Private equity firm KKR & Co. Inc. agreed to sell its insurance brokerage unit USI Insurance Services to Aon plc for $17 billion in an all-cash transaction, marking one of the largest divestments in the sector this year.
The sale, announced on Monday, reflects KKR’s exit from a business it acquired in 2017 for approximately $4.3 billion. The transaction is expected to generate roughly $3.3 billion in after-tax proceeds for KKR, alongside an estimated $2.0 billion in adjusted net income, translating to over $2.00 per share.
USI Insurance, which operates as a property and casualty, employee benefits, personal risk and retirement solutions provider, has expanded significantly under KKR’s ownership. The firm now employs more than 10,500 staff across nearly 200 U.S. offices, following organic growth and over 90 strategic acquisitions. Adjusted revenues grew at a compounded annual rate of about 12%, while adjusted EBITDA expanded at roughly 13% annually over the same period.
KKR’s co-chief executives, Joe Bae and Scott Nuttall, described the divestment as a partnership-driven success, citing value creation and operational growth as key outcomes. The transaction is slated to close in the fourth quarter of 2026, pending regulatory approvals.
Post-sale, KKR’s Strategic Holdings portfolio will reduce to 18 companies, representing an estimated $3.5 billion in adjusted revenue and $800 million in adjusted EBITDA for the trailing twelve months ended March 31, 2026.
