Insurance broker Aon announced on Monday it will purchase rival USI Insurance Services from private equity firm KKR in a $17 billion deal funded with new debt, expected to close in the fourth quarter pending regulatory approvals. CEO Greg Case said on CNBC's "Squawk Box" that the merger will create the "premier U.S. middle-market platform," enabling Aon to serve the 200,000 middle-market companies and their 48 million employees. The acquisition builds on Aon's purchase of NFP in 2024, another middle-market broker. USI, the tenth largest insurance broker in the U.S., has over $3 billion in annual revenue and more than 10,500 employees. Upon closing, USI CEO Mike Sicard will become Aon's president and global CEO of middle market. Aon shares slipped about 1% in premarket trading, but Case called the opportunity "maybe the greatest I've seen in my 20-year career as CEO."
Aon PLCAon is acquiring USI Insurance Services for $17 billion, expanding its middle-market platform.
KKR & Co. Inc.KKR is selling USI Insurance Services to Aon for $17 billion, realizing a major exit.
USI Insurance Services is being acquired by Aon for $17 billion.
