USI in the News
DUBLIN, August 31, 2026 - Aon plc (NYSE: AON), a leading global professional services firm, today announced the signing of a definitive agreement to acquire USI from KKR and other shareholders for a total purchase price of $17.0 billion. The transaction establishes the premier platform in the large and growing U.S. middle-market segment, building on the success of Aon’s acquisition of NFP in 2024.
USI, a leading provider of property & casualty, employee benefit, personal risk and retirement solutions for the middle market, is the tenth largest U.S. insurance broker with approximately $3 billion in annual revenue and more than 10,500 team members across nearly 200 U.S. offices. Powered by its proprietary USI ONE® platform for analytics, networked resources and strategic planning to inform and advise clients, USI is highly complementary with Aon’s one-firm, Aon United strategy and global Aon Business Services operating and technology engine.
"In a time of rising complexity and volatility, creating better outcomes for clients across their risk and people challenges requires a combination of capabilities and expertise supported by proprietary data, analytics and technology,” said Greg Case, President and CEO of Aon. “Through the successful execution of our 3x3 Plan to accelerate our Aon United strategy, we have significantly strengthened our firm to build the industry's most differentiated model: what we call our context advantage."
Case added: “Combining with USI will establish the premier U.S. middle-market platform, deepen our context advantage and position Aon to accelerate organic growth. Building on the success of our acquisition of NFP, USI will substantially enhance our middle-market footprint and expand access for our firm in the E&S segment to deliver content, capabilities and expertise to a broader client base, while enabling client leaders to expand relationships and win new business. Our combined data platform will generate richer insight, advance the development of innovative, AI-driven solutions and expand the universe of insurable risk, while further reinforcing the context advantage that differentiates Aon. For nearly two decades, Mike Sicard has built and led a high-performing and integrated team, and I am excited about the opportunities we will create together for our clients, colleagues and shareholders.”
Following the close of the transaction, USI Chairman and CEO Mike Sicard will serve as President of Aon plc and global CEO of Middle Market, reporting to Case, and join the Aon Executive Committee.
“Joining Aon represents a truly energizing next chapter for our firm and an opportunity to accelerate our momentum as part of the Aon United platform,” said Sicard. “Our firms share strong, one-firm cultures with a deep commitment to working together to bring the best of our capabilities to clients. I look forward to leading Aon’s middle-market platform and uniting the strengths of USI, NFP and Aon to deliver a new standard of content, capabilities and service to our clients.”
Compelling Strategic and Financial Rationale
- Establishes the leading platform in the large and growing U.S. middle-market segment. The addition of USI substantially enhances Aon’s presence in the more than $40 billion U.S. middle-market segment. The middle-market segment represents more than one third of U.S. commercial P&C direct written premium. The acquisition will also extend Aon’s capabilities across health, talent and Human Capital advisory offerings to provide better choice, superior solutions and greater value for clients.
- Expands Aon’s direct access to the E&S segment, distributed through Managing General Agents, Managing General Underwriters and Wholesalers. USI’s emerging wholesale capabilities will strengthen Aon’s ability to meet a wider range of client needs and meaningfully participate in the E&S segment, among the fastest-growing areas in U.S. commercial insurance, representing 26% of U.S. commercial P&C premiums.
- Enhances Aon’s industry-leading data platform, deepening its context advantage. The transaction will expand Aon’s data ecosystem and augment the firm’s proprietary data flow, fidelity and analytics to generate richer insights and deliver differentiated, AI-enabled solutions and drive better client outcomes.
- Unites organizations with shared one-firm mindsets and proven leadership teams, facilitating a faster, more seamless integration and greater value capture. Powered by its proprietary USI ONE® platform for analytics, USI is highly complementary with Aon’s one-firm, Aon United strategy and global Aon Business Services operating and technology engine. With experienced leadership across USI, NFP and Aon, the combined firm will be well positioned to capture the unique value of its middle-market platform.
- Creates compelling long-term shareholder value with significant synergies, enhanced growth opportunities and larger addressable markets. The combination is expected to accelerate organic growth across Aon’s middle-market platform by enhancing client access to value-added capabilities. Building on the firm’s demonstrated success in integrating NFP, Aon has a clear path to deliver approximately $395 million in annual run-rate net adjusted EBITDA impact from identified revenue and cost synergies across the combined middle-market platform. Aon expects the acquisition to be accretive to adjusted EPS in 2028 and thereafter.
Transaction Details
The purchase price for USI is $17.0 billion, or $16.7 billion on a net basis, which reflects approximately $278 million of certain tax attributes. The net purchase price represents approximately 14.5x on a synergized trailing twelve-month adjusted EBITDA basis.
Aon expects to fund the transaction, as well as related transaction expenses and other costs, with new debt raised across a range of maturities, subject to market conditions.
