KKR has agreed to sell USI Insurance Services to Aon for $17bn, ending a near‑decade ownership. The deal, expected to close in Q4 2026, will generate about $3.3bn in after‑tax proceeds and $2.0bn of Adjusted Net Income, or more than $2.00 per share. USI, KKR’s first core private‑equity investment, was acquired in 2017 for roughly $4.3bn and grew to nearly triple its revenue through organic growth and over 90 acquisitions.

The unit’s Adjusted Revenues and Adjusted EBITDA compounded at 12% and 13% annually, while KKR backed a hiring surge and technology investments. Co‑CEOs Joe Bae and Scott Nuttall highlighted the partnership’s value creation, noting the milestone for KKR’s Strategic Holdings segment. USI, ranked tenth‑largest U.S. insurance broker with $3bn in annual revenue, will be led by Chairman and CEO Sicard under Aon’s middle‑market division, expanding Aon’s reach after its $13.4bn NFP acquisition.

The sale reflects a broader M&A recovery, bolstering KKR’s record profit and pushing its 2026 adjusted net income well beyond the $7‑per‑share target.