USI Insurance Services: insurance broker profile

Overview

USI Insurance Services is a U.S. middle-market insurance broker and consulting firm headquartered in Valhalla, New York. Aon's release of August 31, 2026 describes it as the tenth-largest U.S. insurance broker, with annual revenue of about $3 billion, more than 10,500 team members and nearly 200 offices across the country. Business Insurance reported 2025 U.S. brokerage revenue of $2.89 billion, up 3.7%. Mike Sicard is chairman and chief executive.

USI is privately held, with KKR as its largest shareholder, so it files no annual report. On August 31, 2026, Aon announced an agreement to buy it for $17.0 billion. As of our October 2026 check the deal had not closed. Until it does, USI and Aon operate independently, according to Aon.

Business Insurance's analysis of USI's 2025 revenue, as relayed in trade coverage, put its mix at about 43.8% commercial retail, 44.8% employee benefits, 4.9% personal lines and 3.8% wholesale. Employee benefits is thus about as large as commercial property-casualty, which sets USI apart from firms that lean toward one side.

History

USI's own about page does not give a founding date, and we did not verify one. The ownership history is better documented. Onex Corporation sold USI in 2017 to KKR and the Caisse de dépôt et placement du Québec (CDPQ) in a transaction that valued the firm at about $4.3 billion including debt, per the buyers' release and trade coverage. Onex had bought it in 2012. KKR has increased its stake since, including investments in 2020, 2023 and 2025; Insurance Journal reported a further $1 billion from KKR in 2023 that made it the largest shareholder.

KKR said in the sale announcement that USI's revenue nearly tripled during its ownership through organic growth and more than 90 acquisitions.

Services

USI sells commercial property and casualty insurance, employee benefits and group health, personal risk, retirement plan consulting and other risk management services, according to the descriptions in the Aon and KKR announcements. It also has what Aon calls emerging wholesale capabilities, including access to the excess and surplus market through managing general agents (see Managing general agents (MGAs): what they are and what they mean for buyers and wholesale brokers and surplus lines placement: how hard risks get insured). USI ONE is its proprietary analytics platform.

Who it serves

USI concentrates on the U.S. middle market, which Aon sizes at more than $40 billion in premium and more than one-third of U.S. commercial property-casualty premium. A company with a few hundred employees and a regional footprint is a typical fit. The firm has nearly 200 local offices. If your account might move to Aon's middle-market platform after closing, ask which team will service it and who will be your contact; how to choose a commercial insurance broker and Writing a broker RFP for a commercial insurance program describe how to compare brokers on service, markets and fees.

How it is paid

USI's "Commissions & Fees" page says its main compensation is usually a commission paid by the insurer and calculated as a percentage of premium, though clients can negotiate a different arrangement. It adds that USI may receive additional monetary and non-monetary compensation from insurers and intermediaries, including USI affiliates, based on volume or profitability of the business placed with them, and that some agreements include financial incentives to grow the relationship. Clients can ask for the nature and source of expected compensation, including on alternative quotes. That is a right worth exercising; see how commercial insurance brokers get paid for the standard models.

Recent deals

• Aon agreement (August 31, 2026): Aon will buy USI from KKR and other shareholders for a total purchase price of $17.0 billion, or $16.7 billion net of about $278 million of tax attributes, funded with new debt. Aon expects to close in the fourth quarter of 2026, subject to regulatory approvals. After closing Sicard becomes president of Aon plc and global CEO of Middle Market, reporting to Greg Case. Aon said the deal builds on its 2024 acquisition of NFP and expects about $395 million of annual run-rate net adjusted EBITDA impact from synergies. KKR said the sale should generate about $3.3 billion of after-tax proceeds. The Wall Street Journal first reported talks on August 30, 2026.
• KKR and CDPQ purchase (2017): about $4.3 billion including debt, from Onex.

See private equity and the consolidation of insurance brokers for the private-equity context, and NFP for the Aon unit USI would join.

Strengths and weaknesses

USI offers a mid-sized employer a balanced property-casualty and benefits practice, a large national footprint and, before closing, a stand-alone private owner. The sale to Aon will change the picture: pricing power, markets, and staffing could shift as three middle-market platforms are combined. Reports differ on figures, so rely on the dated release when quoting numbers.

• Strengths: large benefits practice alongside P&C; nearly 200 U.S. offices; a disclosed compensation page.
• Weaknesses: a pending sale and integration create uncertainty for service teams; private ownership means limited public financial disclosure; incentive arrangements with insurers need explanation.

How to contact USI Insurance Services