Aon announced on Monday that it will acquire rival USI Insurance Services from KKR for $17 billion. The transaction, which mirrors recent large-scale consolidations in the fragmented insurance brokerage sector, is positioned to strengthen Aon’s reach in the U.S. middle market - the segment serving mid-sized businesses.
Strategic rationale
According to Aon’s statement, the combination with USI is designed to create what the company describes as the premier U.S. middle-market platform. The buyer said the acquisition will deepen its contextual advantages and accelerate organic growth, while broadening its access in the excess and surplus - or E&S - segment.
Aon noted that the deal builds on the firm’s earlier purchase of NFP, a middle-market property and casualty broker acquired for $13 billion in 2024. Aon also highlighted USI’s breadth of services, which include property and casualty, employee benefits, personal risk, program and retirement offerings.
Industry context and precedent
Large buyouts have become more frequent in the insurance brokerage industry as firms pursue scale in a fragmented market and show greater willingness to pay premium prices to expand market share and capabilities. Examples cited in the industry include Arthur J. Gallagher’s $13.5 billion acquisition of AssuredPartners and Brown & Brown’s nearly $10 billion purchase of Accession Risk Management, both completed last year.
Ownership background and financial timing
USI, founded in 1994 and headquartered in Valhalla, New York, was acquired in 2014 in a $4.3 billion transaction by KKR and the Caisse de d e9p f4t et placement du Qu e9bec. Since that purchase, KKR increased its stake and became the largest shareholder. For KKR the USI sale contributes to a broader uptick in exit activity; the firm reported that the second quarter was the largest monetization quarter in its history.
The transaction between Aon and KKR is anticipated to close in the fourth quarter of 2026. Aon expects the deal to be accretive to adjusted profit by 2028.
Advisers
BofA Securities and Citi served as advisers to Aon on the transaction. KKR was advised by Goldman Sachs, Insurance Advisory Partners and Morgan Stanley.
Market footprint
Aon, one of the world’s largest insurance brokers, serves clients in more than 120 countries and provides guidance on managing complexity and volatility for corporate and institutional clients.