Aon US Holdings has signed an agreement to acquire National Flood Services and related entities from StoneRiver Group, for an undisclosed sum.
A UK-based risk management, insurance brokerage solutions provider, Aon has a team of 37,000 staff working in 500 offices in more than 120 nations across the globe.
The acquisition will advance Aon Affinity’s ability to serve clients in the flood insurance sector in the US, using National Flood Services capability of flood insurance processing and technology.
Following completion of the transaction, which is subject to regulatory approvals, National Flood Services president and CEO Keith Brown will remain in his current position at the company and will report directly to Vit.
Commenting on the transaction, Aon Affinity president and CEO Bill 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."
Comprising over 800 colleagues with offices located in Kalispell, Montana, Overland Park, Kansas and Lakeland and Coral Springs, Florida, the National Flood Services team administers policies issued in all fifty states and every US Territory.
The flood insurance service provider manages nearly 3 million flood policies and $2.3bn of flood insurance premium annually on behalf of its clients.
Aon Affinity operates as the consumer, association and group program business of Aon Risk Solutions, the global risk management business of Aon.
Image: Aon North America Headquarters, Aon Center, Chicago, Illinois, US. Photo Courtesy of: J. Crocker.