Brown & Brown to acquire Accession for $9.825 billion

DAYTONA BEACH, Fla. - Insurance brokerage firm Brown & Brown, Inc. (NYSE: BRO) has entered into an agreement to acquire RSC Topco, Inc., the parent company of Accession Risk Management Group, Inc., for a gross purchase price of $9.825 billion. The transaction, announced today, is expected to close in the third quarter of 2025, pending customary closing conditions and regulatory approvals.

Accession, founded in 1997 and currently the ninth-largest privately held insurance brokerage in the United States, is recognized for its specialty brokerage firm Risk Strategies and insurance wholesaler and program manager One80 Intermediaries. With over 5,000 professionals across the U.S. and Canada and pro forma adjusted revenues of around $1.7 billion in 2024, Accession has established a reputation for deep customer relationships and a high-performing culture. Brown & Brown brings strong financial performance to the deal, with $4.86 billion in revenue and 12.16% revenue growth in the last twelve months.

The acquisition will see Risk Strategies join Brown & Brown’s Retail segment post-transaction completion, with Accession CEO John Mina joining the Retail senior leadership team. Brown & Brown will also merge its Programs and Wholesale Brokerage segments into a new Specialty Distribution segment, with One80 Intermediaries becoming a part of this new segment.

J. Powell Brown, president and CEO of Brown & Brown, expressed enthusiasm about the merger, stating that the combination of both companies will enhance their collective growth by leveraging market relationships and expanding offerings. Mina also commented on the alignment of the companies’ values and commitments to customers and innovation.

The acquisition is expected to deliver several benefits, including a stronger presence across insurance distribution channels, an expanded portfolio of niche solutions for customers, and the potential for increased shareholder value through anticipated revenue and cash flow growth.

A conference call to discuss the details of the transaction was held on the morning of the announcement. Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to Brown & Brown, while BofA Securities and J.P. Morgan Securities provided financial advice and committed financing.

This strategic move is part of Brown & Brown’s growth initiative, which has seen the company expand its global reach and innovative risk management solutions since its inception in 1939.

The information in this report is based on a press release statement from Brown & Brown, Inc.

In other recent news, Brown & Brown reported its financial results for the first quarter of 2025, meeting earnings per share expectations with an EPS of $1.29, but slightly missing revenue forecasts with $1.4 billion compared to the anticipated $1.41 billion. Despite this, the company demonstrated strong year-over-year revenue growth of 11.6%. In another development, Brown & Brown, through its Bridge Specialty Group, acquired Mississippi-based wholesale insurance brokerage Tim Parkman, Inc., although the financial terms of the acquisition were not disclosed. Additionally, Goldman Sachs downgraded Brown & Brown’s stock from Buy to Neutral, setting a new price target of $119, citing a potential moderation in the company’s growth rates. The downgrade reflects a recalibration of expectations in response to changing market conditions. These recent developments highlight Brown & Brown’s ongoing strategic maneuvers and market challenges.

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