Brown & Brown to acquire Accession in $9.8B deal

Brown & Brown has entered into an agreement to acquire RSC Topco, the holding company for Accession.

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 that deals with captive insurance, and One80 Intermediaries, an insurance wholesaler and program manager. Accession is composed of over 5,000 insurance professionals throughout the US and Canada and with 2024 pro forma adjusted revenues of approximately $1.7 billion.

The transaction is expected to close in the third quarter of 2025, subject to 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.

“We are excited to welcome the Accession team to Brown & Brown,” said J. Powell Brown (pictured left), president and chief executive of Brown & Brown. “Combining with Risk Strategies and One80 represents a unique opportunity to bring the best of both organisations 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 organisation, 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 organisation.”

John Mina (pictured right), chief executive of Accession, said: “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 specialisation across core business segments.”

Following the close of this transaction, the Risk Strategies team will become part of Brown & Brown’s Retail segment, and Mina will join the retail senior leadership team. The business will remain aligned with Brown & Brown’s decentralised 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 the new specialty distribution segment, with Matt Power joining the segment’s senior leadership team.

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