Axa XL is expanding its risk prevention capabilities with a deal to buy remaining shares in corporate intelligence and cybersecurity consultancy S-RM.

The insurer, which already owns about 49% of the business, will house S-RM in Axa XL Risk Advisory – its recently established business unit focused on risk prevention.

Axa XL CEO Scott Gunter says the move reflects growing client demand for help identifying and managing emerging risks.

“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,” he said.

“Clients are looking for data-driven insights and expert guidance to help them anticipate emerging threats, mitigate risk and respond quickly when events occur.”

Axa XL Risk Advisory CEO Libby Benet says S-RM’s expertise in geopolitical intelligence, crisis response and cybersecurity will complement the insurer’s consulting capabilities and technology-enabled risk solutions.

S-RM CEO Heyrick Bond Gunning says the consultancy has worked alongside Axa XL for more than 15 years as both client and investor.

“This transaction will allow us to continue investing in our prevention services for existing clients, while expanding the reach of those capabilities,” he said.

The deal, subject to regulatory approvals, is expected to close by the end of next month.