Brown & Brown to Acquire Accession Risk Management for $9.83 Billion in Major Industry Merger

Brown & Brown, a prominent insurance brokerage firm, announced its plan to acquire Accession Risk Management in a deal valued at approximately $9.83 billion, financed through a combination of a $4 billion equity raise and $4 billion in bonds. This acquisition highlights a significant trend in the fragmented insurance brokerage industry where large-scale mergers are pursued to expand market presence and enhance competitive positioning. Comparable recent mergers in this sector include Aon’s $13 billion acquisition of NFP and Marsh McLennan’s $7.75 billion purchase of McGriff Insurance Services.

Accession Risk Management, headquartered in Boston, operates through its subsidiaries Risk Strategies and One80 Intermediaries, serving a diverse client base including commercial businesses and nonprofit organizations. With over 5,000 insurance professionals across the US and Canada, Accession has completed more than 190 acquisitions, reporting $1.7 billion in 2024 pro forma revenue and $15.7 billion in premiums written. The acquisition is expected to strengthen Brown & Brown’s property-casualty and employee benefits divisions while expanding its footprint in the middle-market sector.

Brown & Brown CEO Powell Brown emphasized the strategic nature of the acquisition, noting minimal operational overlap, which mitigates risks of market cannibalization. The deal includes issuing approximately $1.3 billion in Brown & Brown stock to the sellers, including private equity firm Kelso, a majority stakeholder in Risk Strategies since 2015. Upon closing, anticipated in the third quarter of 2025, Brown & Brown plans to consolidate its programs and wholesale brokerage businesses into a new segment focused on specialty distribution.

This strategic acquisition aligns with Brown & Brown’s growth trajectory, targeting revenue surpassing $8 billion and showcasing ongoing consolidation in the insurance brokerage industry. The transaction underscores the increasing value placed on expanding service capabilities and enhancing market penetration through mergers and acquisitions, reflecting broader industry trends toward scale and diversification.