Aon agrees to acquire USI from KKR and other shareholders for a total purchase price of US$17 billion, or US$16.7 billion net of certain tax attributes. USI is the tenth largest insurance broker in the US, with approximately US$3 billion in annual revenue and more than 10,500 staff across nearly 200 offices. It provides property and casualty, employee benefit, personal risk, programme and retirement solutions to middle-market clients. The acquisition builds on Aon’s purchase of NFP in 2024 and expands the broker’s presence in the US middle-market segment, which Aon values at more than US$40 billion and which it says represents more than one third of US commercial property and casualty direct written premium. The transaction also extends Aon’s access to the excess and surplus segment, distributed through managing general agents, managing general underwriters and wholesalers. Aon says the segment accounts for 26 per cent of US commercial property and casualty premiums. Mike Sicard, chairman and chief executive officer of USI, becomes president of Aon and global chief executive officer of middle market on completion, reporting to Greg Case and joining the Aon executive committee. Aon expects the deal to deliver approximately US$395 million in annual run-rate net adjusted earnings before interest, taxes, depreciation and amortisation from revenue and cost synergies, and to be accretive to adjusted earnings per share in 2028. The net purchase price represents approximately 14.5 times synergised trailing twelve-month adjusted EBITDA. The broker plans to fund the transaction with new debt across a range of maturities and expects to maintain its current ratings of ‘Baa2’ with Moody’s and ‘A-’ with S&P. It does not expect to repurchase shares in the near term as it prioritises debt repayment. Both boards approve the transaction unanimously. Completion is subject to customary conditions including regulatory approvals and is expected in the fourth quarter of 2026, with the two firms operating independently until then. Case, president and chief executive officer of Aon, says: "Combining with USI will establish the premier U.S. middle-market platform, deepen our context advantage and position Aon to accelerate organic growth. Building on the success of our acquisition of NFP, USI will substantially enhance our middle-market footprint and expand access for our firm in the E&S segment to deliver content, capabilities and expertise to a broader client base." Sicard says: "Joining Aon represents a truly energizing next chapter for our firm and an opportunity to accelerate our momentum as part of the Aon United platform. I look forward to leading Aon's middle-market platform and uniting the strengths of USI, NFP and Aon to deliver a new standard of content, capabilities and service to our clients."
