Recent Updates — AON

Aon plc reported third-quarter results showing total revenue of $4.1 billion, up 3% year-over-year, driven by 6% organic revenue growth across its Commercial Risk, Reinsurance, Health, and Wealth segments. Diluted earnings per share increased 6% to $2.23, while adjusted diluted EPS rose 10% to $3.36. The company generated $1.1 billion in free cash flow for the quarter and expects the USI Acquisition to close in the fourth quarter of 2026, with a path toward deleveraging to a net debt-to-EBITDA ratio of 2.8x-3.0x within approximately 24 months. Aon plc operates as a global professional services firm providing risk management, insurance brokerage, and human capital consulting solutions.

Aon plc announced the entry into a $4 billion unsecured delayed draw term loan credit agreement and a new $3 billion unsecured revolving credit facility on September 18, 2026. The term loans consist of two tranches: a two-year $2 billion facility maturing in September 2028 and a three-year $2 billion facility maturing in September 2029. Proceeds will fund the cash consideration for Aon North America Inc.'s acquisition of USI Advantage Corp., as outlined in the merger agreement dated August 30, 2026. The new revolving credit facility replaces two prior facilities totaling $2 billion and matures on September 18, 2031. Financial covenants require a consolidated adjusted EBITDA to interest expense ratio of at least 4.00 to 1.00 and limit the funded net debt to adjusted EBITDA ratio to 4.75 to 1.00 post-acquisition, stepping down to 3.50 to 1.00 over eight quarters. Aon plc operates in the insurance brokerage and consulting industry.

Aon plc announced the issuance of $13.5 billion in aggregate principal amount of senior unsecured notes to fund its acquisition of USI Advantage Corp. The offering includes $2 billion of 5.35% Notes due 2029, $3 billion of 5.625% Notes due 2031, $2 billion of 5.80% Notes due 2033, $2.75 billion of 5.95% Notes due 2036, $1 billion of 6.10% Notes due 2038, and $750 million of 6.45% Notes due 2046, plus $2 billion of 6.45% Notes due 2056. Proceeds will pay cash consideration for the USI Acquisition, repay USI debt, and cover transaction expenses. The company operates in the insurance brokerage and risk management industry.

Aon plc filed this 8-K to provide audited and unaudited consolidated financial statements for USI, Inc., a target of Aon's previously announced merger agreement dated August 30, 2026. The filing includes Exhibit 99.1 (audited financials for the year ended December 31, 2025), Exhibit 99.2 (unaudited financials for the six months ended June 30, 2026), and Exhibit 99.3 (pro forma combined financial information). USI reported $2.97 billion in total revenues and $60.8 million in net income for fiscal year 2025, with total assets of $7.53 billion and long-term debt of approximately $4.32 billion. This filing supports the ongoing M&A transaction between Aon plc and USI, Inc.

Aon plc announced it has entered into a definitive agreement to acquire USI Advantage Corp. for $17 billion in cash, subject to adjustments for leakage since June 30, 2026. The transaction establishes the premier U.S. middle-market platform and expands Aon’s access to the Excess & Surplus segment. Closing is expected in the fourth quarter of 2026, pending regulatory approvals and customary conditions. Aon expects the acquisition to deliver $395 million in annual run-rate net adjusted EBITDA synergies and be accretive to adjusted EPS by 2028. USI Chairman and CEO Mike Sicard will become President of Aon plc upon closing. Aon operates as a leading global professional services firm providing risk, wealth, and human capital solutions.

Aon plc announced that Edmund Reese will transition from his role as Executive Vice President and Chief Financial Officer effective August 17, 2026, to serve as a senior advisor until August 16, 2027. Nadin Virani has been appointed interim Chief Financial Officer effective the same date. Mr. Virani previously served as Global Head of Corporate Planning and Analytics since January 2025 after joining from Broadridge Financial Solutions in August 2022; prior to that, he held finance roles at American Express Company. As interim CFO, Mr. Virani’s annual base salary will increase by $50,000 per month until a permanent CFO is appointed, and he remains eligible for the company's benefit plans and an additional cash bonus equal to the total additional base salary earned during his interim term. Aon plc operates in the insurance brokerage and risk management industry.