Home›Insurance›Industry & Deals›Aon to buy USI Insurance Services from KKR in $17 bill…

Aon to buy USI Insurance Services from KKR in $17 billion deal

The agreement values the purchase at $17 billion and is expected to close in the fourth quarter of 2026, with Aon funding it using new debt.

Reported · Written up by our desk · Industry & Deals

Aon plc confirmed a definite agreement to acquire USI Insurance Services from private equity firm KKR in a $17 billion transaction aimed at expanding Aon’s U.S. middle-market focus.

Aon said the deal builds on its 2024 acquisition of NFP for $13 billion, and it would expand Aon’s direct access to the excess and surplus market through USI’s wholesale capabilities via MGAs and MGUs.

In the E and S segment, Aon said the acquisition is intended to strengthen its platform for brokers and clients, and it expects to generate about $395 million in annual run-rate net adjusted EBITDA from revenue and cost synergies.

Aon also said it plans to fund the transaction and related expenses with new debt, with the boards of both companies approving the deal. USI Chairman and CEO Mike Sicard is expected to serve as president of Aon plc and global CEO of Middle Market after the deal closes, which is expected during the fourth quarter of 2026, and the brokers will keep operating separately until then.

More like this

Sources