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The $17bn that Aon has agreed to pay KKR and other USI shareholders makes the case for middle-market consolidation at scale.
What complicates it is the timeline: Aon does not expect the acquisition to become accretive to adjusted earnings per share before 2028, and the firm is still absorbing its 2024 purchase of NFP.
Two major integrations running in tandem is the stress test this thesis has yet to face. USI Insurance Services is the tenth-largest US insurance broker by Aon's account.
It generates roughly $3bn in annual revenue across nearly 200 domestic offices, employs more than 10,500 people, and covers commercial property and casualty, employee benefits, personal risk advisory, and retirement services.
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