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Aon Risk Solutions, the global risk management business of Aon plc, has entered into an agreement to acquire Stroz Friedberg Inc., a New York City based global risk management firm. Financial terms were not disclosed, and the acquisition is subject to customary closing conditions.

This move comes as the complexity and severity of cyber risk continues to expand, impacting organizations across all industries, according to an Aon press release announcing the deal. The combination of Aon and Stroz Friedberg will extend Aon’s cyber risk brokerage business and create a comprehensive Cyber Risk Management Advisory Group that offers standards-based cyber assessments and risk transfer solutions for clients, the release states.

Following the acquisition, 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.

Source: Aon Risk Solutions

Topics Mergers & Acquisitions Cyber Aon