Aon is in advanced negotiations to acquire USI Insurance Services from private equity firm KKR for approximately $17 billion. The deal would be one of the largest insurance brokerage acquisitions in recent memory, adding USI's mid-market commercial insurance book directly onto Aon's existing platform. No final agreement has been announced, but multiple sources describe the talks as near completion.
A $17 billion acquisition of this size would meaningfully expand Aon's revenue base and give it deeper penetration into the mid-market commercial insurance segment where USI competes. KKR receives a large cash exit, which frees capital for redeployment into new private equity positions. Aon shareholders face near-term dilution risk or leverage risk depending on how the deal is financed, while the strategic upside is a larger share of a fee-generating brokerage market that is not directly tied to investment markets.
Formal deal announcement: expected within days to weeks based on current reporting. Aon Q2 earnings call: July 2025 (exact date TBD). Any regulatory filing or Hart-Scott-Rodino antitrust review notice.
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