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Aon
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Updated Aug 31, 2026
Aon signs definitive agreement to acquire USI for $17 billion, establishing the premier U.S. middle-market insurance brokerage platform.
Aon's $17 billion all-cash acquisition of USI is the largest insurance brokerage deal since Aon's own NFP acquisition in 2024, doubling down on U.S. middle-market scale and adding direct E&S segment access through USI's wholesale distribution capabilities. The net purchase price of $16.7 billion represents 14.5x synergized trailing twelve-month adjusted EBITDA, with $395 million in identified annual run-rate net adjusted EBITDA synergies expected to be substantially realized by 2029. Aon expects adjusted EPS accretion in 2028, will fund the transaction entirely with new debt, and projects leverage recovery to its 2.8-3.0x target within approximately 24 months of close.
Tone: bullishRevenue
$17.2B
AON 10-K · FY 2025
Employees
60,000
Revenue growth YoY
+9%
Headquarters
Dublin, Ireland
Profile
AON 10-K Item 1 · Feb 13, 2026Aon plc is a leading global professional services firm providing Risk Capital and Human Capital solutions to clients in more than 120 countries. The firm delivers brokerage, consulting, and analytics services across insurance, reinsurance, health, wealth, and retirement. Aon operates under a unified 'Aon United' strategy designed to bring integrated risk and people solutions to clients across all geographies and market segments.
Read filing description ↓ Collapse description ↑
Aon plc is a leading global professional services firm. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise and locally relevant solutions, our colleagues provide clients with the clarity and confidence to make better risk and people decisions that protect and grow their businesses. With clients around the world facing growing uncertainty and volatility, we remain focused on accelerating our Aon United strategy to serve clients as one globally connected firm and driving innovation to address unmet and evolving client need. We serve clients in more than 120 countries across all market segments and nearly every industry. This diversification of our client base helps provide our firm with stability in different economic scenarios that could affect specific industries, customer segments, or geographies. We continue to focus our portfolio on higher-margin, capital-light professional services businesses that have high recurring revenue streams and strong cash flow generation. We endeavor to make capital allocation decisions in order to maximize value for Aon and its shareholders. We manage our business within two reportable segments: Risk Capital and Human Capital. In 2025, our consolidated Total revenue was $17,181 million. This includes $11,290 million in Risk Capital and $5,907 million in Human Capital before certain intercompany eliminations.
Primary products
- Commercial Risk Solutions
- Reinsurance Solutions
- Health Solutions
- Wealth Solutions
- Aon Client Treaty
- Capital Insights Explorer
Business segments
End markets
Geographies
Named competitors
“Our business operates in a highly competitive and fragmented environment. We compete with numerous other global insurance brokers and consulting companies, including, among others, Marsh McLennan, Willis Towers Watson, Arthur J Gallagher & Company, and Lockton Companies, Inc., as well as numerous other global, regional, and local firms in almost every area of our business.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue increased $1.5 billion, or 9%, to $17.2 billion in 2025 compared to $15.7 billion in 2024, reflecting 6% organic revenue growth, acquired revenues from NFP, and a favorable impact from foreign currency translation.
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