Brown & Brown to Acquire Accession Risk Management for $9.8B, Expanding Specialty Brokerage

Brown & Brown Inc. has announced an agreement to acquire Accession Risk Management, the parent company of specialty brokerage Risk Strategies and wholesaler One80 Intermediaries, for approximately $9.8 billion. Accession, a significant player in the U.S. insurance brokerage space, has more than 5,300 employees and reported revenue of around $1.7 billion in 2024, with Risk Strategies alone writing about $8.55 billion in total premiums last year. The acquisition is expected to close in the third quarter of 2024.

Upon completion, Risk Strategies will integrate into Brown & Brown’s retail insurance segment, while Brown & Brown plans to create a new specialty distribution segment by including One80 Intermediaries. Leadership from Accession and One80 will join Brown & Brown’s senior management, indicating a strategic alignment to enhance service and operational capabilities across retail and specialty segments.

This move positions Brown & Brown to leverage complementary strengths by combining retail brokerage expertise with wholesale and specialty program management capabilities. The transaction reflects broader market trends of consolidation among leading insurance brokers as firms seek scale and expanded market reach to compete effectively.

Brown & Brown, ranked as the seventh largest global insurance broker with $4.3 billion in revenue in 2024, follows other major industry acquisitions such as Arthur J. Gallagher’s $13.45 billion purchase of AssuredPartners and Marsh McLennan’s $7.75 billion acquisition of McGriff Insurance Services. These transactions underscore ongoing consolidation in the U.S. insurance brokerage market, particularly targeting middle-market and specialty sectors.

Industry analysts note that while insurance agency mergers slowed in early 2024, recent large deals signal potential acceleration of mega acquisitions. Brown & Brown’s acquisition solidifies its market presence and signals continued strategic investment in specialty insurance distribution and program business models. This acquisition aims to enhance Brown & Brown’s competitive positioning and offers expanded brokerage capacity in a consolidating industry landscape.