Aon acquires National Flood Services
Aon US, a subsidiary of Aon, will acquire StoneRiver National Flood Services and related entities from StoneRiver Group.
National Flood Services manages approximately three million flood policies and $2.3 billion of flood insurance premium annually on behalf of its clients.
Keith Brown, president and chief executive officer (CEO) of National Flood Services, will remain in his position, reporting directly to Bill Vit, president and CEO of Aon Affinity.
Vit said: "The acquisition of National Flood Services will allow Aon Affinity to meet the growing client demand for enhanced flood insurance solutions and expertise in the US.
“By combining Aon Affinity's extensive knowledge of insurance solutions and affinity program management capabilities with National Flood Services' industry-leading flood risk assessment technology for commercial and residential markets, Aon Affinity is expected to continue to expand its flood solutions to a larger client base within this growing sector."
Michael O'Connor, CEO of Aon Risk Solutions, the firm's global risk management business, said: "This agreement brings together two premier organisations and reinforces Aon's strong commitment to the affinity marketplace. Combining the best talent between our two firms enhances our ability to serve clients."
Keith Brown, president and CEO of National Flood Services, added: "We are proud to join Aon and Aon Affinity, which has shown a commitment to investing in market-leading companies like National Flood Services, who offer innovative solutions and exceptional technology. This is great news for our clients due to Aon's resources and industry knowledge."
