Insurance broker buys competitor for nearly $10B

Brown & Brown, Inc. of Daytona Beach is acquiring RSC Topco Inc., owner of Accession Risk Management Group Inc. of Boston, for $9.825 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.

The parties previously submitted filings in respect of the transaction under the U.S. 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 dynamic specialty brokerage firm, and One80 Intermediaries, a leading insurance wholesaler and program manager. The company has more than 5,000 employees throughout the U.S. and Canada. It’s adjusted revenue was about $1.7 billion in 2024. “We are excited to welcome the Accession team to Brown & Brown,” stated J. Powell Brown, president and CEO of Brown & Brown in a news release. “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.”

John Mina, chief executive officer of Accession, shared in the release, “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.”

The Risk Strategies team will become part of Brown & Brown’s Retail segment and Mr. Mina will join the Retail senior leadership team. The business will remain aligned with Brown & Brown’s decentralized sales and ser- vice model, while gaining access to Brown & Brown’s global resources, specialty capabilities and collaborative network.

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 a new Specialty Distribution segment, with Matt Power joining the segment’s senior leadership team.

A company spokeswoman said it was too early to tell what impact the acquisition would have on jobs and operations locally.

Brown & Brown, which has nearly 1,000 employees in Daytona Beach, was founded in 1939 and provides risk management solutions worldwide. The company has more than 500 locations and 17,000 employees.