Aon Acquires USI for $17 Billion to Strengthen Middle-Market Presence
Aon has agreed to acquire insurance broker USI from private equity firm KKR in a deal valued at $17 billion. This acquisition follows Aon's earlier purchase of NFP and aims to establish the largest platform serving the U.S. middle-market segment, according to Aon. USI is one of the top ten insurance brokers in the United States with over 10,500 employees across nearly 200 locations. The deal will expand Aon's reach into excess and surplus (E&S) lines through managing general agents and wholesale distribution networks. The E&S sector represents a significant portion—about 26%—of U.S. commercial property and casualty premiums, the company noted. USI’s proprietary analytics system, USI ONE, is expected to enhance Aon's data capabilities for client advisory services. Aon anticipates that this acquisition will generate approximately $395 million in annual net adjusted EBITDA through synergies by 2028 and become accretive to earnings per share. Mike Sicard, USI’s current CEO, is set to join Aon's executive team as president of the middle-market division.
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