Aon has agreed to acquire USI Insurance Services from KKR and other shareholders for $17 billion, significantly expanding Aon’s position in the U.S. middle-market insurance brokerage sector.
The transaction is expected to close in the fourth quarter of 2026, subject to regulatory approvals and other customary closing conditions. Aon and USI will continue operating independently until the transaction closes.
The acquisition builds on Aon’s $13.4 billion purchase of NFP, which closed in 2024, and represents another major investment in the middle-market insurance sector.
Aon President and CEO Greg Case said adding USI will substantially increase the company’s middle-market presence while expanding its capabilities and access to the excess and surplus lines market. Aon also expects USI’s data and analytics capabilities to complement its existing technology platform and support the development of AI-driven insurance solutions.
Leadership changes are also planned following the transaction. USI Chairman and CEO Mike Sicard will become president of Aon plc and global CEO of Middle Market. He will report to Case and join Aon’s Executive Committee.
Sicard said the combination will bring together the capabilities of USI, NFP and Aon to create a broader middle-market insurance platform.
Aon said the transaction will also expand its participation in the E&S market through USI’s developing wholesale capabilities. The company noted that the E&S sector now represents approximately 26% of U.S. commercial property and casualty premiums.
Financially, Aon expects approximately $395 million in annual run-rate net adjusted EBITDA impact from anticipated revenue and cost synergies across its combined middle-market operations. The company expects the acquisition to become accretive to adjusted earnings per share beginning in 2028.
Aon plans to finance the acquisition and related expenses with new debt. The boards of both Aon and USI have unanimously approved the transaction.
If completed as planned, the acquisition will bring USI together with Aon and NFP, creating a significantly larger presence in the U.S. middle-market insurance brokerage business.
Information for this article was provided by Aon. Views and claims expressed in this article are those of the source company and do not necessarily reflect the views of AgencyEquity.com. This article may have been edited with the help of AI.
