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Aon Plc – USI Insurance Services Acquisition ($17B)

Aon Plc launched a seven-part US dollar bond sale to finance its $17 billion acquisition of USI Insurance Services from KKR & Co., marking one of the largest recent insurance brokerage consolidation deals.

Importance: 50%Confidence: 90%Mentions: 1Updated: September 15, 2026Page history (1 revision) →

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## Overview Aon Plc is financing its planned $17 billion acquisition of USI Insurance Services from private equity firm KKR & Co. through a large debt offering (Bloomberg, September 14). ## Key Facts - Aon kicked off a seven-part US dollar bond sale to help fund the USI takeover (Bloomberg, September 14). - The deal is valued at $17 billion, with USI currently owned by KKR & Co. (Bloomberg, September 14). - The bond sale is described as a "jumbo" US investment-grade debt offering (Bloomberg, September 14). ## Significance This is one of the largest insurance brokerage consolidation deals in recent years, and its financing structure — a multi-tranche investment-grade bond sale — will be a bellwether for large-scale M&A debt markets. The deal also reflects continued consolidation in the insurance brokerage sector and KKR's exit strategy from a major portfolio holding. ## Developments to Watch - Pricing and demand for the bond tranches - Regulatory approval timeline for the acquisition - Integration plans for USI into Aon's operations - KKR's use of proceeds from the sale