Management: Stuart Reid, chief executive of the AXA-owned distribution business, has set a goal of £1bn gross written premium by 2012. Although Bluefin Insurance Services has been knocked out of the top 10, down from ninth last year, this appears to be a reflection of rivals’ growth rather than any failings at Bluefin.
Strategy: Despite a restructure in January, Reid has insisted that the growth plan is on track, with acquisitions planned for this year. This would build on last year’s acquisitions, which included St Albans-based Gilbert Business Insurance Brokers and Ross Lloyd in Carlisle.
The changes to its operational structure on 1 January also created segments for corporate, commercial and private clients’ business, as well as the network Bluefin Broker Partnership Services.
In March, Bluefin launched a mandatory £25 per policy administration fee, partly in response to the spiralling cost of FSCS contributions now facing all brokers. And in July it expanded in Wales, opening an office in Cardiff.
Big story: Bluefin is suing a former director of subsidiary Layton Blackham for setting up a firm while he was still under contract. Bluefin says it has lost about £1m in profits and is demanding more than £300,000 from Sean Condon and the firm he set up, Yew Tree Financial Planning.
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