Aon Acquires USI Insurance Services from KKR for $17 Billion
Aon has agreed to acquire USI Insurance Services from private equity firm KKR in a $17 billion cash deal, marking its latest expansion into the U.S. middle-market insurance sector. The acquisition follows Aon's earlier purchase of NFP for $13 billion and is expected to strengthen its presence in this segment, which it estimates at over $40 billion. USI ranks as the tenth-largest U.S. insurance broker with annual revenue around $3 billion and a workforce exceeding 10,500 across nearly 200 offices nationwide. The deal will also expand Aon's reach into excess and surplus (E&S) insurance, which accounts for 26% of commercial property and casualty premiums in the U.S. Aon plans to finance the acquisition through new debt while maintaining its investment-grade rating. It anticipates that the transaction will add value by boosting adjusted earnings per share starting in 2028 and generating $395 million annually from synergies.
