Brown & Brown to Acquire Accession Risk Management for $9.83 Billion

Brown & Brown, Inc., a leading insurance brokerage firm, announced on June 10, 2025, its agreement to acquire Accession Risk Management for $9.83 billion. This acquisition is part of a broader trend of significant consolidations within the insurance industry.

The transaction, valued at $9.83 billion, comprises both cash and stock components. To finance the deal, Brown & Brown plans to raise $4 billion through a share sale, which led to a 3% decline in its stock price prior to the market opening. The company also intends to issue $4 billion in bonds across multiple tenors. The transaction is expected to close in the third quarter of 2025.

Accession Risk Management, based in Boston, Massachusetts, is the parent company of Risk Strategies and One80 Intermediaries. Risk Strategies, founded in 1997 by insurance industry veteran Mike Christian, specializes in connecting insurers with customers across a diverse client base, including commercial firms and nonprofit organizations. In 2024, Accession reported pro forma revenue of $1.7 billion and managed $15.7 billion in insurance premiums. The company employs over 5,000 professionals throughout the U.S. and Canada.

The insurance sector has witnessed a series of high-profile mergers and acquisitions aimed at enhancing market presence and competitive edge. In April 2024, Aon plc completed the acquisition of NFP, a leading middle-market property and casualty broker, benefits consultant, wealth manager, and retirement plan advisor, for an enterprise value of $13.0 billion. This acquisition expanded Aon's presence in the large and fast-growing middle-market segment. Marsh McLennan acquired McGriff Insurance Services for $7.75 billion, further consolidating its position in the industry. Arthur J. Gallagher announced a $13.45 billion deal to acquire AssuredPartners, with the transaction expected to close later this year.

This acquisition is expected to bolster Brown & Brown's property and casualty, and employee benefit insurance businesses, while strengthening its foothold in the middle-market segment. The middle-market segment caters to companies smaller than multinational corporations but larger than typical small businesses. Despite broader economic uncertainties, this move underscores the ongoing consolidation within the insurance sector, as firms seek to enhance their market presence and competitive edge.

Founded in 1939, Brown & Brown, Inc. is an insurance brokerage firm specializing in risk management. Headquartered in Daytona Beach, Florida, the company operates over 450 locations worldwide and employs approximately 17,403 individuals as of 2024. In 2021, it ranked as the fifth-largest independent insurance brokerage in the U.S. and sixth-largest globally. The company is led by J. Powell Brown as President & CEO, with J. Hyatt Brown serving as Chairman.

Following the announcement, Brown & Brown's stock experienced a slight decline. As of June 13, 2025, Brown & Brown's stock (BRO) is trading at $106.55, reflecting a decrease of $0.25 (-0.23%) from the previous close. The stock's intraday high reached $107.87, with a low of $106.52.

This acquisition underscores the ongoing consolidation within the insurance sector, as firms seek to enhance their market presence and competitive edge amid broader economic uncertainties.