Aon Closes In on $17B USI Insurance Takeover in Major KKR Exit
Synopsis
Insurance broker Aon is nearing a roughly $17 billion acquisition of USI Insurance Services from KKR, according to the Wall Street Journal, potentially giving KKR another major exit after its recent sales of CoolIT and Circor businesses.
Aon is set to acquire USI Insurance Services from private equity firm KKR in a roughly $17 billion global deal that includes debt.
The deal, if it happens, would be announced soon, according to WSJ. It is also said that it had not been able to confirm the report independently and that no agreement had been reached.
USI Deal Follows $4.3 Billion KKR Purchase
Based in the New York City suburbs of Valhalla, USI, a midsize insurance brokerage and consulting company, has annual revenues of around $3 billion. Aon's reach in the United States would be greater for the Aon USI Insurance deal in providing insurance brokerage services to middle-market firms.
In 2017, KKR and Canadian pension fund CDPQ bought USI from Onex Corporation for $4.3 billion, including debt. Since then, KKR has sunk over $1 billion into the company, and they became the largest shareholder.
The Aon USI Insurance transaction comes after Aon bought insurance broker NFP in 2024 for $13 billion. According to the Aon USI Insurance deal's terms, the earnings per share would rise for Aon as soon as 2028.
Aon Reports $4.2 Billion Quarterly Revenue
The most recent Aon result comes ahead of the transaction and provides a look at the company's finances. The company's second-quarter 2026 revenue came to $4.2 billion, up 2% year over year, with organic revenue growth of 5%.
Revenues from Risk Capital increased by 5% to $3.0 billion, whereas Human Capital revenue decreased by 4% to $1.2 billion, with Aon's adjusted earnings per share coming to $3.81 for the quarter.
The company has offices in more than 120 countries and is headquartered in London, while its operations span the United States, Australia, Canada, Europe, and Asia Pacific.
Global Brokerage Market
Fortune Business Insights has just released its latest insurance broker market report, which estimates the global insurance broker market to be worth $137.14 billion by 2026, from $125.36 billion in 2025.
North America is projected to account for 37.5% of the global insurance broker market value by 2025, according to the report. Therefore, the Aon USI (Insurance) deal will be focusing on the region that has been identified as the biggest geographic opportunity.
The Aon USI Insurance deal has not been completed as of the publication of this article.
Source: WSJ
Pooja Malik is a business journalist with over six years of experience covering startups, entrepreneurship, and emerging trends. She has previously worked with leading media platforms such as YourStory Media and BW BusinessWorld, where she reported on business, policy, and market developments. Currently, she serves as Editor at The Inspirepreneur Magazine, where she writes and edits stories across business, lifestyle, and travel, with a focus on clarity, accuracy, and reader relevance.
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