Two Homes or a Forever Home? What USI Deal Says About Insurance M&A

Aon’s $17 billion agreement to acquire USI Insurance Services is one of the largest brokerage transactions in recent years. The deal will add a business with approximately $3 billion in annual revenue, 10,500 teammates, and 200 offices to Aon’s growing U.S. middle-market presence, following its $13 billion acquisition of NFP in 2024.