The firm expects to maintain its current rating of Baa2 with Moody’s and A- with S&P. Aon will continue to execute its disciplined capital allocation strategy, prioritizing de-leveraging, funding a stable and growing dividend and balancing investments for growth with return of excess capital. Consistent with this strategy, the firm does not expect to repurchase shares in the near-term as it prioritizes debt repayment.
The transaction has been unanimously approved by the Board of Directors of Aon and the Board of Directors of USI. Closing of the transaction is subject to customary conditions, including regulatory approvals, and is expected to occur in the fourth quarter of 2026. Aon and USI will continue to operate independently until the closing date.
Conference Call, Presentation Slides and Webcast Details
The firm will host a conference call on August 31, 2026, from 8:00-8:45 AM ET. Interested parties can listen to the conference call via a live audio webcast and view the presentation slides at ir.aon.com.
Advisors
BofA Securities and Citi served as financial advisors to Aon on the transaction. Cravath, Swaine & Moore LLP acted as legal counsel to Aon, McDermott Will & Schulte LLP acted as legal advisor to Aon with respect to regulatory matters and Skadden, Arps, Slate, Meagher & Flom is acting as financing counsel to Aon.
About USI Insurance Services
USI is one of the largest insurance brokerage and consulting firms in the United States, delivering property and casualty, employee benefits, personal risk, program and retirement solutions to its clients nationwide. Headquartered in Valhalla, New York, USI connects more than 10,500 industry-leading professionals from nearly 200 offices to serve clients’ needs. USI has become a premier insurance brokerage and consulting firm by leveraging the USI ONE Advantage®, an interactive platform that integrates proprietary and innovative client solutions, networked local resources and enterprise-wide collaboration to deliver customized results with positive, bottom-line impact. For more information about USI, please visit www.usi.com.
About Aon
Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries with the clarity and confidence to make better risk and people decisions that protect and grow their businesses.
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USI Insurance Services (“USI”), a world leader in risk management, employee benefit and retirement consulting, has been recognized as a “Top Insurance Employer” for the ninth consecutive year by Insurance Business America (IBA). Now in its ninth year, IBA’s annual Top Insurance Employer program recognizes leading U.S. insurance organizations based on a series of employee satisfaction metrics, including benefits, compensation, culture, employee development and diversity.
Commenting on the announcement, Mike Sicard, chairman and chief executive officer for USI, stated: “Receiving this honor for the ninth consecutive year is a testament to our associates and their continued dedication to fostering a culture where people can succeed, grow, and make a difference. We know our success starts with our people, and when our people thrive, so do our clients. This recognition belongs to our nearly 11,000 associates whose collaboration and commitment to excellence help us deliver exceptional service and innovative solutions to clients and the communities we serve. Thank you for the positive impact you make every day.”
Kim Van Orman, senior vice president and chief people officer for USI, added: “Sustaining this level of recognition over nine consecutive years is a powerful reflection of our people-first approach. At USI, we strive to provide meaningful opportunities for professional growth, encourage continuous learning, and cultivating a workplace where associates feel supported and empowered to succeed. This achievement reflects the dedication of our associates and the culture they help shape every day, making USI a place where talented individuals can build rewarding careers and reach their full potential.”
IBA’s Top Insurance Employer program consists of a two-phase qualification process, including an employer form submission and an anonymous employee satisfaction survey. Learn more about IBA’s Top Insurance Employers program.
About USI
USI is one of the largest insurance brokerage and consulting firms in the world, delivering property and casualty, employee benefits, personal risk, program and retirement solutions to large risk management clients, middle market companies, smaller firms and individuals. Headquartered in Valhalla, N.Y., USI connects more than 10,500 industry-leading professionals in nearly 200 offices to serve clients’ local, national and international needs. USI has become a premier insurance brokerage and consulting firm by leveraging the USI ONE Advantage®, an interactive platform that integrates proprietary and innovative client solutions, networked local resources and enterprise-wide collaboration to deliver customized results with positive, bottom-line impact. USI’s award-winning culture attracts best-in-class industry talent with a focus on innovation, technology, and industry expertise, along with a history of deep and continuing investment in our local communities. For more information, visit usi.com or follow us on LinkedIn.
USI Insurance Services ("USI"), CEO Mike Sicard has been named a Glassdoor Best CEO for 2026. This honor is based solely on employee reviews, with winners selected from feedback voluntarily shared on Glassdoor by current and eligible former employees.
Glassdoor uses a proprietary algorithm and asks employees to rate several aspects of their workplace experience, including CEO leadership and senior management. Mike Sicard received a noteworthy approval rating from USI employees, reflecting the positive culture and leadership throughout the organization. Mike helped position USI as the only insurance brokerage firm among the recognized top 50.
