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Aon to buy USI Insurance Services for $17 billion

The deal would expand Aon’s U.S. middle-market platform and build on its 2024 integration of NFP.

Reported · Written up by our desk · Industry & Deals

Aon confirmed it will acquire USI Insurance Services for a purchase price of $17 billion, aiming to advance its U.S. middle-market platform across insurance, retirement, and benefits services.

The company said the USI acquisition builds on its integration of NFP, which Aon acquired in 2024. Aon also highlighted plans to expand access to the excess and surplus, or E&S, market segment, which it characterized as fast-growing in commercial insurance.

Aon expects the transaction to enhance its data and analytics capabilities to support middle-market broking in the U.S. The firm linked the strategy to rising complexity and volatility, saying it will help deliver better outcomes for clients’ risk and people challenges through proprietary data, analytics, and technology.

Aon previously said it would pursue the acquisition as part of its 3x3 Plan to accelerate its Aon United strategy. The source also notes KKR led the 2017 purchase of USI from Onex for $4.3 billion, including debt.

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