Key Takeaways
- • Aon agreed to acquire USI Insurance Services from KKR and other shareholders for $17.0 billion, substantially expanding Aon's presence in the U.S. middle-market insurance segment valued at more than $40 billion.
- • USI contributes approximately $3 billion in annual revenue and operates more than 10,500 team members across nearly 200 U.S. offices, making it the tenth largest U.S. insurance broker with complementary property & casualty, employee benefit, personal risk, and retirement solutions capabilities.
- • The transaction is projected to deliver $395 million in annual run-rate net adjusted EBITDA impact from combined revenue and cost synergies, with accretion to adjusted earnings per share expected to begin in 2028; Aon will fund the deal with new debt, raising leverage to approximately 4.8x at close.
- • Doug Hammond has been appointed Global Executive Vice President to guide Aon's middle-market strategy following the acquisition, which builds on the firm's successful 2024 acquisition of NFP and establishes what management describes as the "premier" U.S. middle-market platform.
- • The deal expands Aon's access to the Excess & Surplus (E&S) segment, one of the fastest-growing areas in U.S. commercial insurance, while enhancing its industry-leading data platform and analytics capabilities through USI's proprietary USI ONE platform.
Summary
Aon plc announced on August 31, 2026, a definitive agreement to acquire USI Insurance Services from private equity firm KKR and other shareholders for $17.0 billion in cash. The transaction represents a strategic continuation of Aon's middle-market expansion strategy, building directly on its 2024 acquisition of NFP. The deal is expected to close in the fourth quarter of 2026, subject to regulatory approvals.
USI is the tenth largest U.S. insurance broker with approximately $3 billion in annual revenue, over 10,500 employees, and a presence across nearly 200 U.S. offices. The firm provides a comprehensive suite of services including property & casualty, employee benefit, personal risk, and retirement solutions tailored to middle-market clients. The acquisition substantially enhances Aon's footprint in the U.S. middle-market segment, which exceeds $40 billion in size. USI's proprietary USI ONE platform—which delivers analytics, networked resources, and strategic planning capabilities—is highly complementary with Aon's one-firm operating model and Aon United strategy.
Aon projects the combined platform will generate $395 million in annual run-rate net adjusted EBITDA impact from revenue and cost synergies across the integrated middle-market operations. The deal is anticipated to be accretive to adjusted earnings per share beginning in 2028. Aon will finance the acquisition through new debt, resulting in leverage of approximately 4.8x at close, with earnings per share anticipated to experience a near-term impact in 2027 during integration.
Following the transaction's close, USI Chairman and CEO Mike Sicard will become President of Aon plc and global CEO of Middle Market. Additionally, Doug Hammond was appointed Global Executive Vice President reporting to Aon President and CEO Greg Case to guide the firm's middle-market strategy and oversee integration. The acquisition also expands Aon's access to the Excess & Surplus (E&S) segment, identified as one of the fastest-growing areas in U.S. commercial insurance, while deepening its industry-leading data platform and context advantage through combined capabilities.
USI is the tenth largest U.S. insurance broker with approximately $3 billion in annual revenue, over 10,500 employees, and a presence across nearly 200 U.S. offices. The firm provides a comprehensive suite of services including property & casualty, employee benefit, personal risk, and retirement solutions tailored to middle-market clients. The acquisition substantially enhances Aon's footprint in the U.S. middle-market segment, which exceeds $40 billion in size. USI's proprietary USI ONE platform—which delivers analytics, networked resources, and strategic planning capabilities—is highly complementary with Aon's one-firm operating model and Aon United strategy.
Aon projects the combined platform will generate $395 million in annual run-rate net adjusted EBITDA impact from revenue and cost synergies across the integrated middle-market operations. The deal is anticipated to be accretive to adjusted earnings per share beginning in 2028. Aon will finance the acquisition through new debt, resulting in leverage of approximately 4.8x at close, with earnings per share anticipated to experience a near-term impact in 2027 during integration.
Following the transaction's close, USI Chairman and CEO Mike Sicard will become President of Aon plc and global CEO of Middle Market. Additionally, Doug Hammond was appointed Global Executive Vice President reporting to Aon President and CEO Greg Case to guide the firm's middle-market strategy and oversee integration. The acquisition also expands Aon's access to the Excess & Surplus (E&S) segment, identified as one of the fastest-growing areas in U.S. commercial insurance, while deepening its industry-leading data platform and context advantage through combined capabilities.
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