Insurance broker Brown & Brown has announced plans to acquire Accession Risk Management in a deal worth about $9.83 billion. This acquisition combines cash and stock, marking a significant move in the insurance brokerage industry.
The announcement came on June 10, 2025, and highlights the ongoing trend of consolidation in the insurance sector. Many companies are looking to grow through large mergers, as noted by reports from Reuters. While smaller acquisitions are common, the size of this deal shows that firms are willing to invest heavily to increase their market presence.
Accession Risk Management, based in Boston, is the parent company of Risk Strategies, which was founded in 1997. It also owns One80 Intermediaries, an insurance wholesaler. Both companies connect insurers with a wide range of clients, including commercial businesses and nonprofits.
To fund the acquisition, Brown & Brown plans to raise $4 billion through equity and issue another $4 billion in bonds. Following the announcement, Brown & Brown’s stock dipped slightly by 0.6% in early trading.
This deal aims to strengthen Brown & Brown’s divisions in property-casualty insurance and employee benefits, particularly within the middle market. This segment serves companies that are larger than small businesses but smaller than major multinational corporations.
Accession Risk Management employs over 5,000 insurance professionals across the U.S. and Canada. The company has a strong track record, completing more than 190 acquisitions and reporting a pro forma revenue of $1.7 billion in 2024, with $15.7 billion in written premiums.
Brown & Brown’s CEO, Powell Brown, emphasized that this acquisition is a crucial step toward reaching the company’s goal of exceeding $8 billion in revenue. He pointed out that the company has grown from about $300 million in revenue in 2000 to nearly $5 billion last year, largely due to strategic acquisitions. He also noted that there is little overlap between the two companies, which should help avoid market cannibalization.
As part of the transaction, around $1.3 billion in Brown & Brown stock will be issued to the sellers, including about $250 million to private equity firm Kelso. Kelso had acquired a majority stake in Risk Strategies in 2015.
The deal is expected to close in the third quarter of 2025. After the acquisition, Brown & Brown plans to integrate its programs and wholesale brokerage businesses into a new segment focused on specialty distribution.