Aon Nears $17 Billion Deal to Acquire USI Insurance from KKR
Aon plc is reportedly close to acquiring USI Insurance Services from private equity firm KKR for roughly $17 billion, including debt. The deal would significantly expand Aon’s middle-market insurance brokerage presence in the U.S. USI, based in Valhalla, New York, specializes in risk management and employee benefits. The acquisition reflects ongoing consolidation in the insurance brokerage industry and follows Aon’s failed $30 billion merger with Willis Towers Watson in 2021. An announcement could come soon.
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Aon's $17 Billion USI Deal Targets Middle-Market Insurance Dominance
Aon (NYSE:AON) announced a definitive agreement to acquire USI, a U.S. middle-market insurance broker, in an all-cash transaction valued at approximately $17 billion ($16.7 billion net of certain tax attributes). The deal is expected to close in the fourth quarter of 2026, pending regulatory approvals. Aon's CEO Greg Case stated the acquisition aims to create the premier U.S. middle-market platform, combining Aon, USI, and previously acquired NFP. The combined platform will expand capabilities in property and casualty, employee benefits, personal risk, and retirement solutions. USI Chairman and CEO Mike Sicard will become Aon's president and global CEO of Middle Market. The transaction deepens Aon's presence in the U.S. middle market, which represents about one-third of the U.S. commercial property-and-casualty market, with an addressable market over $40 billion. It also expands Aon's direct access to the excess and surplus (E&S) insurance market. The $17 billion purchase price represents a 14.5-times synergized EBITDA multiple. Aon identified $395 million in expected adjusted EBITDA impacts from revenue and cost synergies. The transaction is expected to dilute earnings per share in 2027 before becoming accretive in 2028.
Aon expands mid-market reach with $17 billion USI deal
Aon PLC has agreed to acquire insurance brokerage USI from private equity firm KKR for $17 billion including debt, as announced on Monday. The deal aims to expand Aon's reach among medium-sized businesses. USI provides risk management, health insurance, and retirement plan services, reporting approximately $3 billion in annual revenue. The net purchase price is $16.7 billion, reflecting about $278 million in certain tax attributes, and represents roughly 14.5x on a synergized trailing twelve-month adjusted EBITDA basis. Aon plans to fund the transaction with new debt raised across various maturities, subject to market conditions. Aon CEO Greg Case stated the combination will establish a premier U.S. middle-market platform and position Aon to accelerate organic growth. This marks KKR's latest exit, having acquired USI for $4.3 billion in 2017. KKR recently reported a record $1.29 billion in quarterly asset sales. Aon shares fell 7.3% on the announcement.
Aon to buy USI Insurance Services from KKR for $17 billion in cash
Aon plc, a global professional services firm, has agreed to acquire USI Insurance Services from private equity firm KKR & Co. Inc. and other shareholders for $17 billion in cash. The deal is aimed at expanding Aon's presence in the middle-market insurance brokerage segment. USI Insurance Services is one of the largest insurance brokerage and consulting firms in the United States, serving mid-sized businesses. The acquisition will significantly bolster Aon's capabilities and client base in this market. The transaction is expected to close in the second half of 2025, subject to regulatory approvals and customary closing conditions. Aon stated that the acquisition aligns with its strategy to deliver innovative risk and human capital solutions. KKR had owned USI since 2017, when it acquired the company for an undisclosed amount. The sale price of $17 billion represents a substantial return on KKR's investment.
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Aon CEO says broker aims to build 'premiere middle market platform' with USI purchase
The CEO of Aon, a global insurance broker, stated that the company intends to build a 'premiere middle market platform' through its acquisition of rival USI. The statement highlights Aon's strategic focus on expanding its presence and capabilities in the middle market segment of the insurance brokerage industry. The purchase of USI, a significant competitor, is positioned as a key move to achieve this goal, potentially reshaping the competitive landscape for mid-sized commercial insurance clients. The announcement underscores Aon's commitment to growth and service enhancement in this specific market tier.
Aon CEO says $17B USI purchase will create premier US middle-market insurance platform
Insurance broker Aon announced on Monday it will acquire rival USI Insurance Services from private equity firm KKR for $17 billion. The deal, financed through new debt, is expected to close in the fourth quarter pending regulatory approvals. Aon CEO Greg Case stated on CNBC's Squawk Box that the merger will establish the 'premier U.S. middle-market platform,' enabling the company to serve 200,000 middle-market companies and their 48 million employees. The acquisition builds on Aon's 2024 purchase of NFP, another middle-market broker. USI, the tenth largest U.S. insurance broker with over $3 billion in annual revenue and 10,500 employees, will see its CEO Mike Sicard transition to Aon's president and global CEO of middle market. KKR partner Chris Harrington called Aon the ideal partner for USI's next growth chapter. Aon shares slipped about 1% in premarket trading, but Case emphasized the deal's tremendous value potential for shareholders, calling it the greatest opportunity he has seen in his 20-year career as CEO.
