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Aon to buy USI Insurance Services for $17 billion
The deal is expected to close in the fourth quarter of 2026, pending regulatory approvals.
Aon has agreed to acquire USI Insurance Services from KKR and other shareholders in a $17 billion transaction, extending the broker’s push into the U.S. middle market after its 2024 acquisition of NFP, according to Coverager.
USI, ranked as the tenth-largest U.S. insurance broker, generated about $3 billion in annual revenue and employs more than 10,500 people across nearly 200 offices. Its business covers commercial P&C, employee benefits, personal risk, and retirement solutions, and Aon said the expanded middle-market platform will target the segment that represents over one-third of U.S. commercial P&C direct written premium.
Aon expects the combination to drive roughly $395 million of annual run-rate adjusted EBITDA impact from identified revenue and cost synergies and to be accretive to adjusted EPS in 2028. Coverager reports Aon plans to finance the deal with new debt and will pause near-term share repurchases while prioritizing deleveraging.
Both companies’ boards have approved the transaction. Aon and USI will continue to operate independently until closing, which is expected in the fourth quarter of 2026, subject to regulatory approvals.