Aon to acquire USI Insurance Services from KKR for $17 billion

Aon plc has signed a definitive agreement to acquire USI Insurance Services from private equity firm KKR for approximately $17 billion, including debt. The transaction is expected to close in the fourth quarter of 2026, pending regulatory approvals.

USI, a major U.S. insurance broker with roughly $3 billion in annual revenue and over 10,500 employees, specializes in property and casualty, employee benefits, and retirement solutions. The acquisition aims to establish a premier platform in the U.S. middle-market segment, building on Aon’s previous $13 billion acquisition of NFP in 2024.

Following the deal, USI Chairman and CEO Mike Sicard is expected to serve as President of Aon plc and global CEO of Middle Market. Aon expects the transaction to deliver approximately $395 million in annual run-rate net adjusted EBITDA impact through synergies and to be accretive to adjusted earnings per share by 2028. For KKR, the sale represents a significant exit, yielding an estimated 6x return on its original 2017 equity investment.