Aon signed a definitive agreement on 31 August to buy USI, a US broker of property and casualty, employee benefits, personal risk and retirement products, from KKR and other shareholders for $17.0bn.
Why Aon plc is buying USI Insurance Services
Aon said the deal would establish the leading platform in the more than $40bn US middle-market segment, building on its 2024 purchase of NFP, and widen its access to the fast-growing excess and surplus lines market. It also expects the combined data platform to strengthen its analytics offering.
“Combining with USI will establish the premier U.S. middle-market platform, deepen our context advantage and position Aon to accelerate organic growth.”
Deal terms and financing
The purchase price of $17.0bn is payable in cash. Aon expects $395m of annual run-rate net adjusted EBITDA impact from revenue and cost synergies and for the deal to be accretive to adjusted EPS in 2028. USI chairman and chief executive Mike Sicard will serve as President of Aon plc and global chief executive of Middle Market.
Regulatory approvals and timing
Completion is subject to customary closing conditions, including regulatory approvals.
Market context
USI is the tenth-largest US insurance broker, with about $3bn of annual revenue and more than 10,500 staff across nearly 200 offices. KKR first invested in 2017 in a deal valuing USI at about $4.3bn, and USI made more than 90 acquisitions during its ownership.
