AXA XL to Acquire Remaining Stake in Risk Consultancy S-RM

AXA XL has agreed to acquire the remaining shares of corporate intelligence and cybersecurity consultancy S-RM, strengthening its risk advisory capabilities as businesses increasingly seek support beyond traditional insurance coverage.

The transaction, announced August 6, will give AXA XL full ownership of S-RM. AXA XL currently owns approximately 49% of the consultancy. Financial terms were not disclosed, and the deal is expected to close by the end of September 2026, subject to customary closing conditions and regulatory approvals.

Founded in 2005, S-RM provides corporate intelligence, cybersecurity and crisis response services to businesses and investors operating in complex risk environments. The consultancy supports clients across more than 140 countries and provides services including cyber risk assessments, incident response, geopolitical intelligence, investigations, and integrity and reputational due diligence.

The acquisition will bring S-RM into AXA XL Risk Advisory, a recently established business unit focused on prevention and risk mitigation. The move reflects AXA XL's strategy of expanding its role from traditional insurance and risk transfer toward advisory services that can help clients identify and mitigate risks before they result in significant losses.

“The acquisition of S-RM marks an important step in the buildout of AXA XL Risk Advisory and in our continued efforts to go beyond traditional insurance coverage,” said Scott Gunter, Chief Executive Officer of AXA XL. He added that clients are increasingly looking for data-driven insights and expert guidance to anticipate emerging threats, mitigate risk and respond quickly when incidents occur.

Libby Benet, Chief Executive Officer of AXA XL Risk Advisory, said S-RM's capabilities complement the company's existing advisory services. She highlighted the opportunity to bring together risk consulting teams, S-RM's geopolitical intelligence and crisis response expertise, and technology-enabled solutions from AXA's Digital Commercial Platform.

S-RM CEO Heyrick Bond Gunning said the companies have worked together for more than 15 years, with AXA XL serving both as an investor and client. According to Bond Gunning, the transaction will enable S-RM to continue investing in prevention services while extending those capabilities to a broader customer base.

The deal highlights a wider shift in the professional services and insurance sectors. As cyber threats, geopolitical uncertainty and regulatory complexity increase, companies are demanding integrated solutions covering intelligence, cybersecurity, crisis management and operational resilience.

For AXA XL, full ownership of S-RM could strengthen its ability to combine insurance expertise with specialist consulting and technology-enabled risk management. The acquisition also demonstrates how insurers are increasingly using advisory capabilities to help clients prevent and manage losses rather than relying solely on conventional insurance products.

Following completion, S-RM is expected to continue serving its global clients while becoming part of AXA XL Risk Advisory. The combination is intended to broaden AXA XL's prevention and advisory offering while giving S-RM access to the wider resources and customer network of the AXA XL organization.