Business Moves
Aon Plc raised $13.5 billion from a high-grade bond offering to help fund its planned acquisition of USI Insurance Services, marking one of the biggest M&A financing deals to come to market in 2026. Investors placed as much as $65 billion of orders on the sale, with the longest maturity drawing the most demand, according to people familiar with the matter.
Aon sold notes in seven parts, with maturities ranging from three to 30 years. Price talk on the longest tenor tightened by 0.35 percentage point from initial discussions to a yield of 1.15 percentage points above Treasuries, a separate person said, asking not to be identified because they are not authorized to speak publicly.
Aon agreed to buy USI from KKR and other shareholders in an all-cash $17 billion transaction funded with debt. The purchase, expected to close by year-end, is intended to expand the firm’s footprint with midsized corporate clients. Aon is one of the world’s largest insurance brokers, while USI provides insurance brokerage and consulting services to businesses and individuals. The company is also expected to sell a $4 billion term loan as part of the deal financing, according to a S&P Global Ratings note. All of the notes except the 30-year tenor would have to be redeemed at 101 cents on the dollar, plus accrued and unpaid interest, if the USI acquisition falls through or isn’t completed by Dec. 1, 2027.
The $13.5 billion note offering marked the year’s second-largest high-grade bond deal tied to mergers and acquisitions, trailing only Abbott Laboratories’ $20 billion transaction in February.
Insurance brokerage The Baldwin Group Inc. entered a definitive agreement resulting in it becoming a privately held company. An entity formed by Sequence Holdings and DFO Management is to pay an all-cash sum of $7.7 billion to acquire a majority interest in Baldwin. Tampa, Florida-based Baldwin will continue as a wholly owned subsidiary of the new parent company.
DFO Management manages the investment assets of Michael Dell, the founder, chairman, and CEO of Dell Technologies.
After the deal, expected to close during the first quarter of 2027, Baldwin said its eligible employees will retain a significant minority equity stake alongside Sequence and DFO. Baldwin shareholders will receive $32.50 in cash for each share of Baldwin common stock they hold. Those eligible will roll over a portion of holdings into the private company. The purchase price is comprised of about $4.6 billion in equity and about $3.1 billion of net debt to be assumed or refinanced.
King Risk Partners acquired the independent insurance agency Norton and Siegel in New York. Established in Babylon Village on the South Shore of Long Island in 1892, Norton and Siegel is a multigenerational agency offering personal and commercial lines.
Headquartered in Gainesville, Florida, King Risk Partners now has more than 50 locations on the Eastern Seaboard from New Hampshire to Florida, including six in each of the states of Massachusetts, New York and Connecticut.
Insurance broker World Insurance Associates LLC has acquired the business of TE Freuler of Somerset, New Jersey. Terms of the June 1, 2026 transaction were not disclosed.
TE Freuler, which also has offices in Newark, has been providing commercial and personal insurance since 1963. Jack J. Butler is the agency’s president. Giordano, Halleran & Ciesla provided legal counsel to World. Satin and Lee Law P.C. provided legal counsel, and Centurian Group advised TE Freuler on the transaction.
World Insurance, based in Iselin, New Jersey, is ranked #14 on Insurance Journal’s Top 100 Independent Property/Casualty Insurance Agencies list. The agency serves clients from more than 250 offices across the U.S. and U.K.
Bank holding company Arrow Financial Corp. announced that Upstate Agency LLC, a subsidiary of Arrow Bank National Association, has agreed to acquire Skene Valley Agency Inc., an independent insurance agency in Washington County in upstate New York.
Founded in 2002, Skene Valley Agency is based in Granville, with satellite operations in Whitehall and Cambridge.
Based in South Glens Falls, Upstate Agency has been offering personal, commercial and group employee benefit insurance for more than 50 years.
Financial terms were not disclosed. The sale is targeted to close by the end of the third quarter of 2026. Following the completion of the sale, Skene Valley Agency will merge with and into Upstate Agency, which will expand its operations in Washington County and further enhance its personal and business insurance solutions.
Workers’ compensation provider Summit has expanded its coverage into Maryland and Washington, D.C. Based in Lakeland, Florida, Summit is a member of Great American Insurance Group.
