Factbox-Insurance sector consolidation gathers pace with USI deal

Large insurance deals are becoming increasingly common as companies seek scale in a highly fragmented industry, with Aon’s $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

Factbox-Insurance sector consolidation gathers pace with USI deal

Large insurance deals are accelerating

Recent major insurance-sector transactions

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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