Aon plc agreed to acquire USI for $17.0 billion, with a net purchase price of $16.7 billion, the companies announced on Monday. The transaction is structured to enhance Aon's position in the U.S. middle-market segment, where USI holds over one-third of direct written premiums for commercial property and casualty insurance.
USI, the 10th-largest U.S. insurance broker with more than 10,500 employees across roughly 200 offices, reported annual revenue of approximately $3.0 billion. The acquisition is valued at about 14.5 times USI's adjusted EBITDA for the last twelve months, including synergies. Aon expects the deal to generate $395 million in annual recurring net adjusted EBITDA from revenue and cost synergies once fully integrated.
Financing will be arranged through new debt issuance across varying maturities, subject to market conditions. Aon intends to maintain its current credit ratings of Baa2 from Moody's and A- from S&P, prioritizing debt repayment over share buybacks in the near term. The transaction, expected to close in the fourth quarter of 2026, remains subject to customary regulatory approvals and closing conditions.
Upon completion, Mike Sicard, current USI Chairman and CEO, will assume the roles of President of Aon plc and global CEO of the Middle Market segment, reporting to Aon President and CEO Greg Case and joining the company's Executive Committee. BofA Securities and Citi served as financial advisors to Aon for the deal.
