- AIG (AIG +1.4%) first invested in Kroll 25 years ago, and tomorrow will announce an investment in K2 Intelligence, the investigations firm founded by Jules Kroll and son Jeremy five years ago, writes Michael de la Merced.
- Terms were not disclosed.
- While corporate investigations in the past have focused on due diligence or preventing espionage, today its about cybercrime.
- “One of the biggest shifts that has taken place is from a world where guns, guards and dogs surrounded the perimeter,” says Jeremy Kroll. “Today, these walls are permeable. Companies are working in a borderless world.”
- K2 was formed after the Krolls sold their old company to Marsh & McLennan for $1.9B in 2004. The new company has grown to 300 employees in offices worldwide.
- “The cyberinsurance market is very undeveloped, and some of our customers have struggled to get significant capacity,” says AIG's head of commercial insurance John Doyle. “This will help them manage those risks in a better way.”
- AIG has quietly been on a big run since a rough start to the year, up 20% since the end of January, and now ahead 4% YTD.