Insurance broker Aon said Monday it will acquire USI Insurance Services from private equity firm KKR in a deal valued at $17 billion, a move the company says will create a leading platform for the U.S. middle market. The transaction, which Aon will fund with new debt, is expected to close in the fourth quarter, subject to regulatory approvals.
Speaking on CNBC’s “Squawk Box” Monday, Aon CEO Greg Case said the acquisition will establish the “premier U.S. middle-market platform.” He emphasized the opportunity to serve a segment he described as underserved, bringing “world class solutions” to roughly 200,000 middle-market companies and their 48 million employees.
Building on NFP acquisition
The deal builds on Aon’s purchase of NFP in 2024, another insurance broker focused on the U.S. middle market. With USI, Aon gains the tenth largest insurance broker in the U.S., according to a press release announcing the deal. USI brings more than $3 billion in annual revenue and over 10,500 employees.
Upon closing, USI CEO Mike Sicard will become Aon’s president and global CEO of middle market. “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,” Sicard said in the release. “Our firms share strong, one-firm cultures with a deep commitment to working together to bring the best of our capabilities to clients.”
KKR partner Chris Harrington said in the release that Aon is the ideal partner to support USI’s next growth chapter.
Market reaction and outlook
Shares of Aon slipped about 1% in premarket trading Monday. Despite the initial slide, Case said the acquisition’s potential for shareholders is enormous. “Maybe the greatest I’ve seen in my 20-year career as CEO,” he said of the opportunity to serve the middle market at scale.
Source: www.cnbc.com — https://www.cnbc.com/2026/08/31/aon-ceo-says-usi-deal-seeks-to-build-premiere-middle-market-insurance-platform.html
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