DATASORA

Aon will buy USI Insurance Services from KKR and other shareholders for $17 billion, one of the largest insurance brokerage deals in years. Close is targeted for Q4 2026; Mike Sicard will lead Aon’s middle-market platform.

• Net price about $16.7bn after $278m of tax attributes — roughly 14.5x synergized TTM adjusted EBITDA.
• Aon cites $395m of annual run-rate net adjusted EBITDA from revenue and cost synergies; accretion to adjusted EPS in 2028.
• Builds on Aon’s NFP purchase and doubles down on U.S. middle market versus Marsh and Gallagher.

Analyst note — For Sompo this is a distribution event, not just a broker scoreboard. A combined Aon–NFP–USI middle-market machine will concentrate casualty, property, and specialty flow — and will expect panel capacity, product breadth, and claims service in return.

MarshBerry’s deal tape through June 30, 2026 lists 785 insurance-brokerage transactions, 476 of them P&C, versus 18 carrier deals. Retail still dominates (699) over specialty (112).

• The buy side is still overwhelmingly brokerage, not carriers or banks.
• P&C agencies remain the most acquired sleeve.
• Specialty is a minority of count but a majority of strategic attention.

Analyst note — Volume is in retail P&C tuck-ins. Strategic risk for Sompo is the handful of platform deals that rewrite who controls the submission.