Mike Sicard shared, “I am honored to lead a team that consistently demonstrates exceptional dedication, purpose, and commitment to making a difference every day for our clients and communities."
About USI
USI is one of the largest insurance brokerage and consulting firms in the world, delivering property and casualty, employee benefits, personal risk, program, and retirement solutions to a wide range of clients. Headquartered in Valhalla, N.Y., USI connects nearly 11,000 industry-leading professionals across approximately 200 offices to meet local, national, and international client needs. USI leverages the USI ONE Advantage®, an interactive platform that integrates innovative client solutions, local expertise, and enterprise-wide collaboration to deliver customized results and positive, bottom-line impact. USI attracts top industry talent and has a long history of investing in local communities. For more information, visit usi.com or follow us on LinkedIn.
The Insurance Marketing & Communications Association (IMCA) recently held its 68th annual IMCA Ignite Conference and Showcase Awards ceremony in Savannah, GA, where USI was proud to earn recognition. Our 2025 USI Gives Back campaign won bronze in the “Corporate Social Responsibility” category for the second consecutive year. The IMCA Showcase Awards recognize the highest quality marketing and communications in the insurance industry. Read more.
Expanding a successful 16-year partnership, USI Affinity has been named CNA’s exclusive provider of Lawyers’ Professional Liability insurance for attorneys and law firms in Georgia and North Carolina. Together, the legal insurance leaders will deliver enhanced malpractice coverage and risk management solutions that help large, small, and solo law firms stay ahead of new and evolving exposures.
“CNA is proud to expand and strengthen its collaboration with USI Affinity by extending our exclusive partnership into Georgia and North Carolina,” stated Scott Kossove, CNA’s Vice President of Law Firm Underwriting. “USI Affinity and CNA have built a trusted, long-term relationship, and this expansion reflects a shared focus on delivering tailored solutions, responsive service, and strong risk management support for the legal community. It also underscores our commitment to providing differentiated value in the marketplace.”
This strategic move enhances the comprehensive Lawyers’ Professional Liability coverages and discounts available to insureds, such as policy credits, expense reimbursement, and deductible waivers.
Since 2009, USI Affinity and CNA have worked together to protect legal professionals with specialized insurance and risk control services. Today, the partnership spans several of the country’s most prominent legal markets, including New York, Pennsylvania, Connecticut, Rhode Island, and now Georgia and North Carolina.
“The legal liability landscape is more intense than ever,” added Mike Mooney, USI Affinity’s Senior Vice President and Professional Liability Practice Leader. “Rising malpractice claims, mounting cyber threats, and new risks related to the complexities of AI are just a few of the forces putting legal professionals under added pressure to protect their careers, their firms, and their clients. Our extended partnership with CNA will help ensure more lawyers have access to the practical and forward-thinking protection they deserve.”
About USI Affinity
For over 75 years, USI Affinity has developed, marketed, and administered programs to deliver unique advantages in insurance coverage, price, and service. USI Affinity markets and administers insurance programs for over 440 organizations nationwide, representing more than 20 million association and alumni members. USI Affinity is a division of USI Insurance Services. For more information about USI Affinity, please visit www.usiaffinity.com.
About CNA
CNA is one of the largest U.S. commercial property and casualty insurance companies. Backed by more than 125 years of experience, CNA provides a broad range of standard and specialized insurance products and services for businesses and professionals in the U.S., Canada and Europe. For more information, please visit CNA at www.cna.com.
Tom Hurley, USI Compensation Practice Leader, and Doug LaMendola, USI Retirement Practice Leader, recently co‑authored an article for the Journal of Compensation and Benefits titled “Pay Transparency and Benchmarking: The New Compulsory Pillars of Total Rewards Strategy.”
The article examines why pay transparency and market benchmarking have become essential components of an effective Total Rewards strategy. Drawing on regulatory, market and workforce trends, the authors explore how heightened compliance requirements, intensifying competition for talent and growing equity demands are reshaping compensation conversations. The piece also highlights the critical role benchmarking plays in supporting defensible pay decisions, mitigating risk and strengthening employee trust — offering practical guidance for employers navigating a rapidly evolving rewards landscape. Read the full article.
USI is proud to be recognized as one of the nation’s Best and Brightest in Wellness for the fourth year in a row. This annual program identifies and honors organizations with the most innovative wellness, wellbeing, and human resource practices. Companies are assessed based on outcomes, analysis, tracking, participation, incentives, benefit programs, leadership, employee input, culture, and environment. Read more.
USI’s National Executive and Professional Risk Solutions Claims Practice Leader, Joni Mason, will be speaking at the upcoming ninth annual Women in Insurance Leadership ExecuSummit on March 26-27 in Naples, FL. Joni will be taking part in a panel discussing the psychology of success for women. Learn more.
