Global investment firm KKR & Co. Inc. agreed to sell USI Insurance Services to Aon plc for $17 billion in an all-cash transaction, the companies announced on Monday.
The deal, subject to customary closing conditions and regulatory approvals, is expected to finalize in the fourth quarter of 2026. Upon completion, KKR will recognize net proceeds of approximately $3.3 billion after taxes, with adjusted net income projected at about $2.0 billion, or more than $2.00 per share.
USI, a U.S.-based insurance broker and consultant, employs over 10,500 people across roughly 200 offices. Under KKR’s ownership since 2017, the company tripled its revenue through organic growth and more than 90 strategic acquisitions, achieving compound annual revenue and EBITDA growth of about 12% and 13%, respectively.
KKR initially invested in USI in 2017 when it valued the company at approximately $4.3 billion. Additional investments followed in 2020, 2023, and 2025. The exit generates a return of roughly 6.0 times KKR’s original capital invested and 3.4 times the total balance sheet capital deployed during the ownership period.
For Aon, the acquisition strengthens its U.S. brokerage platform, expanding its reach in property and casualty insurance, employee benefits, personal risk, and retirement solutions. The deal is the latest in a series of large-scale transactions reshaping the global insurance brokerage sector.
KKR’s Strategic Holdings portfolio, which includes direct investments in companies, will retain 18 businesses following the sale. As of March 31, 2026, these holdings generated about $3.5 billion in adjusted revenue and $800 million in adjusted EBITDA over the prior 12 months.
KKR Co-Chief Executives Joe Bae and Scott Nuttall stated that USI exemplified the firm’s approach to partnership and value creation, delivering an exceptional outcome for shareholders and clients.
