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

DAYTONA BEACH, Fla. — Brown & Brown, Inc., a leading insurance brokerage firm, has 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. The deal, finalized on August 1, 2025, marks a significant expansion for Brown & Brown, enhancing its capabilities in delegated underwriting and program business.

Accession Risk Management Group, headquartered in Boston, Massachusetts, is the parent company of specialty insurance firms Risk Strategies and One80 Intermediaries. In 2024, these entities collectively placed more than $15 billion in insurance premiums and reported pro forma revenue of $1.7 billion. The acquisition adds over 5,000 professionals to Brown & Brown's workforce, bringing its total employee count to more than 23,000 across over 700 locations.

"We are excited to welcome the Accession team to Brown & Brown," said J. Powell Brown, president and chief executive officer of Brown & Brown. "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, chief executive officer of Accession, expressed similar sentiments: "As we began contemplating the next major leap in our journey, we were adamant that any potential partner must have the capability and conviction to strengthen our ability to create an industry powerhouse. We are pleased to have found that in Brown & Brown."

The acquisition aligns with Brown & Brown's growth strategy, aiming to surpass $8 billion in revenue. The integration of Accession's operations is expected to bolster Brown & Brown's presence in the property and casualty, employee benefits, and middle-market segments. The company plans to combine its Programs and Wholesale Brokerage segments into a new Specialty Distribution segment, enhancing operational efficiency and service delivery.

To finance the acquisition, Brown & Brown conducted a $4 billion equity raise and issued $4 billion in bonds across multiple tenors. Approximately $1.3 billion of Brown & Brown stock was issued to selling shareholders, including about $250 million to private equity firm Kelso, which had acquired a majority stake in Risk Strategies in 2015.

The insurance brokerage industry has seen a trend of large-scale mergers, with firms seeking to enhance market presence and competitive edge. Notable recent deals include Aon's $13 billion acquisition of NFP and Marsh McLennan's $7.75 billion purchase of McGriff Insurance Services.

Post-acquisition, the Risk Strategies team will integrate into Brown & Brown’s Retail segment, with John Mina joining the senior leadership team. The companies share a strong entrepreneurial spirit and a commitment to teammate equity ownership, with Brown & Brown having 56% of its U.S.-based teammates as shareholders and Accession having approximately 25% teammate ownership.

The consolidation is expected to enhance service offerings and provide clients with a broader range of insurance solutions. The integration of over 5,000 professionals may lead to job realignments but also offers opportunities for career growth within a larger organization. The deal underscores the ongoing trend of consolidation in the insurance industry, aiming to create more robust entities capable of addressing complex client needs.

As of October 9, 2025, Brown & Brown's stock (NYSE: BRO) is trading at $95.76 per share, reflecting investor confidence in the company's strategic direction.

The successful completion of this acquisition positions Brown & Brown as a more formidable player in the insurance brokerage industry, with expanded capabilities and a broader market reach.