Aon to buy USI in $17 billion deal to expand middle-market insurance business
Aon acquires USI Insurance Services to expand U.S. middle-market reach See how the $17 billion deal could reshape brokerage competition and growth
Aon said Monday it will acquire rival USI Insurance Services from private equity firm KKR in a $17 billion deal aimed at strengthening its position in the U.S. middle market. The transaction is expected to close in the fourth quarter, pending regulatory approval, and will be financed with new debt.
CEO Greg Case said on CNBC’s Squawk Box that the combination will create a leading platform for serving middlemarket clients in the United States. He said Aon wants to offer broader solutions to a segment of companies that he described as underserved.
The deal builds on Aon’s 2024 purchase of NFP, another brokerage focused on the middle market. USI is the 10thlargest insurance broker in the U.S., with more than $3 billion in annual revenue and over 10,500 employees.
Under the agreement, USI CEO Mike Sicard will become Aon’s president and global CEO of middle market. Aon shares fell 7% after the announcement, even as the company said the acquisition could improve its growth outlook over time.