CHICAGO, June 13, 2014 /PRNewswire/ -- Aon Affinity, the consumer, association and group program business of Aon Risk Solutions, the global risk management business of Aon plc (NYSE: AON), announced today that Aon US Holdings, Inc., a subsidiary of Aon, has entered into a definitive acquisition agreement to acquire StoneRiver National Flood Services, Inc. and related entities ("National Flood Services") from StoneRiver Group, L.P. National Flood Services is a leader in U.S. flood insurance processing and technology. Financial terms were not disclosed. The acquisition is subject to customary closing conditions.
"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 U.S.," said Bill Vit, president and CEO of Aon Affinity. "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."
Aon Affinity is the premier provider of customized and innovative insurance solutions and voluntary benefits solutions for large groups such as associations, franchises and organizations with a common profession, interest, transaction or event. With more than 60 years of experience in the affinity insurance space, Aon Affinity works with more than 200 sponsoring partners in the U.S. Aon Affinity serviced more than 18 million individual customers and placed approximately $4 billion in global premium in 2013.
"This agreement brings together two premier organizations and reinforces Aon's strong commitment to the affinity marketplace," added Michael O'Connor, CEO of Aon Risk Solutions, the firm's global risk management business. "Combining the best talent between our two firms enhances our ability to serve clients."
National Flood Services is uniquely positioned to help Aon Affinity expand its flood offerings and distribution. It is the largest and most experienced insurance vendor in the U.S. flood insurance industry with nearly 30 years experience delivering superior policy administration, claims processing, customer service and agency support for its clients. The National Flood Services team consists of more than 800 colleagues and offices in Kalispell, Montana, Overland Park, Kansas and Lakeland and Coral Springs, Florida, and administers policies issued in all fifty states and every U.S. Territory. Dedicated to exceptional client service, National Flood Services manages approximately 3 million flood policies and $2.3 billion of flood insurance premium annually on behalf of its clients.
"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," said Keith Brown, president and CEO of National Flood Services. "This is great news for our clients due to Aon's resources and industry knowledge." Brown will remain in his position at National Flood Services, reporting directly to Vit.
About Aon Affinity Aon Affinity is the trade name for Affinity Insurance Services, Inc. Aon Affinity combines the specialized knowledge of affinity program management with the extensive resources of a global company to help Empower Results for our clients. With an innovative approach to program strategy, from the design of products and services to the delivery of the marketing message, Affinity offers full-service capabilities; technical expertise and industry knowledge to deliver value to clients. Visit http://www.aon.com/affinity for more information.