Aon announced its intention to purchase USI Insurance Services from KKR for $17 billion, a deal that will be financed through new debt and is expected to close in the fourth quarter pending regulatory approvals.
CEO Greg Case emphasized that this merger will position Aon as a premier provider for the underserved U.S. middle market, which consists of approximately 200,000 companies and 48 million employees. The acquisition follows Aon's earlier purchase of NFP in 2024, further solidifying its focus on this market segment.
USI, the tenth largest insurance broker in the U.S. with over $3 billion in annual revenue and more than 10,500 employees, will see its CEO Mike Sicard transition to Aon's president and global CEO of middle market post-acquisition. KKR's Chris Harrington expressed confidence that Aon is the right partner for USI's growth.
Although Aon's shares dipped about 1% in premarket trading, Case believes the acquisition presents significant value potential for shareholders, possibly the greatest he has seen in his two-decade tenure as CEO