Brown & Brown signs US$9.8 billion deal for rival broker Accession Risk

Boston skyline. (Michael Dwyer/AP Photo)

Insurance broker Brown & Brown will buy Risk Strategies parent and rival Accession Risk Management in a US$9.83 billion deal, the companies announced on Tuesday, bolstering its capabilities in property and casualty and employee benefits.

The deal adds to a handful of mega transactions in the highly fragmented insurance broker industry in recent years, as top firms look to increase scale and boost their competitive position.

Last year, Aon acquired NFP for $13 billion, while Marsh McLennan bought McGriff Insurance Services for $7.75 billion. Arthur J. Gallagher’s $13.45 billion deal for AssuredPartners is expected to close later this year.

Shares of Brown & Brown were down 4.5% in premarket trading.

Risk Strategies was founded in 1997 by insurance industry veteran Mike Christian. Boston, Massachusetts-based Accession was formed in 2023 to house Risk Strategies and insurance wholesaler One80 Intermediaries.

In 2024, Accession posted pro forma revenue of $1.7 billion and placed $15.7 billion in premiums. The group has more than 5,000 insurance professionals throughout the U.S. and Canada.

The deal, anticipated to close in the third quarter of 2025, is estimated to boost Brown & Brown’s 2024 adjusted profit per share by mid-teens.

The Florida-based company will combine its programs and wholesale brokerage segments into a new specialty distribution segment.

BofA Securities, J.P. Morgan Securities and Skadden, Arps, Slate, Meagher & Flom advised Brown & Brown on the transaction.

(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shilpi Majumdar)