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Axa offloads Bluefin Reuters

AXA is reportedly in advanced talks to offload another part of Bluefin, one of the UK's biggest insurance broking networks, according to a Sky News report.

Sources revealed to Sky News the negotiations with Bluefin could be settled in the next few weeks and will the see the transfer of 1,400 employees to Marsh.

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The sell-off, worth an estimated £300m, supports AXA's new chief executive, Thomas Buberl, earlier pledge to reduce the company's cost base and limit damage caused by low interest rates and weak emerging markets.

Marsh is a subsidiary of the US-based professional services firm Marsh & McLennan Companies. According to its 2015 annual report, the New York-based business had a revenue of $5.7bn (£4.66bn, €5.24bn).

The firm is a commercial insurance brokerage, and provides risk management and assessment, providing advice on geopolitical, cybersecurity and regulatory dangers.

AXA sold part of Bluefin three years ago to Towry, a London-based financial planning firm.

AXA was the second most powerful transnational corporation in 2011 in terms of ownership and corporate control over global financial stability and market competition. Barclays and State Street Corporation were first and third respectively.