USI’s National Cyber Practice Leader, Nadia Hoyte, recently took part in the Professional Liability Underwriting Society (PLUS) podcast “Icons & Innovators” series to share about her work at USI, her outlook on trends and emerging issues, and more. Watch the interview.
USI Insurance Services (“USI”) has been named for the third time to the prestigious Forbes America’s Best Large Employers list. Honorees were chosen based on an independent survey of more than 217,000 Americans who work for businesses with at least 1,000 employees.
Commenting on the recognition, Mike Sicard, chairman and chief executive officer for USI, shared: “Our nearly 11,000 teammates bring extraordinary passion and expertise to solving complex challenges for our clients. What makes USI unique is our culture – one that puts clients first through innovative thinking, teamwork, and a deep commitment to giving back. We’re proud to see that culture recognized by Forbes.”
Kim Van Orman, senior vice president and chief people officer for USI, added: “We are honored to be recognized once more by Forbes as one of the nation’s best large employers. At USI, our people are the heart of our success. It is their unwavering commitment to innovation, delivering exceptional solutions, and dedication to supporting our clients and communities that truly make our organization exceptional.”
The Forbes 2026 America’s Best Large Employers list is developed in partnership with market research firm Statista. Survey participants were asked to anonymously rate their employers on work-related topics such as culture, working conditions, salary, potential for development, company image and willingness to recommend their employers to friends and family. View the 2026 America's Best Large Employers list to learn more.
About USI
USI is one of the largest insurance brokerage and consulting firms in the world, delivering property and casualty, employee benefits, personal risk, program and retirement solutions to large risk management clients, middle market companies, smaller firms and individuals. Headquartered in Valhalla, N.Y., USI connects nearly 11,000 industry-leading professionals in approximately 200 offices to serve clients’ local, national and international needs. USI has become a premier insurance brokerage and consulting firm by leveraging the USI ONE Advantage®, an interactive platform that integrates proprietary and innovative client solutions, networked local resources and enterprise-wide collaboration to deliver customized results with positive, bottom-line impact. USI’s award-winning culture attracts best-in-class industry talent with a focus on innovation, technology, and industry expertise, along with a history of deep and continuing investment in our local communities. For more information, visit usi.com or follow us on LinkedIn.
In a recent interview with Business Insurance, USI's National Property Practice Leader, Jeff Buyze, discusses commercial property insurance rate decreases as fewer catastrophe losses fueled competitive market conditions. During the interview, Buyze commented, “Ample capacity is driving down rates and significantly improving terms and conditions.” Read the full article.
Risk & Insurance recently reported on the key insights from USI’s 2026 Commercial P&C Market Outlook Report. This year’s report once again provided timely updates on the latest market trends impacting P&C insurance buyers, along with the emerging challenges and opportunities for buyers in the new year. Read the full article.
USI Insurance Services (“USI”), a world leader in risk management, employee benefits and retirement plan consulting, has been recognized by Newsweek and Plant-A Insights Group as one of America’s Greatest Workplaces for Culture, Belonging & Community for 2026.
“We are honored to be recognized by Newsweek as one of America’s leading employers for culture, belonging and community,” shared Kim Van Orman, senior vice president and chief people officer for USI. “At USI, fostering an inclusive culture where every one of our team members feels valued and supported is essential to driving innovation and delivering exceptional solutions for our clients and communities.”
Mike Sicard, chairman and chief executive officer for USI, added: “USI exists to solve complex challenges for our clients, and that requires diversity of thought. When people with different perspectives come together, we create the most innovative and impactful solutions. Advancing a culture of inclusion and belonging is mission-critical to how we serve, and we’re proud to be recognized by Newsweek for that commitment.”
Newsweek and Plant-A Insights Group recognized companies that are committed to creating environments where employees feel valued, heard and connected, fostering genuine belonging across teams and building inclusive workplace cultures where all employees can thrive. Learn more.
About USI
USI is one of the largest insurance brokerage and consulting firms in the world, delivering property and casualty, employee benefits, personal risk, program and retirement solutions to large risk management clients, middle market companies, smaller firms and individuals. Headquartered in Valhalla, N.Y., USI connects nearly 11,000 industry-leading professionals in approximately 200 offices to serve clients’ local, national and international needs. USI has become a premier insurance brokerage and consulting firm by leveraging the USI ONE Advantage®, an interactive platform that integrates proprietary and innovative client solutions, networked local resources and enterprise-wide collaboration to deliver customized results with positive, bottom-line impact. USI’s award-winning culture attracts best-in-class industry talent with a focus on innovation, technology, and industry expertise, along with a history of deep and continuing investment in our local communities. For more information, visit usi.com or follow us on LinkedIn.