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The Actuary The magazine of the Institute & Faculty of Actuaries

Capita Hartshead announces Bluefin acquisition

Capita’s pensions business, Capita Hartshead, is to acquire employee benefits firm, Bluefin Corporate Consulting from AXA.


The £50m deal, which excludes the general insurance and wealth management arms of Bluefin and is subject to FSA approval, aims to help Capita broaden its pensions and employee benefits offering.

Bluefin provides employee benefits consultancy to medium and large corporations and has developed benefits management technology to support service delivery to around 150 clients with over 80,000 employees.

Mike Addenbrooke, pictured, who will become non-executive chairman of Capita Hartshead when the deal completes, said: “The deal will mean Capita has a stronger presence in investment consultancy, the insured pensions sector, flexible benefits and health and risk benefits allowing us to better help our clients meet the challenges ahead.”

Bluefin’s chief executive Nick Burns, who will become chief executive of the combined business, said clients would benefit from Capita Hartshead’s strength in pensions administration, actuarial and consulting, together with Bluefin’s employee benefits expertise and online technology.

“With the full backing of a FTSE 100 company, this new business will be able to provide genuinely innovative solutions to the rapidly evolving and increasingly dynamic employee benefits market,” he added.

Bluefin employs 548 people, principally in London and across eight further offices throughout the UK.  

Bluefin Insurance Group and Bluefin Personal Consulting will remain with AXA, along with the Bluefin trading name. The deal is expected to complete in the second quarter of 2012.

In a separate statement, Paul Evans, group chief executive of AXA UK and Ireland said:
“Following the sale of the AXA Life business in 2010, and in particular the corporate pensions business, the consulting services offered by Bluefin Corporate Consulting are no longer aligned to our long-term strategy and core lines of business.

"We are pleased to have entered into an agreement with Capita which will ensure that BCC and its customers benefit from the scale and market presence offered by becoming part of Capita’s enlarged employee benefits operation.”