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Norwich Union and Allianz buy 'to protect' Jelf's independence

    • Andrew Tjaardstra

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The investment arms of insurers Norwich Union and Allianz Cornhill have bought 5.1% and 5% stakes re...

The investment arms of insurers Norwich Union and Allianz Cornhill have bought 5.1% and 5% stakes respectively in Yate-based listed broker Jelf, at the request of their senior commercial general insurance managers. The move is thought to be a response to Axa's acquisitions of Layton Blackham and Stuart Alexander, which have fuelled speculation that consolidation in the broker market is about to heat up further and that Axa may be about to splash a small fortune on buying brokers (see p5).

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