Aon is reportedly nearing a $17 billion agreement to acquire USI Insurance Services from KKR. The deal includes debt and could be announced as early as Monday. This transaction would rank as one of the largest in the insurance brokerage sector in recent years.
KKR and Canadian pension fund CDPQ acquired USI in 2017 for $4.3 billion. KKR currently serves as the firm's largest shareholder. The $17 billion sale price represents a nearly fourfold increase in enterprise value over nine years.
The acquisition targets significant expansion in the middle-market brokerage segment. This move follows Aon’s $13 billion purchase of NFP in 2024. USI generates approximately $3 billion in annual revenue through insurance brokerage and consulting services.