KKR to invest more than $1bn in USI Insurance Services

• USI Insurance Services is a Valhalla, New York-based insurance brokerage and consulting company
• Following the deal’s closing, KKR will be USI’s largest single shareholder
• KKR and Caisse de dépôt et placement du Québec acquired USI in 2017 in partnership with the company’s management and employees

KKR has agreed to invest more than $1 billion in USI Insurance Services, a Valhalla, New York-based insurance brokerage and consulting company.

According to the terms of the deal, KKR and USI will purchase shares held by Caisse de dépôt et placement du Québec (CDPQ) and certain other investors. More than 50 percent of the shares held by CDPQ will be purchased in the transaction.

Following the deal’s closing, KKR will be USI’s largest single shareholder. USI’s management and employees will retain their significant ownership going forward.

KKR and CDPQ acquired USI in 2017 in partnership with the company’s management and employees.

“We are enormously proud of everything the USI team has accomplished and we have a high conviction in the opportunity ahead for this winning team and operating model as USI continues to innovate and scale,” said Chris Harrington, a partner at KKR, in a statement. “Together with CDPQ we have supported significant investments in USI’s platform and technology that position USI for long-term growth. We are pleased to reach this agreement to increase our ownership with a substantial investment of additional long-term capital.”

The transaction is expected to be completed by the end of 2023.