Aon is near an agreement to buy insurance brokerage USI Insurance from private-equity firm KKR for roughly $17 billion, including debt, according to people familiar with the matter. A deal could be announced as soon as Monday. USI, based in Valhalla, N.Y., is an insurance brokerage and consulting firm with roughly $3 billion in annual revenue. KKR acquired USI from Onex in 2017 alongside CDPQ for $4.3 billion and later increased its stake to become the largest shareholder.

The acquisition would expand Aon's capabilities in helping midsize businesses and is expected to increase earnings per share as soon as 2028. Aon, with a market value of around $75 billion, has reported rising demand for its commercial risk and reinsurance businesses. In a similar deal, Aon bought NFP for about $13 billion in 2024.

The deal would be the latest big exit for KKR, which reported its best-ever quarterly asset sales at $1.29 billion. Recent exits include the sale of Cool IT and the commercial and defense aerospace unit of Circor. Earlier this year, KKR closed a $23 billion North America-focused fund, bringing total capital raised across recent flagship funds to $46 billion.