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KKR to sell USI Insurance Services to Aon for $17 billion
The deal is expected to produce about $2 billion of adjusted net income for KKR and a 3.4 times return on its invested balance-sheet capital.
KKR & Co. is set to sell USI Insurance Services to Aon Plc in a transaction valued at $17 billion, positioning the exit as a major cash realization for KKR’s Strategic Holdings unit. Insurance Journal reports the deal is expected to generate about $2 billion of adjusted net income for KKR, with the firm citing a $3.3 billion windfall.
KKR said USI is a long-term, dividend-oriented investment that had grown into a scaled insurance brokerage, now ranked as the 10th-largest US insurance brokerage. The transaction will also follow KKR’s support for “people, platform and technology” as it aimed to build USI into a stronger, more innovative business.
The sale is expected to deliver a 3.4 times return on KKR’s balance-sheet capital invested, according to the report. Bloomberg Intelligence analysts Paul Gulberg and Samuel Radowitz said the transaction places KKR’s 2026 adjusted net income well ahead of an earlier goal.
USI offers property and casualty insurance, employee benefits, and personal risk and retirement products, with more than 10,500 team members and nearly 200 offices in the US, Aon said. Insurance Journal reports that USI Chairman and CEO Mike Sicard will become president of Aon and global CEO of middle market, reporting to Aon CEO Greg Case, and will join Aon’s executive committee.