Global insurance brokerage giant Aon Plc has agreed to acquire USI Insurance Services from private equity firm KKR for $17 billion including debt, cementing its dominance in the fast-growing U.S. middle-market insurance sector.
📌 Key Deal Metrics & Financial Figures:
- $17 Billion Deal Value: Expected to close in Q4 2026 and boost Aon’s adjusted profit starting in 2028.
- $3 Billion Annual Revenue: Valhalla, NY-based USI ranks as the 10th largest U.S. insurance broker with over $3B in top-line revenue.
- 6x Investment Return for KKR: Delivers a 6x return on KKR’s original 2017 investment (3.4x over total capital invested) and generates ~$2 billion in adjusted profit.
- >$40 Billion Market Opportunity: The U.S. middle-market segment represents over one-third of all U.S. commercial property and casualty direct written premiums.
💡 Strategic Impact & Financial Restructuring:
- Middle-Market & E&S Dominance: Following its $13B acquisition of NFP in 2024, USI significantly scales Aon’s footprint across mid-sized corporate clients and high-growth Excess & Surplus (E&S) lines.
- Leadership & Capital Allocation: USI CEO Mike Sicard will join Aon as President and Global CEO of its middle-market platform. Aon will fund the purchase via debt and temporarily pause share buybacks to prioritize deleveraging.