IAP Acted as Financial Advisor to KKR & Co. Inc. on the $17 Billion Sale of USI Insurance Services to Aon plc

On August 31, 2026, KKR & Co. Inc. (“KKR”) announced the $17 billion sale of USI Insurance Services (“USI”) to Aon plc (“Aon”), one of the largest global insurance brokers.

Founded in 1994 and headquartered in Valhalla, New York, USI is one of the largest insurance brokerage and consulting firms in the United States, generating approximately $3 billion of annual revenue. The organization employs more than 10,500 professionals across nearly 200 offices nationwide and delivers property & casualty, employee benefits, personal risk, program and retirement consulting solutions to middle-market clients. KKR, alongside La Caisse, acquired USI from Onex Corporation in 2017 for $4.3 billion, and later increased its investment in 2020, 2023 and 2025.

Aon is one of the world's leading professional services firms, serving clients in over 120 countries across risk, retirement and health. The all-cash transaction, which Aon will fund with new debt, is expected to close in the fourth quarter of 2026 subject to regulatory approvals and to be accretive to adjusted earnings per share in 2028. Upon closing, USI Chief Executive Officer Mike Sicard is expected to become President of Aon. The acquisition follows Aon's $13bn purchase of NFP in 2024 and materially expands its position in the U.S. middle market, a segment Aon sizes at more than $40 billion, while broadening its access to the excess & surplus market, which now represents roughly 26% of U.S. commercial property and casualty premium and remains among the industry's fastest-growing lines.

KKR has deep experience investing across the insurance distribution and services value chain, with a track record of building scaled platforms in the sector.

Insurance Advisory Partners is proud to have acted as financial advisor to KKR in connection with this transaction. This transaction further underscores IAP's significant experience and expertise in the insurance distribution sector and across the broader insurance market.

The IAP team is committed to providing experienced, objective and insightful advice to help our clients achieve their goals and maximize their success.

For more information regarding this transaction, please see the following press release here.