Insurance and asset management group AXA UK has strengthened its broking services business to the SME market after buying two companies. The group has bought insurance brokers Stuart Alexander and Layton Blackham in deals funded by its private equity business, Venture Preference.

Insurance and asset management group AXA UK has strengthened its broking services business to the SME market after buying two companies. The group has bought insurance brokers Stuart Alexander and Layton Blackham in deals funded by its private equity business, Venture Preference.

The financial terms of the transactions have not been disclosed, but reports claim the combined deal was worth millions.

AXA has held a 38.9 per cent shareholding in Layton Blackham since 2003 and has become its full owner following the completion of this deal.

The group plans to merge the acquired businesses into a single entity to be led by chairman Chris Blackham, formerly chief executive of Layton Blackham, with Stuart Alexander’s Stuart Reid becoming CEO.

The acquired businesses will continue to trade as Stuart Alexander and Layton Blackham and will be re-branded in due course.

Layton Blackham’s vendors were advised by the Leeds office of law firm DWF, led by partner John Hartup.

London-based Layton Blackham distributes commercial insurance products from 12 sites nationwide generating an annual premium turnover of more than £140 million. It employs some 465 staff.

Stuart Alexander has 150 employees operating from offices in the City, Bournemouth and Southampton, providing commercial and small business insurance.