Brown & Brown Acquires Accession Risk Management Group for $9.83 Billion

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 transaction valued at approximately $9.83 billion. This strategic move is set to significantly enhance Brown & Brown's market presence and service offerings.

Accession Risk Management Group, headquartered in Boston, Massachusetts, is the parent company of Risk Strategies and One80 Intermediaries. Risk Strategies, founded in 1997 by Mike Christian, is a specialty brokerage firm, while One80 Intermediaries operates as an insurance wholesaler and program manager. Together, they employ over 5,000 professionals across the U.S. and Canada and reported pro forma adjusted revenues of approximately $1.7 billion in 2024.

The acquisition was financed through a combination of a $4 billion equity raise and the issuance of $4 billion in bonds across multiple tenors. Post-acquisition, the Risk Strategies team will integrate into Brown & Brown’s Retail segment, with John Mina joining the senior leadership team. Additionally, Brown & Brown plans to merge its Programs and Wholesale Brokerage segments into a new Specialty Distribution segment, enhancing operational efficiency and service delivery.

J. Powell Brown, president and chief executive officer of Brown & Brown, stated, "Combining with Risk Strategies and One80 represents a unique opportunity to bring the best of both organizations to the forefront, enabling us to augment and strengthen our collective growth." John Mina, CEO of Accession, added, "This is a one-of-a-kind, 'great acquires great' transaction, with each company sharing deep commitments to our teammates... and a commitment to pursuing profitable growth."

This acquisition is expected to bolster Brown & Brown's capabilities in delegated underwriting and program business, aligning with the company's growth strategy. The transaction reflects a broader trend of consolidation within the insurance brokerage industry, as firms seek to expand their service portfolios and market reach. Notably, this deal follows other significant mergers, such as Aon’s $13 billion purchase of NFP and Marsh McLennan’s $7.75 billion acquisition of McGriff Insurance Services.

In the second quarter of 2025, Brown & Brown reported an increase in profit, driven by an 8.2% rise in commissions and fees, totaling $1.25 billion. This growth reflects sustained demand for insurance coverage amid increasing risks such as climate-related disasters and cyber threats. The company's adjusted net income was $1.03 per share, up from 93 cents per share the previous year.

The integration of over 5,000 professionals from Accession into Brown & Brown's operations may lead to organizational restructuring. While such consolidations can result in operational efficiencies, they may also pose challenges related to workforce integration and potential redundancies. Additionally, the consolidation trend in the insurance brokerage industry could lead to reduced competition, potentially impacting pricing and service options for consumers.

This acquisition marks a significant milestone for Brown & Brown, positioning the company for enhanced growth and competitiveness in the evolving insurance brokerage landscape.