Aon Nears $17B Deal to Acquire USI Insurance From KKR

Aon Plc is close to finalizing an agreement to acquire USI Insurance Services from private equity firm KKR in a transaction valued at approximately $17 billion, including debt, according to people familiar with the negotiations. An official announcement could come as early as Monday, August 31, 2026, if final talks conclude successfully. The deal would mark a major expansion for London-headquartered Aon, a leading insurance broker and consultancy, into the U.S. middle-market sector. USI, based in Valhalla, New York, is a brokerage and consulting firm specializing in risk management, employee benefits, and retirement consulting, generating roughly $3 billion in annual revenue. The acquisition price represents about 5.7 times USI's annual sales. For KKR, the sale would deliver a significant return on an investment dating back to 2017. That year, KKR and Canadian pension fund Caisse de dépôt et placement du Québec acquired USI from Onex Corporation for approximately $4.3 billion. KKR subsequently invested over $1 billion more into the company, becoming its largest shareholder.