2007
(23/04/2007) AXA UK announces aquisition of broking firm Smart & Cook
AXA becomes UK's 2nd largest SME broker
AXA UK today becomes the UK's 2nd largest SME broker with the acquisition of leading independent commercial broker, Smart & Cook.
The purchase of Smart & Cook completes a trio of acquistions in recent months by AXA as it realises a strategic intent to become a national force in commercial broking.
AXA UK is buying the entire share capital of Smart & Cook through its subsidiary Venture Preference Ltd, (VPL) which also houses recently acquired Stuart Alexander and Layton Blackham, purchased in January 2007. Paul Meehan, Group Chief Executive of Smart & Cook will remain in the same position and will join Stuart Reid and Chris Blackham on the board of VPL where each will be CEO's with complementary responsibilities.
The three companies will operate under the same structure, retaining independent broking status. The enlarged business will operate from 40 offices employing some 1,200 people.
Peter Hubbard, Chief Executive of AXA Insurance, said: "This purchase is a significant development for AXA and the UK broker market as it is the first major consolidator to be acquired in the sector. We have a strategic goal of strengthening our distribution network in terms of business profile, geographical reach and being able to diversify our sources of revenue. Today's acquisition of Smart & Cook is an excellent fit because it enables us to realise significant synergies by combining the three acquired businesses and perfectly complements our growth plans."
Paul Meehan, Group Chief Executive of Smart & Cook, said: "I am confident that this move will be beneficial for our people, our clients and our other stakeholders. It is important that we continue to trade independently and AXA will run this business at arms length, leaving market issues to Stuart, Chris and I. It delivers a secure and exciting future for the Group."
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About AXA
AXA UK is a part of the AXA Group. AXA Group is a worldwide leader in Financial Protection. AXA's operations are diverse geographically, with major operations in Western Europe, North America and the Asia/Pacific area. For the full year 2006 global IFRS revenues amounted to Euro 79 billion. The AXA ordinary share is listed and trades under the symbol AXA on the Paris Stock Exchange. The AXA American Depository Share is also listed on the NYSE under the ticker symbol AXA. Our previous company performance is not a guide to how we may perform in the future.
About Smart & Cook
Smart & Cook is a specialist commercial lines broker with around 90% of its revenues derived from commercial broking. It operates from 22 sites and has over 650 employees. In 2006 gross premiums totalled approximately £200m. Smart & Cook has pursued a determined growth strategy which has seen annualised revenues increase up to £40m. The company was recently recognised as one of the fastest growing independent insurance brokers in the UK according to the UK's Top 50 Brokers by Insurance Times.