Aon, USI Insurance Services'i KKR'den 17 milyar $ karşılığında satın aldı

Aon acquires USI Insurance Services from KKR for $17 billion

Mon, August 31, 2026 at 3:00 PM GMT+3 2 min read

Aon agreed to acquire USI Insurance Services from KKR and other shareholders for $17 billion in cash, the company said Monday, extending its push into the U.S. middle-market insurance segment following its $13 billion purchase of NFP in 2024.

USI ranks as the tenth largest U.S. insurance broker, generating approximately $3 billion in annual revenue and employing more than 10,500 people across close to 200 offices nationwide. The Valhalla, New York-based firm offers property and casualty, employee benefits, personal risk, and retirement services to mid-sized businesses.

Aon said the acquisition would strengthen its foothold in the U.S. middle-market segment — a space it values at more than $40 billion — while also broadening its reach into the excess and surplus, or E&S, insurance segment, which accounts for 26% of U.S. commercial property and casualty premiums and has been among the industry's fastest-growing lines.

"USI will substantially enhance our middle-market footprint and expand access for our firm in the E&S segment," Aon CEO Greg Case said in a statement.

Following the close of the transaction, USI Chairman and CEO Mike Sicard will become president of Aon and global CEO of its middle-market business, reporting to Case. "Our firms share strong, one-firm cultures with a deep commitment to working together to bring the best of our capabilities to clients," Sicard said in a statement.

Aon expects to fund the acquisition entirely through new debt and said it anticipates remaining investment-grade rated. The company said it does not plan to repurchase shares in the near term as it prioritizes paying down debt. The deal is expected to add to Aon's adjusted earnings per share in 2028 and is projected to generate $395 million in annual run-rate net adjusted EBITDA from revenue and cost synergies across the combined middle-market platform, the company said.

The deal was signed on August 30, 2026, according to an SEC filing. Closing is subject to regulatory approvals and is expected in the fourth quarter of 2026.

For KKR, the sale represents a significant exit. The private equity firm originally took USI private alongside Canadian pension fund Caisse de dépôt et placement du Québec in a $4.3 billion transaction in 2014, according to CNBC. KKR reported that the exit delivered approximately six times its return on a 2017 investment and a 3.4 times return on capital across the full life of its USI position.

On the advisory side, BofA Securities and Citi worked with Aon, while KKR turned to Goldman Sachs, Insurance Advisory Partners, and Morgan Stanley, according to CNBC.