Aon to Acquire USI Insurance Services from KKR for $17 Billion

M&A · Partnership
โดย CNBC·US·Read original
Summary · why it matters

Aon has agreed to acquire USI Insurance Services from KKR and other shareholders for $17 billion in cash, extending its push into the U.S. middle-market insurance segment following its $13 billion purchase of NFP in 2024. USI, the tenth largest U.S. insurance broker, generates approximately $3 billion in annual revenue and employs more than 10,500 people across nearly 200 offices. The deal strengthens Aon's foothold in the middle-market segment, valued at over $40 billion, and expands its reach into the excess and surplus insurance segment, which accounts for 26% of U.S. commercial property and casualty premiums. Aon expects to fund the acquisition entirely through new debt and anticipates remaining investment-grade rated, with the deal expected to add to adjusted earnings per share in 2028 and generate $395 million in annual run-rate net adjusted EBITDA from synergies. The transaction, signed on August 30, 2026, is subject to regulatory approvals and is expected to close in the fourth quarter of 2026. For KKR, the sale delivers approximately six times its return on a 2017 investment and a 3.4 times return on capital across the full life of its USI position.

Impact on stocks 2

Climate Adaptation & Water▲ · 1 stocks
Aon PLC
AON
▲ PositiveCapitalrelevance

Aon agrees to acquire USI for $17B, funded by new debt, expected to add to adjusted EPS in 2028 with $395M synergies.

Aging Population▲ · 1 stocks
KKR & Co. Inc.
KKR
▲ PositiveCapitalrelevance

KKR sells USI to Aon for $17B, delivering ~6x return on its 2017 investment and 3.4x return on capital.

Off-coverage companies 1

USIインシュアランス・サービシズPrivate± Mixed
Capitalrelevance

USI is the acquisition target being sold by KKR to Aon for $17B; impact on USI itself is unclear.

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