Brown & Brown Completes $9.83 Billion Acquisition of RSC Topco

On August 1, 2025, Brown & Brown, Inc., a leading insurance brokerage firm, completed its acquisition of RSC Topco, Inc., the holding company for Accession Risk Management Group, Inc., in a deal valued at approximately $9.83 billion. This strategic move significantly enhances Brown & Brown's capabilities in delegated underwriting and program business, adding over 5,000 professionals to its workforce and strengthening its presence in the specialty insurance sector.

The acquisition was financed through a combination of approximately $4 billion in equity, $4 billion in newly issued debt, and the remainder from existing liquidity resources. This marks one of the largest transactions in the insurance brokerage sector to date.

Established in 1939, Brown & Brown operates over 700 locations with a team exceeding 23,000 professionals. The company offers comprehensive and customized insurance solutions, emphasizing specialization and customer-centric services.

Accession Risk Management Group, headquartered in Boston, Massachusetts, is the parent company of specialty insurance firms Risk Strategies and One80 Intermediaries. In 2024, Accession placed over $15 billion in insurance premiums and reported pro forma revenue of $1.7 billion. The group employs more than 5,000 insurance professionals across the U.S. and Canada.

Following the acquisition, Brown & Brown plans to integrate its Programs and Wholesale Brokerage segments into a new Specialty Distribution segment. One80 Intermediaries will join this new segment, with Matt Power joining the segment’s senior leadership team. Risk Strategies will become part of Brown & Brown’s Retail segment, with John Mina joining the Retail senior leadership team.

In the second quarter ending June 30, 2025, Brown & Brown reported a 9.1% increase in total revenue to $1.29 billion, with commissions and fees rising by 8.2% to $1.25 billion. Adjusted net income per share was $1.03, up from 93 cents per share in the same period the previous year.

The acquisition is anticipated to be accretive to Brown & Brown’s adjusted diluted net income per share in 2024, driving shareholder value through expected revenue and cash flow growth.

The insurance brokerage industry has witnessed a series of mega-mergers in recent years. Notably, Aon acquired NFP for $13 billion, and Marsh McLennan purchased McGriff Insurance Services for $7.75 billion. These consolidations reflect a strategic push towards enhancing market presence and competitive edge.

Despite broader economic uncertainties, the insurance sector has demonstrated resilience, driven by sustained demand for coverage against emerging risks such as climate-related disasters and cyber threats.

Brown & Brown's acquisition of Accession Risk Management Group marks a significant milestone in the company's growth strategy, reflecting the ongoing consolidation trend in the insurance brokerage industry and positioning the firm for enhanced capabilities and market presence in the specialty insurance sector.