Aon to Acquire USI Insurance Services From KKR in $17 Billion Deal

09:59 AM EDT, 08/31/2026 (MT Newswires) -- Aon (AON) has agreed to acquire insurance brokerage USI Insurance Services from KKR (KKR) and other shareholders in an all-cash deal worth roughly $17 billion, as the professional services firm aims to strengthen its presence in the US middle-market insurance segment. USI provides property and casualty, employee benefits, personal risk and retirement consulting solutions for the middle market. The insurance broker generated about $3 billion in annual revenue and has 10,500 team members across 200 offices in the US, Aon said in a statement Monday. On a net basis, the transaction is valued at $16.7 billion, reflecting around $278 million of certain tax attributes, according to Aon. "Combining with USI will establish the premier US middle-market platform, deepen our context advantage and position Aon to accelerate organic growth," Aon Chief Executive Greg Case said in a statement. "USI will substantially enhance our middle-market footprint and expand access for our firm in the (excess and surplus) segment to deliver content, capabilities and expertise to a broader client base." Aon estimates the transaction to be accretive to adjusted earnings on a per-share basis starting 2028. KKR separated estimated the sale to generate about $2 billion, or $2 per share, in adjusted net income. The private equity giant made its first investment in USI in 2017. "USI has continued to innovate and extend its leadership position, and we believe Aon is the ideal long-term partner to support the next chapter of its growth," according to KKR Partner Chris Harrington. The USI deal, which requires approval from regulators, is expected to complete in the fourth quarter, according to Aon and KKR. Following completion, USI CEO Mike Sicard will serve as president of Aon and global CEO of its middle market. "Joining Aon represents a truly energizing next chapter for our firm and an opportunity to accelerate our momentum as part of the Aon United platform," according to Sicard. Aon's shares were down 5.8% in Monday trade, while KKR's rose 1.7%. Earlier this month, KKR, alongside Dragoneer Investment Group and insurance distributor Amwins, agreed to acquire Australian insurance broker Steadfast Group in a deal worth around 7.7 billion Australian dollars ($5.51 billion). In 2024, Aon acquired middle market property and casualty broker NFP in a deal with an enterprise value of $13 billion.