KKR scores a $17B exit on USI, turning nearly a decade of ownership into a 6.0x return as Aon expands its US insurance footprint.
KKR is set for a sizeable payout after agreeing to sell USI Insurance Services to Aon in a deal valuing the insurance brokerage at roughly $17 billion. The transaction marks a major exit for KKR, which acquired USI in 2017 and is expected to generate 6.0x the original equity it invested. “USI is a textbook case of partnership, patience and value creation that delivered an exceptional outcome for our shareholders and clients,” commented Joe Bae and Scott Nuttall, Co-Chief Executive Officers of KKR. For Aon, the deal strengthens its position in the US middle-market insurance sector, adding USI’s extensive client base and broadening its brokerage capabilities. The acquisition is also a reminder of the defensive appeal of insurance assets, where recurring revenues and fragmented markets continue to attract institutional capital. For KKR, after nearly a decade of ownership, its policy on USI has well and truly paid out.
James is an experienced financial journalist and editor with over 20 years experience covering private markets and alternatives. He is host of the Clockwork CIO podcast.
