Aon is nearing a roughly $17 billion deal to acquire USI Insurance from private-equity firm KKR, according to people familiar with the matter, marking a major consolidation move in the insurance brokerage sector.
A deal could be announced as soon as Monday, the sources said, assuming negotiations conclude successfully. The transaction would include debt and represents a significant expansion of Aon’s platform following its $13 billion acquisition of middle-market broker NFP, which closed in April 2024.
KKR acquired USI in 2017 as a co-owner alongside Canada’s Caisse de Dépôt et Placement du Québec (CDPQ), valuing the insurance brokerage at $4.3 billion at the time. The private-equity firm later increased its investment, becoming USI’s single-largest shareholder with over $1 billion in additional capital in September 2023, according to reporting on the company’s ownership structure.
USI operates as one of the largest privately held insurance brokers in North America. The potential acquisition would further consolidate a market already dominated by mega-brokers. Aon currently ranks as the second-largest insurance broker globally by revenue at $15.4 billion, trailing only Marsh & McLennan Companies at $25.3 billion, according to 2026 industry data.
Insurance brokerage M&A has remained resilient through 2026, though with signs of recalibration. As of May 2026, there were 241 announced M&A transactions in the U.S. insurance sector, down 5.1 percent compared to the same period a year earlier, according to MarshBerry data. Despite the slower pace, strategic consolidation continues to drive deal activity, with brokers pursuing larger acquisitions to deepen their capabilities and market reach.
Aon’s pursuit of USI aligns with broader industry trends toward platform scaling and operational integration. The NFP acquisition, which expanded Aon’s middle-market presence, demonstrated the company’s appetite for transformative deals. NFP has continued to operate as an independent and connected platform within Aon since the close, maintaining its distinct brand identity while gaining access to Aon’s global resources.
The deal would give Aon greater exposure to the commercial and personal lines markets that USI serves, complementing its existing advisory and risk management offerings. For KKR, the transaction would represent a significant return on its nine-year investment in the brokerage, capitalizing on sustained demand from larger strategic buyers seeking to consolidate market share.
Sources
- Wall Street Journal — Aon’s near-agreement to acquire USI Insurance for roughly $17 billion, including debt, and potential announcement timing
- Aon / PRNewswire — Aon’s completion of the $13 billion NFP acquisition in April 2024
- MarshBerry — Insurance brokerage M&A transaction counts and resilience trends as of June 2026
- BrokersBLOC — 2026 rankings of largest insurance brokers by revenue
