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Aon plc to Acquire USI Insurance Services for $17 Billion to Expand U.S. Middle-Market Presence

Aon plc has signed a definitive agreement to purchase USI Insurance Services from KKR and other shareholders for $17 billion. The acquisition is expected to close in the fourth quarter of 2026, subject to regulatory approvals. Aon plc will fund the transaction using new debt across a range of maturities. USI Insurance Services is the tenth largest insurance broker in the United States, generating more than $3 billion in annual revenue with over 10,500 employees. The merger aims to establish a premier platform for the U.S. middle-market segment, building on Aon plc's 2024 acquisition of NFP. Greg Case, President and CEO of Aon plc, stated that the merger will establish the premier U.S. middle-market platform and position the company to accelerate organic growth. Following the close of the transaction, Mike Sicard, Chairman and CEO of USI Insurance Services, will transition to the role of President of Aon plc and global CEO of Middle Market. KKR partner Chris Harrington noted that Aon plc is the ideal partner to support the growth of USI Insurance Services.

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