Chubb and KKR to invest in USI

KKR has commenced a $1.5 billion offering of its Series D Mandatory Convertible Preferred Stock, with an option for underwriters to purchase an additional $225 million.

The proceeds will be used to acquire equity interests in core private equity portfolio companies within its Strategic Holdings segment and for general corporate purposes.

USI Insurance Services  is part of KKR’s Strategic Holdings segment. In September 2023, KKR increased its investment in USI by over $1 billion, becoming its largest shareholder. More recently, KKR announced an additional $1.1 billion investment to increase its direct stakes in USI Insurance Services, 1-800 Contacts, and Heartland Dental, with Chubb co-investing an additional $1 billion.