Private equity firm KKR & Co. Inc. announced Monday it will sell USI Insurance Services to Aon plc for $17 billion in an all-cash transaction. The deal, expected to close in the fourth quarter of 2026 subject to customary conditions and regulatory approvals, marks KKR’s exit from the insurance brokerage after nearly a decade of ownership.
KKR initially acquired USI in 2017 for approximately $4.3 billion. The firm later increased its investment in subsequent years, including in 2020, 2023, and 2025. Upon completion, the transaction is projected to generate roughly $3.3 billion in after-tax proceeds for KKR and over $2.0 billion in Adjusted Net Income, equating to more than $2.00 per share. The exit represents approximately 6.0 times KKR’s original equity investment and 3.4 times its total balance sheet capital deployed during ownership.
USI operates as an insurance brokerage and consulting firm, offering property and casualty, employee benefits, personal risk, and retirement solutions. The company employs more than 10,500 staff across nearly 200 U.S. offices. Under KKR’s ownership, USI nearly tripled its revenue through organic growth and over 90 strategic acquisitions. Adjusted revenues and Adjusted EBITDA grew at compound annual rates of about 12% and 13%, respectively, for the trailing twelve months ended March 31, 2026.
USI is part of KKR’s Strategic Holdings portfolio, which will retain ownership stakes in 18 companies following the sale. These remaining holdings generated approximately $3.5 billion in Adjusted Revenue and $800 million in Adjusted EBITDA during the same period.
KKR Co-Chief Executive Officers Joe Bae and Scott Nuttall stated the transaction exemplified the firm’s partnership-driven approach to value creation.
