Aon to Acquire USI in $17 Billion Middle-Market Insurance Deal

The acquisition of USI from KKR and other shareholders brings the tenth-largest U.S. insurance broker into Aon’s portfolio. USI contributes approximately $3 billion in annual revenue and a network of 10,500 employees across nearly 200 offices. Aon plans to leverage USI’s proprietary ONE platform to enhance its own data-driven advisory services and AI-led solutions.

Following the expected close in the fourth quarter of 2026, USI Chairman and CEO Mike Sicard will transition to the role of President of Aon plc and global CEO of Middle Market. Aon anticipates the integration will generate $395 million in annual run-rate net adjusted EBITDA impact through revenue and cost synergies, with the transaction expected to be accretive to adjusted earnings per share by 2028.

Financing for the $17 billion purchase will be managed through new debt issuance. Aon expects to maintain its current credit ratings during the transition, prioritizing de-leveraging and dividend stability over share repurchases in the near term. Both companies will continue to operate independently until the regulatory approval process concludes.