Aon has agreed to acquire U.S. middle-market insurance broker USI in an all-cash deal valued at approximately $17 billion, or $16.7 billion net of certain tax attributes, with the transaction expected to close in the fourth quarter of 2026. The acquisition aims to create a premier U.S. middle-market platform by combining Aon, USI, and NFP, expanding capabilities in property and casualty, employee benefits, personal risk, and retirement solutions. USI Chairman and CEO Mike Sicard is set to become Aon's president and global CEO of Middle Market, leading the combined platform. The middle-market segment represents about one-third of the U.S. commercial property-and-casualty market, with an addressable market of more than $40 billion, and the combined platform is expected to generate $6.5 billion in revenue. Aon plans to finance the deal with newly issued debt, expects $395 million in synergies, and anticipates the acquisition to be accretive to earnings per share by 2028.
Aon PLCAon acquires USI for $17B, expanding middle-market platform and expected to be accretive by 2028.
USI CorpUSI is acquired by Aon in a $17B deal, with CEO becoming president of combined platform.
