Brown & Brown Completes $9.83 Billion Acquisition of Accession Risk Management

Brown & Brown, Inc., a leading insurance brokerage firm, has completed its acquisition of Accession Risk Management Group, Inc., the parent company of Risk Strategies and One80 Intermediaries. The $9.83 billion deal, initially announced on June 10, 2025, was finalized on August 1, 2025, following regulatory approvals.

This strategic acquisition adds over 5,000 professionals to Brown & Brown's workforce, expanding its capabilities in specialty insurance services and enhancing its market presence. Accession reported pro forma adjusted revenues of approximately $1.7 billion in 2024 and placed $15.7 billion in insurance premiums. The transaction was funded through a combination of equity, newly issued debt, and existing liquidity resources.

Brown & Brown, established in 1939, has grown into a leading insurance brokerage firm, offering customer-centric risk management solutions. With a global presence spanning over 500 locations and a team exceeding 17,000 professionals, the company is dedicated to delivering scalable, innovative strategies for its clients.

Accession, headquartered in Boston, Massachusetts, serves as the parent brand to specialty insurance and risk management companies, notably Risk Strategies and One80 Intermediaries. Since 2014, Accession has integrated more than 190 companies into its portfolio, enhancing its expertise and service offerings.

Risk Strategies, founded in 1997 by insurance industry veteran Mike Christian, is a specialty brokerage firm that connects insurers with a diverse client base, including commercial firms and nonprofit organizations. One80 Intermediaries, established in 2019, is an insurance wholesaler and program manager, contributing to Accession's diverse service offerings.

The acquisition was valued at approximately $9.83 billion, comprising both cash and stock considerations. Brown & Brown funded the transaction through a combination of a $4 billion equity raise and the issuance of $4 billion in bonds across various maturities.

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.

This acquisition significantly bolsters Brown & Brown's presence in the middle-market segment, catering to companies larger than small businesses but smaller than multinational corporations. The combined entity now boasts over 21,000 employees and annual revenues exceeding $6 billion.

The deal underscores a broader trend of consolidation within the insurance brokerage industry, as firms seek to enhance their market presence and competitive edge through large-scale mergers. Notable recent transactions include Aon's $13 billion acquisition of NFP and Marsh McLennan's $7.75 billion purchase of McGriff Insurance Services.

In the second quarter of 2025, Brown & Brown reported an 8.2% increase in commissions and fees, totaling $1.25 billion, reflecting sustained demand for insurance coverage amid rising risks such as climate-related disasters and cyber threats. The company's adjusted net income per share rose to $1.03, up from 93 cents in the same period the previous year.

The integration of over 5,000 professionals from Accession into Brown & Brown's workforce is expected to create synergies and potentially lead to job realignments. The consolidation may influence competitive dynamics within the insurance brokerage sector, potentially affecting pricing, service offerings, and client relationships.

This acquisition marks a significant milestone in Brown & Brown's growth strategy, positioning the company as a formidable player in the insurance brokerage industry and reflecting the ongoing trend of consolidation within the sector.