Aon to acquire rival broker in $17bn deal

Aon has signed an agreement to buy USI Insurance Services in a major $17bn (£12.6bn) deal.

USI, which is the 10th largest US insurance broker, is a provider of property and casualty, employee benefit, personal risk and retirement propositions for the middle-market.

Aon said the addition of USI enhances its presence in the middle-market and expands its direct access to the E&S segment, distributed through MGAs, MGUs and wholesalers.

The deal builds on Aon’s acquisition of NFP in 2024, which was also made to enhance Aon’s position in the middle-market.

Greg Case, president and chief executive at Aon, said: ”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, while enabling client leaders to expand relationships and win new business.

”Our combined data platform will generate richer insight, advance the development of innovative, AI-driven solutions and expand the universe of insurable risk, while further reinforcing the context advantage that differentiates Aon.”

Purchase details

Aon is purchasing the firm from global investment business KKR, which invested in USI in 2017 in partnership with clients, co-investors and USI’s management and employees.

Joe Bae and Scott Nuttall, co-chief executives at KKR, said: “Thank you to everyone at USI who has been part of our journey. USI is a textbook case of partnership, patience and value creation that delivered an exceptional outcome for our shareholders and clients.”

Closing of the transaction is subject to customary conditions, including regulatory approvals, and is expected to occur in the fourth quarter of 2026.

Following the close of the transaction, USI chairman and chief executive Mike Sicard will serve as president of Aon and global chief executive of middle-market, reporting to Case.

“Joining Aon represents a truly energising next chapter for our firm and an opportunity to accelerate our momentum as part of the Aon United platform,” said Sicard.

“Our firms share strong, one-firm cultures with a deep commitment to working together to bring the best of our capabilities to clients. 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.”