Marsh picks up U.K. brokerage from Axa

Marsh L.L.C. on Monday said it has agreed to acquire U.K. brokerage Bluefin, a subsidiary of Axa UK P.L.C.

The transaction, which is subject to regulatory approval, is expected to close in the first quarter of 2017, Marsh said in a statement. 

Marsh bought Bluefin for £295 million ($368.5 million), Axa UK said in a separate statement issued Monday.

Bluefin, which was founded in 2008 and has about 1,500 employees in 45 countries, will merge with Jelf Group, a U.K. insurance brokerage Marsh acquired in 2015, and will be led by Phil Barton, CEO of Jelf, and a management team drawn from both firms, according to Marsh. 

The combined business will focus on brokerage services for small and midsize companies and will help clients address emerging cyber and other risks, Marsh said in its statement.

“We want to make sure that businesses of all sizes are getting the very best risk and insurance advice to help them navigate the uncertainties of today’s environment,” Mark Weil, Marsh’s CEO for the U.K. and Ireland, said in the statement. “We are investing in new policies, products and analytic tools to help businesses make informed choices on how best to manage the risks they face.”

“We are very happy to be able to agree to this transaction with Marsh,” Amanda Blanc, CEO of Axa for the U.K and Ireland, said in the statement. “As market dynamics have evolved and our own strategy has progressed, it has become increasingly apparent that Bluefin’s ability to achieve its potential would be better served under a new parent.”