Aon has agreed to acquire USI Insurance Services from KKR and its co-investors for $17 bn in cash. The transaction is expected to close in the fourth quarter of 2026, subject to regulatory approvals and customary closing conditions.
USI provides property and casualty insurance brokerage, employee benefits, personal risk and retirement consulting services. The company employs more than 10,500 people across nearly 200 offices in the US and serves large corporate clients, middle-market businesses, smaller companies and individuals.
The transaction brings to an end nearly a decade of KKR ownership. KKR first invested in USI in 2017 alongside clients, co-investors, management and employees in a deal valuing the brokerage at approximately $4.3 bn.
KKR subsequently increased its investment in 2020, 2023 and 2025. USI became KKR’s first core private equity investment and currently sits within its Strategic Holdings portfolio.
During KKR’s ownership, USI nearly tripled revenue through organic expansion and more than 90 acquisitions. Those transactions increased the broker’s geographic reach, employee base and range of insurance services.
USI’s workforce more than doubled over the same period. KKR and management also invested in proprietary technology, data systems and AI tools used across client service and internal operations.
Adjusted revenue grew at a compound annual rate of approximately 12% during KKR’s ownership. Adjusted EBITDA increased at roughly 13% annually over the same period.
Joe Bae and Scott Nuttall, Co-Chief Executive Officers of KKR, described USI as a major realization for the Strategic Holdings portfolio. They credited the brokerage’s employees and management for the growth achieved since the original investment.
Chris Harrington, Partner at KKR, said the firm initially viewed USI as well positioned to address insurance, risk management and employee benefits needs across US businesses. He said KKR later supported investment in recruitment, technology and the brokerage platform as USI expanded.
USI Chairman and CEO Mike Sicard said the combination with Aon begins another phase for the company. He credited KKR with supporting investment in USI’s workforce, corporate culture and technology during their partnership.
Under the agreement, Aon will pay $17 bn entirely in cash. KKR said the implied equity value represents approximately a 6x return on the equity invested in 2017 and a 3.4x return on total KKR balance-sheet capital invested throughout its ownership.
KKR expects the sale to generate approximately $2 bn of after-tax distributable earnings, or ANI, subject to completion of the transaction. That equals about $2.00 of ANI per share.
KKR didn’t provide a reconciliation of forecast ANI or ANI per share with corresponding GAAP measures. The firm said preparing that reconciliation would require unreasonable effort.
After the USI sale, KKR’s Strategic Holdings portfolio will contain stakes in 18 companies. On a pro forma basis, those businesses represent KKR’s share of approximately $3.5 bn in adjusted revenue and around $800 mn in adjusted EBITDA for the 12 months ended March 31, 2026.
Strategic Holdings consists of direct company investments held on KKR’s own balance sheet. The structure gives KKR exposure to investment returns from portfolio companies in addition to management fees and carried interest earned from third-party capital.
Goldman Sachs & Co., Insurance Advisory Partners and Morgan Stanley & Co. are advising KKR on the sale. Simpson Thacher & Bartlett is acting as legal adviser to KKR and USI.
The proposed acquisition would transfer one of the largest privately held US insurance brokerages to Aon. USI enters the transaction with more than 10,500 employees, nearly 200 offices and a business that has expanded through both organic growth and more than 90 acquisitions since KKR’s initial investment.
