Aon (AON) KBW Insurance Conference 2026 summary

Strategic rationale and recent acquisitions

• Emphasized the 3x3 Plan, focusing on structural changes in risk and human capital, and integrating data analytics for client solutions.

• Highlighted the USI acquisition as a move to build a $6.5 billion revenue platform in the U.S. middle market, combining USI, NFP, and existing assets.

• USI was chosen for its cultural alignment and history of integration, with Mike Sicard leading the combined platform.

• The acquisition also provides direct access to the E&S market, enhancing capabilities and market reach.

• The deal was structured at a 14.5x EBITDA multiple, with a focus on value creation and shareholder benefit.

Integration and synergy plans

• Integration is guided by a detailed plan with 23 revenue and 10 cost initiatives, tracked by an integrated team.

• The platform is considered complete, with no further U.S. middle market acquisitions planned.

• Leadership roles are clearly defined, with key executives from USI and NFP elevated within the new structure.

• Synergies are expected to be enacted immediately post-close, focusing on both revenue growth and cost efficiencies.

• Producer retention and new business growth are central, leveraging proven strategies from the NFP integration.

E&S market and organic growth

• Direct access to the E&S market is a major benefit, with 300 appointments from USI and the launch of Totalis Specialty.

• Totalis Specialty serves 21,000 agents and is positioned to capture previously unaddressed submissions.

• The E&S strategy is designed for immediate and long-term impact, with specific actions planned for the first 24 months.

• Organic growth targets are set at mid-single digits or higher, leveraging combined hiring and productivity engines.

• Historical performance with NFP shows >10% organic growth in two of the last four quarters in U.S. commercial risk.