160 staff, specialising in bloodstock, casualty, exceptional risks, marine, medicare, professional risks, property, and specie.

It was part of SBJ Group when the company was snapped up by AXA in March last year.

SBJ Group was integrated into AXA-owned broker Bluefin. AXA chief executive Philippe Maso believed SBJ Global Risks did not fit its distribution strategy and paved the way for an MBO.

Rice did not reveal the details of the MBO, but said the majority of equity interests were with directors and management.

He wanted to build on the firm’s current capabilities, such as increasing its binding authority business, one of the largest in the London market.

He also planned to expand SBJ Global Risk’s broking unit.

“We will position ourselves as an independent broker to attract new hires and teams, to expand our existing competitiveness, skill sets and specialisms for our clients.

“We will be sticking to our principles; that is, that service is king. We believe our levels are exceptional and that they differentiate us.”