The Investor
31 Aug 2026, 16:37
Aon to Acquire USI for $17 Billion, Expanding U.S. Middle-Market Insurance Business
Aon (NYSE: AON) announced Monday that it has agreed to acquire insurance brokerage firm USI from KKR and other shareholders for $17 billion, significantly expanding its presence in the U.S. middle-market insurance sector.
USI is the tenth-largest U.S. insurance broker, generating approximately $3 billion in annual revenue with more than 10,500 employees across nearly 200 offices. The company provides property and casualty insurance, employee benefits, personal risk and retirement solutions.
The acquisition builds on Aon's $13.4 billion purchase of NFP in 2024 and will substantially increase its exposure to the more than $40 billion U.S. middle-market segment. Aon will also gain greater access to the fast-growing Excess & Surplus insurance market, which accounts for about 26% of U.S. commercial property and casualty premiums.
Aon expects approximately $395 million in annual run-rate adjusted EBITDA benefits from revenue and cost synergies across its combined middle-market platform. The transaction is expected to become accretive to adjusted EPS beginning in 2028.
The $17 billion purchase will primarily be financed with new debt. As Aon prioritizes deleveraging following the transaction, the company said it does not expect to repurchase shares in the near term.
Following completion, USI Chairman and CEO Mike Sicard will become President of Aon and global CEO of its Middle Market business. The transaction is expected to close in the fourth quarter of 2026, subject to regulatory approvals.
The deal represents a major expansion of Aon's U.S. insurance brokerage operations, combining USI, NFP and Aon's existing businesses into a much larger middle-market platform while expanding its data and AI-enabled insurance capabilities.
Aon (NYSE: AON) announced Monday that it has agreed to acquire insurance brokerage firm USI from KKR and other shareholders for $17 billion, significantly expanding its presence in the U.S. middle-market insurance sector.
USI is the tenth-largest U.S. insurance broker, generating approximately $3 billion in annual revenue with more than 10,500 employees across nearly 200 offices. The company provides property and casualty insurance, employee benefits, personal risk and retirement solutions.
The acquisition builds on Aon's $13.4 billion purchase of NFP in 2024 and will substantially increase its exposure to the more than $40 billion U.S. middle-market segment. Aon will also gain greater access to the fast-growing Excess & Surplus insurance market, which accounts for about 26% of U.S. commercial property and casualty premiums.
Aon expects approximately $395 million in annual run-rate adjusted EBITDA benefits from revenue and cost synergies across its combined middle-market platform. The transaction is expected to become accretive to adjusted EPS beginning in 2028.
The $17 billion purchase will primarily be financed with new debt. As Aon prioritizes deleveraging following the transaction, the company said it does not expect to repurchase shares in the near term.
Following completion, USI Chairman and CEO Mike Sicard will become President of Aon and global CEO of its Middle Market business. The transaction is expected to close in the fourth quarter of 2026, subject to regulatory approvals.
The deal represents a major expansion of Aon's U.S. insurance brokerage operations, combining USI, NFP and Aon's existing businesses into a much larger middle-market platform while expanding its data and AI-enabled insurance capabilities.
