Aon USI Acquisition Builds Middle-Market Platform
Aon USI acquisition expands Aon's U.S. middle-market and E&S reach, signals $395 million run-rate synergies and EPS accretion, shifting trading flows.
KEY TAKEAWAYS
- Aon agreed to acquire USI for $17.0 billion; net price $16.7 billion after $278 million tax attributes.
- Deal values USI at roughly 14.5x on synergized trailing-twelve-month adjusted EBITDA.
- Deal targets $395 million annual run-rate net adjusted EBITDA and accretion to adjusted EPS by 2028.
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Aon plc said in a press release on Aug. 31, 2026, that it signed a definitive agreement to acquire USI Insurance Services from KKR. The Aon USI acquisition extends Aon’s footprint in the U.S. middle-market and strengthens its Excess & Surplus (E&S) lines and data-analytics capabilities.
Deal Terms, Strategic Rationale, and Synergies
Aon reported a total purchase price of $17.0 billion and a net purchase price of $16.7 billion after reflecting approximately $278 million of tax attributes. The net figure represents about 14.5 times synergized trailing-twelve-month adjusted EBITDA, a proxy for operating profit.
The company described the acquisition as establishing the premier U.S. middle-market platform, building on its 2024 purchase of NFP. USI will expand Aon’s access to the fast-growing E&S segment of commercial insurance and deepen its data and analytics “context advantage,” which uses broader data inputs to improve risk insights.
Aon expects the combination to generate roughly $395 million in annual run-rate net adjusted EBITDA from revenue and cost synergies across the middle-market platform. The transaction is projected to be accretive to adjusted earnings per share in 2028.
Timing, Governance, and Leadership
The boards of Aon and USI have unanimously approved the transaction. Closing is expected in the fourth quarter of 2026, subject to customary conditions, including regulatory approvals.
USI Chairman and Chief Executive Mike Sicard is expected to become President of Aon plc and global CEO of Middle Market, overseeing the integration of USI, NFP, and Aon’s existing middle-market operations.
Aon scheduled a conference call on Aug. 31 from 8:00 to 8:45 a.m. ET to discuss the transaction, with a live audio webcast and presentation slides available on its investor-relations site.
