Evercore ISI Group Maintains Outperform on Aon, Lowers Price Target to $423

Aon's $17 Billion USI Deal: A Costly Bet on Middle-Market Growth

Aon is acquiring USI Insurance Services from KKR for $17 billion to expand its U.S. middle-market insurance brokerage footprint. The deal, expected to close in Q4 2026, will add specialty insurance access and analytics capabilities while generating approximately $395 million in annual EBITDA synergies. EPS accretion is projected for 2028, though the transaction requires significant debt financing and suspension of share repurchases in the near term.

BMO Capital Maintains Market Perform on Aon, Lowers Price Target to $360

Keefe, Bruyette & Woods Maintains Outperform on Aon, Raises Price Target to $417