Aon, headquartered in London, announced on August 31 that it has signed a final acquisition agreement with USI Insurance Services, a U.S. insurance brokerage firm, and its shareholders for a total price of 17 billion dollars.
Aon is one of the world’s second largest insurance brokerage and risk advisory firms, with operations covering insurance brokerage, risk management, employee benefits, and retirement consulting. USI is the tenth largest insurance brokerage company in the United States, with annual revenue of around 3 billion dollars, and over 10,500 employees across nearly 200 offices nationwide.
The transaction has not been completed yet. According to Aon’s announcement, this acquisition still requires regulatory approvals and other conditions and is expected to be completed in the fourth quarter of 2026. Until the transaction is finalized, Aon and USI will continue to operate independently.
USI primarily serves mid-sized businesses in the United States, offering services such as property and casualty insurance, risk management, employee benefits, and retirement consulting. Aon stated that acquiring USI will further expand its business presence in the U.S. mid-market segment. This market is worth over 40 billion dollars, representing more than a third of the total premium revenue in the U.S. commercial property and casualty insurance market. This acquisition is seen as one of Aon’s significant strategies to expand its business in the U.S. mid-market sector in recent years.
In 2024, Aon acquired NFP, a U.S.-based insurance brokerage and consulting company, for approximately 13 billion dollars. With the acquisition of USI, Aon will further enhance its customer base and business network. Aon mentioned that they will combine the data analytics, technology, and insurance service capabilities of both companies to improve operational efficiency and develop more data-driven insurance solutions.
Aon anticipates that after the acquisition is completed, through increasing business revenue and reducing duplicate costs, they will be able to add around 395 million dollars in adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) annually and are expected to enhance adjusted earnings per share (EPS) from 2028 onwards.