Factbox: Insurance sector consolidation gathers pace with USI deal

Aon

31/08/2026 12:52

Aug 31 (Reuters) - Large insurance deals are becoming increasingly common as companies seek scale in a highly fragmented industry, with Aon's AON.N $17 billion acquisition of USI Insurance Services adding to a string of multibillion-dollar transactions.
The deal is the largest since 2021, surpassing Arthur J. Gallagher's $13.45 billion acquisition of AssuredPartners in 2024, according to Dealogic data.
     
Deal announcement
Partners (Target — Acquirer)
Deal size
Country
Aug 31, 2026
USI Insurance Services - Aon
$17 billion
United States
March 26, 2026
Equitable Holdings — Corebridge Financial 
$10.73 billion
United States
January 19, 2026
Beazley — Zurich Insurance 
$10.91 billion
United Kingdom
October 30, 2025
Convex Group — Onex Corp; American International Group 
$6.86 billion
United Kingdom
September 29, 2025
Sony Financial Group — Existing Shareholders
$6.99 billion
Japan
July 03, 2025
Pension Insurance — Athora Holding 
$7.78 billion
United Kingdom
June 10, 2025
Accession Risk Management — Brown & Brown 
$9.83 billion
United States
April 22, 2025
Baloise Holding — Helvetia Holding 
$13.27 billion
Switzerland
December 11, 2024
Resolution Life Group — Nippon Life Insurance 
$8.40 billion
Bermuda
December 09, 2024
AssuredPartners — Arthur J Gallagher
$13.45 billion
United States
September 30, 2024
McGriff Insurance — Marsh & McLennan Companies 
$7.75 billion
United States
August 22, 2024
Shin Kong Financial — Taishin Financial 
$6.88 billion
Taiwan 
February 20, 2024
Truist Insurance — Stone Point Capital; Clayton Dubilier & Rice; Mubadala Investment 
$13.34 billion
United States
December 20, 2023
NFP Corp — Aon 
$13.00 billion
United States
March 21, 2022
Alleghany — Berkshire Hathaway 
$11.47 billion
United States
October 28, 2021
PartnerRe — Covea SGAM
$9 billion
Bermuda
October 28, 2021
CNP Assurances SA — Caisse des Depots et Consignations; La Banque Postale SA
$6.09 billion
France
October 07, 2021
Cigna — Chubb 
$5.75 billion
Hong Kong 
August 09, 2021
American National Group  — Brookfield Asset Management Reinsurance Partners 
$5.11 billion
United States
March 08, 2021
Athene Holding  — Apollo Global Management 
$7.49 billion
Bermuda
March 04, 2021
Hippo Enterprises — Reinvent Technology Partners Z
$5.41 billion
United States
Source: Dealogic




 (Reporting by Prakhar Srivastava in Bengaluru; Editing by Shinjini Ganguli)
 ((Prakhar.Srivastava2@thomsonreuters.com))