Exclusive | Aon Nears Roughly $17 Billion Deal for Insurance Brokerage USI

Aon is closing in on a deal to acquire insurance brokerage USI for roughly $17 billion, according to sources familiar with the matter. The transaction would mark one of the largest insurance-sector acquisitions in recent years and significantly expand Aon's middle-market presence.

USI operates as a major player in the insurance brokerage space, serving middle-market clients across property and casualty, employee benefits, and personal risk services. The $17 billion valuation underscores strong appetite for insurance distribution assets amid steady revenue streams and consolidation trends in the sector.

The deal comes as Aon continues to pursue growth after its $30 billion merger attempt with Willis Towers Watson collapsed in 2021 following regulatory pushback. That transaction was abandoned after the U.S. Department of Justice filed an antitrust lawsuit to block the combination.

A USI acquisition would represent a different strategic path, focusing on middle-market rather than the mega-merger approach. The Wall Street Journal broke the story, citing people familiar with the negotiations.