KKR agrees to $17bn sale of USI Insurance Services to Aon
Private equity firm KKR has agreed to sell USI Insurance Services to insurance broker Aon for $17 billion. USI Insurance Services, which describes itself as a leader in risk management, employee benefits, and retirement consulting, operates from nearly 200 offices with more than 10,500 employees across the United States. The deal represents a significant transaction in the insurance brokerage sector, highlighting continued consolidation and private equity exits in the industry. The acquisition will expand Aon's footprint in the middle-market insurance brokerage space.
Aon to acquire USI Insurance Services in $17 billion deal
Aon plc, a leading global professional services firm, has announced a definitive agreement to acquire USI Insurance Services, a major insurance brokerage and consulting firm, in a transaction valued at approximately $17 billion. The deal, reported by CNBC, represents a significant consolidation in the insurance brokerage industry. The acquisition is expected to enhance Aon's capabilities in the middle-market insurance segment and expand its distribution network. The transaction is subject to regulatory approvals and customary closing conditions. The combined entity will create a more comprehensive suite of risk management and insurance solutions for clients. The $17 billion price tag underscores the strategic value Aon places on USI's market position and client base. The deal is one of the largest in the insurance brokerage sector in recent years.
Aon Nears $17 Billion Deal to Acquire Insurance Broker USI
Aon, a major global professional services firm, is reportedly close to finalizing a $17 billion deal to acquire USI Insurance Services, according to a report by the Wall Street Journal. The acquisition would be one of the largest in the insurance brokerage sector, significantly expanding Aon's footprint in the middle-market insurance brokerage space. USI is one of the largest privately held insurance brokers in the United States. The deal, if completed, would mark a major consolidation move in the industry, combining Aon's global reach with USI's strong domestic presence. The report highlights ongoing merger and acquisition activity in the insurance sector as firms seek scale and diversification.
Aon nears $17 billion deal to buy insurance broker USI from KKR
Aon is nearing a roughly $17 billion deal, including debt, to acquire insurance brokerage USI from private-equity firm KKR, according to The Wall Street Journal. An agreement could be announced as soon as Monday. USI, based in Valhalla, N.Y., specializes in risk management, employee benefits and retirement consulting, with about $3 billion in annual revenue. KKR bought USI from Onex in 2017 and increased its ownership stake in 2023. The acquisition would help Aon extend its reach into midsize businesses and boost earnings per share as soon as 2028. Aon reported second-quarter adjusted earnings of $3.81 per share on July 29, topping estimates, though its stock has since fallen 5.6%.
Aon Nears $17 Billion Acquisition of USI Insurance from KKR
According to a Wall Street Journal report, insurance broker Aon is close to finalizing a deal to acquire USI Insurance Services from private equity firm KKR for approximately $17 billion. The acquisition, if completed, would significantly expand Aon's presence in the middle-market insurance brokerage sector. USI Insurance is a major player in the industry, and KKR has owned it since 2017. The deal highlights ongoing consolidation in the insurance brokerage market, with large firms seeking to scale up through acquisitions. The report indicates that a formal announcement could come soon, though the terms are still being finalized.
Aon Nears $17 Billion Deal to Buy USI Insurance from KKR
According to a Wall Street Journal report citing sources familiar with the matter, insurance brokerage Aon is close to finalizing an agreement to acquire USI Insurance from private equity firm KKR for approximately $17 billion. The deal, if completed, would significantly expand Aon's presence in the middle-market insurance brokerage sector. USI Insurance is a major player in the industry, and KKR has owned the firm since 2017. The transaction underscores continued consolidation in the insurance brokerage space and reflects high valuations for such assets. Neither Aon, KKR, nor USI have officially commented on the report.
Aon Nears $17 Billion Deal to Acquire USI Insurance from KKR
Aon, a global professional services firm, is close to finalizing an agreement to acquire USI Insurance Services from private-equity firm KKR for approximately $17 billion, including debt. The deal, reported by sources familiar with the matter, would significantly expand Aon's insurance brokerage and consulting operations in the U.S. middle-market segment. USI is one of the largest privately held insurance brokers in the United States. The acquisition underscores ongoing consolidation in the insurance brokerage industry, with large players seeking scale and capabilities. The transaction is expected to be announced soon, pending final negotiations.
Aon Nears Roughly $17 Billion Deal for Insurance Brokerage USI
Aon plc, a leading global professional services firm, is reportedly close to acquiring USI Insurance Services from private equity firm KKR & Co. in a deal valued at approximately $17 billion, according to an exclusive report by The Wall Street Journal. The acquisition would be one of the largest in the insurance brokerage sector, significantly expanding Aon's middle-market presence in the United States. USI Insurance, based in Valhalla, New York, is one of the largest privately held insurance brokers in the country. The deal, if finalized, would follow Aon's failed $30 billion merger attempt with Willis Towers Watson in 2021, which was blocked by regulators. The transaction underscores continued consolidation in the insurance brokerage industry and reflects strong demand for risk management and employee benefits services.