Aon Agrees to Acquire USI for $17 Billion in Cash
Aon has agreed to acquire U.S.-based middle-market insurance broker USI for approximately $17 billion in cash, pending regulatory approval. The deal is expected to close by the fourth quarter of 2026 and will combine Aon with its previously acquired NFP business as well as USI to create a leading platform targeting the U.S. middle market. The combined entity would generate an estimated $6.5 billion in annual revenue, significantly expanding Aon’s presence in property-and-casualty insurance and excess and surplus (E&S) markets. The E&S segment is growing at 18% annually and accounts for a large portion of the U.S. commercial market. Financially, the acquisition will initially dilute earnings per share but is expected to become accretive by 2028 through $395 million in adjusted EBITDA synergies. Aon plans to prioritize debt repayment over buybacks and aims to return to its target leverage range within two years of closing.
Tickers: $AON
Topics: Aon insurance industry middle-market insurance USI Holdings Corp.