Brown & Brown enters into agreement to acquire Accession
Brown & Brown has entered into an agreement to acquire RSC Topco, the holding company for Accession Risk Management Group.
The transaction is expected to close in the third quarter of 2025, subject to customary closing conditions and regulatory approvals. Under the terms of the agreement, Brown & Brown will acquire RSC on a cash and debt-free basis at the time of acquisition for a gross purchase price of $9.825 billion. The parties previously submitted filings in respect of the Transaction under the United States Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the waiting period for such filings has already expired.
Accession, established in 1997 and currently the ninth largest privately held insurance brokerage in the United States, is the parent to Risk Strategies, a specialty brokerage firm, and One80 Intermediaries, an insurance wholesaler and program manager. The group has over 5,000 insurance professionals throughout the US and Canada and reported 2024 pro forma adjusted revenues of approximately $1.7 billion.
Following the close of this transaction, the Risk Strategies team will become part of Brown & Brown’s Retail segment, and John Mina will join the Retail senior leadership team. The business will remain aligned with Brown & Brown’s decentralized sales and service model, while gaining access to Brown & Brown’s global resources, specialty capabilities and collaborative network. In connection with the closing of the acquisition, Brown & Brown will combine its Programs and Wholesale Brokerage segments into a new Specialty Distribution segment, which will be led by Steve Boyd and Chris Walker. One80 Intermediaries will join the operations of our new Specialty Distribution segment, with Matt Power joining the segment’s senior leadership team.
“We are excited to welcome the Accession team to 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. The brokerage business built by Mike Christian and John Mina and the wholesaler and program manager business built by Matthew F. Power bring complementary and added capabilities that, when aligned with the broader Brown & Brown organization, further position us to extend our reach and consistently deliver for our customers through enhanced market relationships and expanded offerings. We are confident we will be better together as a combined organization.” – J. Powell Brown, president and chief executive officer of Brown & Brown.
“Over the course of nearly 30 years, Accession has advanced an innovative, specialist approach to risk management that has enabled our customers to protect what matters most and produced meaningful value to our shareholders, associates and partners. 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, win amid industry consolidation, lead through innovation and champion our cultural values. We are pleased to have found that in Brown & Brown. This is a one-of-a-kind, ‘great acquires great’ transaction, with each company sharing deep commitments to our teammates – and teammate ownership – strong customer relationships and specialization across core business segments.” – John Mina, chief executive officer of Accession.
