Aon to acquire risk management firm to combat cyber risk

Aon Risk Solutions, the risk management business of Aon, has entered into an agreement to acquire all of risk management firm Stroz Friedberg, with the intent of creating a comprehensive cyber risk management advisory group.

As part of the acquisition, Stroz Friedberg’s more than 550 employees – based in New York, London, Zurich, Dubai and Hong Kong – will join Aon’s Cyber Solutions Group.

Stroz Friedberg’s CEO Michael Patsalos-Fox will join Aon’s Cyber Solutions Group has CEO and co-chair.

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.”

Patsalos-Fox added: “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.
“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.”