Aon plc has agreed to acquire USI Insurance Services from KKR and its co-investors for $17bn, in a deal that will bring one of the largest insurance brokerage and consulting groups in the US under Aon’s ownership.
The all-cash transaction will see Aon acquire USI, which provides risk management, employee benefits and retirement consulting services across the US. The deal values USI at around six times the equity KKR originally invested in 2017.
For KKR, the transaction marks the planned exit from its first direct private equity investment. The firm expects the sale to generate approximately $3.3bn in after-tax proceeds and around $2bn of Adjusted Net Income, equivalent to more than $2.00 per share. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the fourth quarter of 2026.
USI employs more than 10,500 professionals across nearly 200 offices in the US. During KKR’s ownership, its revenue nearly tripled, supported by organic growth and more than 90 add-on acquisitions that expanded the business’s scale and capabilities.
KKR also backed investments in USI’s workforce, proprietary technology, data and artificial intelligence capabilities. Adjusted revenue increased at a compound annual growth rate of approximately 12% during the investment period, while adjusted EBITDA grew at around 13% annually.
USI provides property and casualty insurance, employee benefits, personal risk, programme and retirement solutions. Its USI ONE Advantage platform combines proprietary tools, local networks and collaboration across the business to support its customers.
KKR first invested in USI in 2017, when the company was valued at approximately $4.3bn, and subsequently increased its stake in 2020, 2023 and 2025. USI forms part of KKR’s Strategic Holdings portfolio, which focuses on businesses the firm considers durable and capable of generating long-term value.
Following the transaction, KKR’s Strategic Holdings portfolio will comprise interests in 18 companies, representing its share of approximately $3.5bn in adjusted revenue and $800m in adjusted EBITDA for the 12 months to the end of March 2026.
KKR co-chief executive officers Joe Bae and Scott Nuttall said, “Thank you to everyone at USI who has been part of our journey. USI is a textbook case of partnership, patience and value creation that delivered an exceptional outcome for our shareholders and clients. This monetization milestone for Strategic Holdings also demonstrates that the compounding opportunity of this portfolio – with durable, growth oriented and recurring cash flows – is real.”
KKR partner Chris Harrington also commented, “When we acquired USI, we saw a fantastic company that was uniquely positioned to help address the risk management, insurance and employee benefits-related needs of businesses across America. Working alongside Mike Sicard and the management team, we supported significant investments in USI’s people, platform and technology to grow a very good business into a stronger, more scaled and more innovative one. USI has continued to innovate and extend its leadership position, and we believe Aon is the ideal long-term partner to support the next chapter of its growth.”
USI chairman and CEO Mike Sicard added, “USI’s combination with Aon represents a transformative opportunity for the future. We’ve had a great long-term partnership with KKR for nearly a decade —together we have invested in our team, our culture and our technology to build the USI platform into what it is today. We are excited to begin the next chapter with Aon and want to thank our partners at KKR for their tremendous support of USI.”
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