NFP announced the acquisition of Moores Insurance Management Inc., a multi-disciplinary risk management firm based in Minneapolis, Minnesota. Mark Moores, CEO of Moores, will join NFP as senior vice president, Commercial P&C, reporting to Amanda Ruback, managing director of P&C for NFP’s Central region. Jack Moores, president of Moores, will join as senior vice president of Personal Lines, reporting to Mary Mullen, senior vice president of Personal Risk for NFP’s Central Region.
EPIC Insurance Brokers & Consultants has acquired Korotkin Insurance Group, a fifth-generation independent brokerage with over a century of operational history in Michigan.
KIG brings a strong regional presence and specialized expertise across multiple industries and client segments to EPIC’s growing national platform.
Grand Rapids based-KIG will serve as a key anchor for the firm’s continued growth in Michigan and the broader region.KIG has established practices serving clients across for-hire transportation, family entertainment centers, real estate and fitness franchises, as well as private client and small business.
Maridea Wealth Management acquired River Cities Financial Services and Dietz, Futrell & Walters Insurance (DFW), two affiliated firms based in Marietta, Ohio. The addition marks Maridea’s first presence in Ohio.
DFW Insurance was founded in 1948 as an independent insurance agency, and River Cities Financial Services grew out of that foundation in 1985 to provide comprehensive wealth management, financial planning, retirement planning, investment planning, and estate planning services.
Michael Anthony, President of River Cities Financial Services and a partner at DFW Insurance, will join Maridea as senior investment advisor and managing partner.
He is joined by Dustin Becker, Vice President of River Cities Financial Services and a partner at DFW Insurance, who will join Maridea as Director of Insurance.
Inszone Insurance Services acquired Harris Insurance Services. This acquisition strengthens Inszone’s personal lines footprint in Oklahoma, bringing a century-old family agency into the Inszone family. Founded in 1925 by Charles R. Harris and later incorporated in the 1970s, Charles G. Harris Insurance Agency INC., doing business as Harris Insurance Services, has served the West Tulsa community across three generations of the Harris family.
World Insurance Associates announced that it acquired the business of Cubriel Insurance Agency of Laredo, Texas on June 1, 2026. Terms of the transaction were not disclosed. Cubriel is a P&C agency with a business mix of commercial lines and personal lines. Giordano, Halleran & Ciesla provided legal counsel to World on the transaction. Eduardo Romero, PLLC provided legal counsel to Cubriel on the transaction. No other advisors, diligence firms, or legal counsel were disclosed.
Equal Parts has acquired ProSource Insurance Agency, a Plano, Texas-based brokerage specializing in transportation insurance.
Completed during the first quarter of 2026, the acquisition strengthens Equal Parts’ transportation insurance capabilities and expands its presence in one of the nation’s largest freight markets.
Founded in 2003 by President Paul Nhem, ProSource serves trucking companies, owner-operators, commercial fleets, and transportation businesses throughout Texas and across the United States. Nhem began his insurance career in 1990 and held roles with State Farm, The Hartford, Fireman’s Fund, and CNA Insurance before founding ProSource.
Arthur J. Gallagher & Co. acquired Englewood, Colorado-based McMillan Insurance & Bonding Inc., dba Innovise Business Consultants.
The Innovise Business Consultants team, led by Jason McMillan, will relocate to Gallagher’s Denver office under the direction of Bret VanderVoort, head of Gallagher’s Western Zone retail property/casualty brokerage operations. Innovise provides commercial insurance brokerage and surety bonding services with industry focuses of construction, energy, real estate and manufacturing.
Arthur J. Gallagher is a global insurance brokerage, risk management and consulting services firm headquartered in Rolling Meadows, Illinois.
Keystone acquired Infinity Assurance Group in Orange County, California. The deal marks Keystone’s first platform partner in California.
IAG will continue to operate under its current leadership, with John Kookootsedes, founder and chairman, and Eric Doll, CEO, continuing at the helm. IAG’s team, client relationships, and community presence remain intact, according to Keystone. IAG is an independent insurance brokerage.
Keystone was founded in 2020.