Axa in talks to offload broking arm Bluefin to US giant Marsh

The French insurance giant Axa (Paris: FR0000120628 - news) is in detailed talks to offload another chunk of its British operations following a string of asset sales in recent years totalling billions of pounds.

Sky News has learnt that Axa is in advanced discussions to sell Bluefin, one of the UK's biggest insurance broking networks, to Marsh, the US-headquartered giant.

Insiders said on Sunday that the talks were focused on a deal worth approximately £300m, although the timing and terms of the transaction were yet to be finalised.

If completed, the deal would see ownership of Bluefin's network of 40 offices and 1400 employees transfer from Axa to Marsh.

Other insurance brokers, including Aon (NYSE: AON - news) , are also said to have examined offers for Bluefin.

Axa, which declined to comment on the talks about a sale, has been steadily dismantling parts of its UK business, most recently offloading units to Phoenix Group and Standard Life (LSE: SL.L - news) in substantial deals earlier this year.

It also sold part of Bluefin three years ago.

Sources said the talks with Marsh could be concluded in the next few weeks.

The discussions come as Axa's new chief executive, Thomas Buberl, refocuses the insurance company's vast global business as it contends with the challenges posed by low interest rates and slowing growth in emerging markets.

Mr Buberl was appointed earlier this year to succeed Henri de Castries, who is a contender to become the next chairman of HSBC Holdings (Frankfurt: 923893 - news) .