Mega buyouts have become more typical in the highly fragmented insurance brokerage industry in recent years as companies turn more willing to pay top dollar to bolster their market presence and competitive edge.
The deal highlights Aon’s efforts to further expand its presence in the vast and fast-growing middle-market insurance segment, which caters to mid-sized businesses.
“Combining with USI will establish the premier U.S. middle-market platform, deepen our context advantage and position Aon to accelerate organic growth,” Aon CEO Greg Case said.
“Building on the success of our acquisition of NFP, USI will substantially enhance our middle-market footprint and expand access for our firm in the E&S (excess & surplus) segment.”
Over the past few decades, Aon has bought some well-known names in the insurance and consulting industries, including the $13 billion acquisition of middle-market property and casualty broker NFP in 2024.
Other recent mega deals in the insurance brokerage sector include Arthur J. Gallagher’s $13.5 billion acquisition of AssuredPartners and Brown & Brown’s nearly $10 billion purchase of Accession Risk Management, both finalized last year.
Founded in 1994, USI is an insurance brokerage and consulting firm that offers property and casualty, employee benefits, personal risk, program and retirement services.
Aon, one of the world’s largest insurance brokers, caters to clients in over 120 countries, helping them navigate increasing complexity and volatility.
KKR and Canadian pension fund Caisse de dépôt et placement du Québec bought Valhalla, New York-based USI in a $4.3 billion deal in 2014.
Since then, KKR boosted its stake in the firm and became the largest stakeholder.
For KKR, the USI deal adds to a pickup in exit activity. The second quarter was the largest monetization quarter in its history.
The USI deal is expected to close in the fourth quarter of 2026 and expected to boost adjusted profit in 2028.
BofA Securities and Citi advised Aon on the deal, while Goldman Sachs, Insurance Advisory Partners and Morgan Stanley advised KKR.
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