Brown & Brown has entered into an agreement to acquire RSC Topco, the holding company of Accession Risk Management Group, in a $9.825 billion transaction expected to close in the third quarter of 2025, the companies announced.
The deal remains subject to regulatory approvals and customary closing conditions.
The acquisition will be made on a cash and debt-free basis and marks one of the largest in Brown & Brown’s history.
The companies previously filed under the Hart-Scott-Rodino Antitrust Improvements Act, with the required waiting period having already expired.
Founded in 1997, Accession is among the largest privately held insurance brokerages in the U.S. and operates two primary platforms: Risk Strategies, a specialty brokerage firm, and One80 Intermediaries, a wholesale insurance distributor and program manager.
The combined operations employ more than 5,000 professionals across the U.S. and Canada and reported 2024 pro forma adjusted revenues of approximately $1.7 billion.
“We are excited to welcome the Accession team to Brown & Brown,” J. Powell Brown, president and chief executive officer of Brown & Brown, said in a press release. “Combining with Risk Strategies and One80 represents a unique opportunity to bring the best of both organizations to the forefront.”
John Mina, chief executive officer of Accession, also emphasized the cultural and strategic alignment between the two companies.
“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,” Mina said.
Following the transaction’s close, Risk Strategies will join Brown & Brown’s Retail segment. Mina will be appointed to the retail senior leadership team.
The acquisition will also lead to a structural realignment. Brown & Brown’s Programs and Wholesale Brokerage segments will be combined into a new Specialty Distribution segment. One80 Intermediaries will operate under this new segment, which will be led by Steve Boyd and Chris Walker, with Matt Power joining its leadership team.