(Bloomberg) -- American International Group Inc., the largest commercial insurer in the U.S. and Canada, acquired a minority stake in an investigative consulting firm as it seeks to offer clients protection from cyber attacks.
Closely held K2 Intelligence will help develop products to prevent cybercrime, New York-based AIG said Wednesday in a statement. Terms weren’t disclosed.
“Supporting our clients against cyber-attacks means providing much more than insurance to transfer the risk,” John Doyle, chief executive officer of AIG’s commercial-insurance unit, said in the statement.
Companies are facing increased pressure from online theft. Health insurer Anthem Inc. said in February that hackers accessed information on 78.8 million people. Corporations are “massively under-insured” against cyber-risk, AIG CEO Peter Hancock said in 2013.
K2 Intelligence was co-founded in 2009 by CEO Jeremy Kroll and Chairman Jules Kroll, his father. The elder Kroll’s previous security company, Kroll Inc., was bought by Marsh & McLennan Cos. in 2004 and later sold to buyout firm Providence Equity Partners. K2 employs about 300 people in New York, London, Madrid and Tel Aviv, according to the statement.
