The merger strengthens Aon's platform in the medium-sized businesses segment. The acquisition was formalized by Aon, which bought Usi Insurance Services from KKR for $17 billion. This value hovers around $16.7 billion net after taxes, corresponding to approximately 14.5 times the operating income (EBITDA) of the acquiring company.

The company stated that the price was calculated taking into account expected savings, which means Aon will cover the acquisition cost by issuing new debt at various maturities. Aon shares fell 9.5% at the close of the trading session after the company announced the agreement. The boards of both companies had already approved the agreement unanimously, indicating strong internal consensus.

The deal will close by the end of the third quarter of 2026, after regulatory authorities give the go-ahead, but until then the two companies remain independent. The deal pursues several complex strategic objectives. On the commercial front, it consolidates Aon as a leader in the US medium-sized businesses segment, a segment from over $40 billion that represents more than a third of the country's insurance claims and liability premiums.

On the technological front, it integrates Usi's data platform—including Usi One, its proprietary analytics system—with Aon's ecosystem, strengthening its analytical capabilities. The financial plan anticipates annual synergies of about $395 million on EBITDA adjusted, with a positive impact on expected earnings per share from 2028. The company will prioritize debt reduction and dividend payments, meaning that share buybacks remain temporarily suspended for this deal.

Greg Case, president and CEO of Aon, stated that in a period of increasing complexity and volatility, to offer better results to clients, a combination of skills supported by data and proprietary technologies is needed. The strategy aims to build what we define as our contextual advantage, integrating Usi's analytics platform with Aon's. The deal strengthens the presence in the US medium-sized businesses market, expanding access to the segment and e&s (excess & surplus), distributed through agents and brokers, which accounts for 26% of commercial US insurance premiums.

This expansion allows distributing premiums through a broader distribution channel, reaching a market of over $40 billion. The data confirms that the deal strengthens the presence in the US medium-sized businesses market, consolidating Aon as a leader in the US medium-sized businesses segment. The merger integrates Usi's data platform with Aon's ecosystem, strengthening analytical capabilities and the development of AI-based solutions.

The financial impact is expected to generate about $395 million in annual synergies on EBITDA adjusted, with a positive impact on expected earnings per share from 2028.