KKR will net $3.3 billion after taxes from the sale of USI, its insurance services platform, to Aon in a transaction valued at $17 billion, according to the company's announcement. The deal, expected to close in late 2027 after regulatory review, is among the largest returns a public private equity firm has achieved on a single exit.
KKR acquired USI in 2014 for approximately $3.4 billion, meaning the firm will have multiplied its initial capital at least nine times on the deal. The after-tax proceeds of $3.3 billion dwarf the original investment, though the actual multiple depends on the size of KKR's stake at exit and the amount of debt USI carried during the holding period.
USI is among the largest private brokers of commercial and employee benefits insurance in the United States. The company generates revenue from commissions on policies it places with insurers and from advisory fees charged to corporate clients. Aon, a London-listed insurance broker and consulting firm with $17 billion in annual revenue, is consolidating the middle-market insurance sector, where USI operates. The combined platform will serve small and mid-sized businesses across the country.
KKR's $3.3 billion gain comes as the firm manages roughly $560 billion in assets across buyout, infrastructure, credit and other strategies. Large single exits have punctuated KKR's recent years: Calpine, the power generator KKR exited in 2010, generated returns exceeding $25 billion, while the sale of Hilton Worldwide Hotels in 2013 generated gains of more than $15 billion. Those deals closed during periods of lower valuations; USI's exit valuation occurs amid sustained demand for profitable insurance platforms with recurring revenue streams.
Regulatory approvals remain pending. Aon faces scrutiny from the Department of Justice on antitrust grounds, as the firm already ranks among the largest insurance brokers in the United States. The close is expected no earlier than the final quarter of 2027, subject to clearance from federal and state regulators. Until then, KKR and Aon have signed a definitive agreement but the transaction carries closure risk.
KKR's $3.3 billion haul equals roughly 0.6 percent of the firm's assets under management. The after-tax figure matters because PE firms must pay capital gains tax on profits; the gross proceeds before taxes are substantially higher but not disclosed. If the deal closes as planned and no regulatory delays extend the timeline, KKR will record the gain in 2027.
