KKR To Sell USI to Aon plc in $17 Billion Transaction

• Demonstrates power of KKR business model and continued strong monetization activity
• Transaction represents approximately 6.0 times the original equity KKR invested in 2017 and 3.4 times the total KKR balance sheet capital invested over the life of KKR’s investment in USI
• Subject to closing, exit expected to generate approximately $3.3 billion of after-tax proceeds for KKR and approximately $2.0 billion of Adjusted Net Income (ANI) or over $2.00 per share of ANI

NEW YORK--(BUSINESS WIRE)--KKR & Co. Inc. (NYSE: KKR) today announced the signing of a definitive agreement with Aon plc under which Aon will acquire USI Insurance Services (“USI” or the “Company”), a leader in risk management, employee benefits and retirement consulting, for a total consideration of $17 billion from KKR and its co-investors.

USI, KKR’s first core private equity investment, is part of KKR’s Strategic Holdings portfolio. As a premier insurance brokerage and consulting firm with more than 10,500 team members operating out of nearly 200 offices throughout the United States, the Company delivers a broad range of technology-enabled property and casualty, employee benefits, personal risk and retirement solutions to large risk management clients, middle market companies, smaller firms and individuals.

KKR invested in USI in 2017 in partnership with clients, co-investors and USI's management and employees in a transaction that valued the Company at approximately $4.3 billion, and later increased its investment in 2020, 2023 and 2025. Over the course of KKR's ownership, in partnership with management and employees, USI nearly tripled its revenue through a combination of strong, consistent organic growth and more than 90 strategic acquisitions that expanded the Company's scale, geographic reach and capabilities.

Working in partnership with management, KKR supported a differentiated insurance broker hiring and development strategy that more than doubled the size of the USI team, as well as significant investments in proprietary technology, data and AI capabilities that strengthened client service and improved operational efficiency across the business. Over the course of KKR's ownership, USI’s Adjusted Revenues and Adjusted EBITDA grew at compounded annual growth rates of approximately 12% and 13%, respectively.

Joe Bae and Scott Nuttall, Co-Chief Executive Officers of KKR, said: “Thank you to everyone at USI who has been part of our journey. USI is a textbook case of partnership, patience and value creation that delivered an exceptional outcome for our shareholders and clients. This monetization milestone for Strategic Holdings also demonstrates that the compounding opportunity of this portfolio – with durable, growth oriented and recurring cash flows – is real.”

“We are enormously proud of everything the USI team has accomplished over the course of our partnership,” said Chris Harrington, Partner at KKR. “When we acquired USI, we saw a fantastic company that was uniquely positioned to help address the risk management, insurance and employee benefits-related needs of businesses across America. Working alongside Mike Sicard and the management team, we supported significant investments in USI’s people, platform and technology to grow a very good business into a stronger, more scaled and more innovative one. USI has continued to innovate and extend its leadership position, and we believe Aon is the ideal long-term partner to support the next chapter of its growth.”

“USI’s combination with Aon represents a transformative opportunity for the future,” said Mike Sicard, Chairman and CEO of USI. “We’ve had a great long-term partnership with KKR for nearly a decade —together we have invested in our team, our culture and our technology to build the USI platform into what it is today. We are excited to begin the next chapter with Aon and want to thank our partners at KKR for their tremendous support of USI.”

Strategic Holdings & Additional Information

Strategic Holdings represents KKR’s direct ownership in companies that KKR believes are durable and less cyclical and well positioned to compound value over the long term.

Under the agreement, Aon will acquire USI for $17 billion in an all-cash transaction. The implied equity value represents an approximately 6.0x return on the equity KKR invested in 2017, and a 3.4x return on the total KKR balance sheet capital invested over the life of KKR’s investment in USI.

Pro forma for the sale of USI, Strategic Holdings currently comprises ownership interests in 18 companies, representing KKR's share of approximately $3.5 billion in Adjusted Revenue and approximately $800 million in Adjusted EBITDA for the trailing twelve-month period ended March 31, 2026. Through KKR’s Strategic Holdings segment, KKR invests its own capital in portfolio companies through which KKR can earn investment returns in addition to earning fees and carried interest from third party capital.

Subject to closing, the transaction is expected to generate approximately $2.0 billion of ANI for KKR or $2.00 per share of ANI. A reconciliation of forecasted ANI and ANI per share to their corresponding GAAP measures has not been provided due to the unreasonable efforts it would take to provide such a reconciliation.

The transaction is expected to close in the fourth quarter of 2026 and is subject to customary closing conditions and regulatory approvals.

Goldman Sachs & Co. LLC, Insurance Advisory Partners LLC and Morgan Stanley & Co. LLC are serving as financial advisors to KKR and Simpson Thacher & Bartlett LLP is serving as legal advisor to KKR and USI.

KKR has posted additional information in a supplemental presentation available at the Investor Center at https://ir.kkr.com/events-presentations/.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About USI Insurance Services

USI is one of the largest insurance brokerage and consulting firms in the United States, delivering property and casualty, employee benefits, personal risk, program and retirement solutions to its clients nationwide. Headquartered in Valhalla, New York, USI connects more than 10,500 industry-leading professionals from nearly 200 offices to serve clients’ needs. USI has become a premier insurance brokerage and consulting firm by leveraging the USI ONE Advantage^®, an interactive platform that integrates proprietary and innovative client solutions, networked local resources and enterprise-wide collaboration to deliver customized results with positive, bottom-line impact. For more information about USI, please visit www.usi.com.

Forward-Looking Statements

This press release contains certain forward-looking statements pertaining to KKR, which include statements with respect to investment funds, vehicles and accounts managed by KKR. You can identify these forward-looking statements by the use of words such as “opportunity,” “outlook,” “believe,” “think,” “expect,” “feel,” “potential,” “continue,” “may,” “should,” “seek,” “approximately,” “predict,” “intend,” “will,” “plan,” “estimate,” “anticipate,” “visibility,” “positioned,” “path to,” “conviction,” “enables,” the negative version of these words, other comparable words or other statements that do not relate strictly to historical or factual matters. Forward-looking statements relate to expectations, estimates, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts, including but, not limited to, any statements with respect to: statements with respect to the proposed sale of USI (the “Transaction”), including investment returns and after-tax proceeds from the Transaction and the Transaction’s effect on our business, including contributions to Adjusted Net Income (ANI) and ANI per share; statements regarding KKR’s business, financial condition, liquidity and results of operations; and the potential for future business growth, including the pace and level of monetization activity.

The Transaction is subject to closing conditions, and there can be no assurance as to whether or when the Transaction will be completed. Monetization activity is subject to market conditions and numerous other factors not in KKR's control, and there can be no guarantee that the pace of monetization activity will remain robust and is subject to material change, including deceleration.

These forward-looking statements are based on KKR’s beliefs, assumptions and expectations, taking into account all information currently available to it. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to KKR or are within its control. All forward-looking statements speak only as of the date of this press release. KKR does not undertake any obligation to update any forward-looking statements to reflect circumstances or events that occur after the date on which such statements were made except as required by law.

Without limiting the statements made in the prior paragraphs, risks related to the proposed Transaction, including risks that we may not complete the Transaction or that the Transaction may not achieve its intended result, among others, could cause actual results to vary from the forward-looking statements.

Information about factors affecting KKR, including a description of risks that should be considered when making a decision to purchase or sell any securities of KKR, can be found in KKR & Co. Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 27, 2026, and its other filings with the SEC, which are available at www.sec.gov.