Global insurance broker Aon is in advanced negotiations to acquire USI Insurance from private equity giant KKR for $17 billion USD (approximately 14.6 billion euros). The deal could be formally announced as early as this Monday, according to information reported by The Wall Street Journal.
The acquisition will allow Aon to strengthen its presence in the mid-market segment. According to industry sources, the deal is expected to have a positive impact on Aon's earnings per share starting from 2028.
USI is an insurance brokerage, risk management, retirement plans, and employee benefits consulting firm, with annual revenue of approximately $3 billion (around 2.5 billion euros).
The operation marks KKR's exit from an asset it has held since 2017, when it purchased USI from Onex for $4.3 billion, in partnership with Canadian fund CDPQ. KKR made capital injections in subsequent years, taking majority control in 2023. This is not Aon's first major move in the sector targeting the middle market, as the company completed the purchase of NFP for $13 billion in 2024.
