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Aon Nears $17B Purchase of USI Insurance from KKR

8/31/2026

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Summary

Story summary

Aon Plc is nearing a $17 billion purchase of USI Insurance Services from KKR.
USI, based in Valhalla, New York, generates about $3 billion of annual revenue.
Aon’s market value is about $75 billion, making it the second-largest broker with $15.4 billion revenue.
The $17 billion transaction, including debt, ranks among the largest recent brokerage acquisitions.
KKR bought USI in 2017 for $4.3 billion, reflecting roughly a fourfold increase.

History

Historical Context

In the 2006-07 global private-equity boom, KKR led a $44.37 billion leveraged buyout of Texas utility TXU, the era’s largest deal, after raising a $17.6 billion fund. Decades later, Aon’s 2024 $17 billion acquisition of USI—originally bought by KKR in 2017—demonstrates the same appetite for significant scaling of insurance brokers within the $3 trillion industry.

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Story summary

Aon Plc is nearing a $17 billion purchase of USI Insurance Services from KKR.
USI, based in Valhalla, New York, generates about $3 billion of annual revenue.
Aon’s market value is about $75 billion, making it the second-largest broker with $15.4 billion revenue.
The $17 billion transaction, including debt, ranks among the largest recent brokerage acquisitions.
KKR bought USI in 2017 for $4.3 billion, reflecting roughly a fourfold increase.

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