Aon acquires Stroz Friedberg to boost cyber offering
Aon is acquiring cybersecurity specialist Stroz Friedberg to boost its cyber risk offering. The 550 employees from the New York-based cyber firm will join Aon’s Cyber Solution Group, expanding the insurer's risk-mitigation services and providing insights to help design new products. An estimated $2-3bn of cyber risk cover was sold worldwide in 2015, mostly in the US. According to a report by Marsh & McLennan, which has a collaboration agreement with cyber security analytics firm Cyence, sales of cyber cover increased 27% in 2015 after growing 32% in 2014.

Aon Risk Solutions acquires Stroz Friedberg

Aon Risk Solutions has acquired Stroz Friedberg, a global risk management firm, to create a Cyber Risk Management Advisory Group and improve Aon’s position in cyber risk brokerage.



The deal will integrate Stroz Friedberg’s cyber security governance and advisory services, including its penetration testing, incident response, digital forensics, eDiscovery and due diligence capabilities with Aon.



Stroz Friedberg is based in New York City, with additional offices in the US, London, Zurich, Dubai and Hong Kong. Through the acquisition, over 550 employees will join Aon’s Cyber Solution Group.



CEO of Stroz Friedberg, Michael Patsalos-Fox, will become CEO and co-chair of the group and John Bruno, Aon’s executive vice president of enterprise innovation and chief information officer will also become co-chair.



Patsalos-Fox said: “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.”



He added: “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.”



Bruno commented: “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.”



He went on: “Aon and Stroz 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.”



Financial terms were not disclosed, and the acquisition is subject to customary closing conditions.



The acquisition follows the release of the Aon Cyber Enterprise Solution, an insurance solution for property and casualty, and the internet of things, that offers enterprise-wide coverage against cyber risk.