US insurance brokerage USI Insurance Services, which provides risk management, employee benefits and retirement consulting, has agreed to be acquired by Aon plc from KKR and its co-investors in a $17bn all-cash transaction.
USI provides property and casualty insurance, employee benefits, personal risk, programme and retirement solutions to customers across the US. Headquartered in Valhalla, New York, the company also operates its USI ONE Advantage platform, which brings together proprietary tools, local networks and collaboration across the business.
The company has more than 10,500 staff across almost 200 offices in the US. Its expansion under KKR included more than 90 bolt-on acquisitions, alongside organic growth, while investment in proprietary technology, data and artificial intelligence capabilities was supported by a broker recruitment drive that more than doubled USI’s headcount.
USI’s adjusted revenue grew at a compound annual rate of approximately 12% during KKR’s ownership, while adjusted EBITDA increased by around 13% annually.
KKR first invested in USI in 2017, when the company was valued at approximately $4.3bn. The private equity firm subsequently increased its investment in 2020, 2023 and 2025.
USI was KKR’s first direct private equity investment and forms part of its Strategic Holdings portfolio. Following completion of the transaction, the portfolio will hold interests in 18 companies, representing KKR’s share of approximately $3.5bn in adjusted revenue and $800m in adjusted EBITDA for the twelve months to the end of March 2026.
The sale represents approximately six times KKR’s original investment in USI and 3.4 times the total capital invested throughout its ownership. KKR expects the transaction to generate approximately $3.3bn in after-tax proceeds and around $2bn in Adjusted Net Income, equivalent to more than $2.00 per share.
Under the agreement, Aon will acquire USI from KKR and its co-investors in an all-cash transaction valued at $17bn. The deal is expected to close in the fourth quarter of 2026, subject to regulatory approvals and customary closing conditions.
Goldman Sachs & Co. LLC, Insurance Advisory Partners LLC and Morgan Stanley & Co. LLC advised KKR on the transaction. Simpson Thacher & Bartlett LLP acted as legal counsel to KKR and USI.
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.”
Copyright © 2026 InsurTech Analyst
