Aon plc agreed to acquire U.S. insurance broker USI for $17.0 billion, expanding its presence in the middle-market segment. The cash-and-debt financed deal values USI at approximately 14.5 times its trailing twelve-month adjusted EBITDA, with a net purchase price of $16.7 billion.
The transaction will add roughly $3 billion in annual revenue and more than 10,500 employees across nearly 200 U.S. offices to Aon’s platform. USI, ranked as the tenth largest U.S. insurance broker, specializes in property and casualty, employee benefits, personal risk, and retirement solutions. The acquisition also deepens Aon’s access to the Excess & Surplus segment, which accounts for 26% of U.S. commercial property and casualty premiums.
Aon expects the deal to generate $395 million in annual run-rate net adjusted EBITDA from revenue and cost synergies. The transaction is projected to be accretive to adjusted earnings per share in 2028 and beyond. Financing will be raised through new debt across a range of maturities, subject to market conditions, and Aon does not plan near-term share repurchases as it prioritizes debt repayment.
USI Chairman and CEO Mike Sicard will become President of Aon and global CEO of the Middle Market, reporting to Aon President and CEO Greg Case. Both companies’ boards have unanimously approved the agreement. The deal is expected to close in the fourth quarter of 2026, pending customary conditions and regulatory approvals. Aon will maintain its current credit ratings of Baa2 from Moody’s and A- from S&P.
