Aon acquires USI Insurance Services
Analysis based on 10 articles · First reported Aug 31, 2026 · Last updated Aug 31, 2026
The acquisition is expected to significantly expand Aon's footprint in the U.S. middle-market insurance segment, potentially boosting its competitive position and long-term earnings. Aon's shares fell slightly in pre-market trading, while KKR's shares gained modestly, reflecting market sentiment on the deal's strategic merits and financial terms.
Aon plc announced on August 31, 2026, that it agreed to acquire USI Insurance Services from KKR & Co. and other shareholders in an all-cash transaction valued at approximately $17 billion. The deal, unanimously approved by both boards, is expected to close in the fourth quarter of 2026, subject to regulatory approvals. Aon aims to strengthen its presence in the U.S. middle-market insurance segment, valued at over $40 billion, and expand into the excess and surplus (E&S) segment. USI, the tenth largest U.S. insurance broker, generates about $3 billion in annual revenue and employs over 10,500 people. Aon expects the acquisition to deliver $395 million in annual run-rate net adjusted EBITDA synergies and to be accretive to adjusted earnings per share in 2028. The deal will be funded with new debt, and Aon does not plan near-term share buybacks. USI Chairman and CEO Mike Sicard will become President of Aon and global CEO of Middle Market, reporting to Aon CEO Greg Case. For KKR, the sale represents a significant exit, generating approximately $2 billion of adjusted net income and a 3.4 times return on capital invested over the life of its investment. The transaction follows Aon's $13 billion acquisition of NFP in 2024 and is one of the largest insurance brokerage deals in recent years.
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