Aon announces agreement to acquire risk management firm, creating a comprehensive cyber risk management advisory group
Stroz Friedberg bolsters integrated approach to cyber risk, expands world-class leadership team
LONDON, Oct. 11, 2016 - As the complexity and severity of cyber risk continues to expand, threatening organisations across all industries, Aon Risk Solutions, the global risk management business of Aon plc (NYSE:AON), today announced it has entered into an agreement to acquire all of Stroz Friedberg Inc., a leading global risk management firm based in New York City, with offices across the U.S. and in London, Zurich, Dubai and Hong Kong. Financial terms were not disclosed and the acquisition is subject to customary closing conditions.
The combination of Aon and Stroz Friedberg will extend Aon's industry-leading position in cyber risk brokerage and creates a comprehensive Cyber Risk Management Advisory Group with distinct client value, including standards-based cyber assessments and industry-leading risk transfer solutions. Integrating Stroz Friedberg's cyber security governance and advisory services, including its penetration testing, incident response, digital forensics, eDiscovery and due diligence capabilities, will position Aon as the global leader in cyber risk management.
The transaction brings together two of the world's most highly skilled and accomplished teams focused on cyber risk transfer, mitigation, advisory, and response. Stroz Friedberg's more than 550 employees will join Aon's Cyber Solutions Group. Michael Patsalos-Fox, Stroz Friedberg's CEO, will become the CEO and co-chair of Aon's Cyber Solutions Group. John Bruno, Aon's executive vice president of enterprise innovation and chief information officer, will join Patsalos-Fox as co-chair of this new group.
"Technology-enabled businesses in all industries and the instability from cyber threats are increasing. This acquisition will allow Aon's clients to have access to the most advanced thinking and solutions in the industry; improving their proactive posture to confront cyber risk and respond more effectively in the event of an attack," Bruno said. "Aon and Stroz Friedberg have highly complementary end-to-end cyber risk management solutions and services. This bold step greatly expands Aon's cyber solutions and differentiates us from our competition while accelerating innovation on behalf of our clients."
"Both Stroz Friedberg and Aon know that businesses face greater systemic risk from cyber threats than ever before, and both understand that companies need an integrated approach to mitigate this risk and achieve resilience," Patsalos-Fox said. "Stroz Friedberg has always been focused on helping its clients navigate today's complex risk landscape. By joining forces with Aon we will have the scale and platform to satisfy the growing market need for a comprehensive solution."
The Stroz Friedberg announcement, which follows the recent release of Aon Cyber Enterprise Solution™, a property/casualty and Internet of Things insurance solution that offers comprehensive enterprise-wide coverage against cyber risk, reinforces Aon's leadership in this sector and enables us to offer highly differentiated solutions to organisations around the world.