Aon agreed to acquire USI Insurance Services for $17 billion in cash, marking one of the largest transactions in the insurance brokerage sector. The deal, expected to close in the fourth quarter of 2026, will expand Aon’s presence in the U.S. middle-market segment and strengthen its excess & surplus insurance capabilities.
The acquisition follows Aon’s $13 billion purchase of NFP in 2024, reinforcing its strategy to consolidate the middle-market brokerage space. USI, founded in 1994 and based in Valhalla, New York, provides property and casualty insurance, employee benefits, personal risk, program, and retirement services to clients across the U.S.
USI was previously acquired by private equity firm KKR and Canada’s Caisse de dépôt et placement du Québec in 2014 for $4.3 billion. The sellers will receive $17 billion in cash, with advisors to Aon including BofA Securities and Citi, while KKR’s team was advised by Goldman Sachs, Insurance Advisory Partners, and Morgan Stanley.
Aon CEO Greg Case said the combination would create the leading U.S. middle-market platform, deepen the firm’s market insights, and accelerate organic growth. The transaction is projected to boost Aon’s adjusted profit by 2028, aligning with its broader expansion in high-growth insurance segments.
