AXA UK announces acquisition of broking firm Smart & Cook
23 April 2007
AXA UK has become 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.”
