Brown & Brown Acquires RSC Topco for $9.8 Billion

Brown & Brown, has entered into an agreement to acquire RSC Topco, the holding company for Accession Risk Management Group, for a gross purchase price of $9.825 billion.

Brown & Brown’s Chief Acquisition Officer J Scott Penny and Accession Risk Management Group CEO John Mina made the announcement in the US on Tuesday. The transaction is expected to close in the third quarter of 2025, subject to customary closing conditions and regulatory approvals.

Brown & Brown will acquire RSC on a cash and debt-free basis and both parties previously submitted filings in respect of the Transaction under the US 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 US, is the parent to Risk Strategies, a dynamic specialty brokerage firm, and One80 Intermediaries, a leading insurance wholesaler and program manager.

Composed of over 5,000 insurance professionals throughout the US and Canada and with 2024 pro forma adjusted revenues of approximately $1.7 billion, Accession is known for its specialisation, deep customer relationships and high-performing culture.

Unique Opportunity

J. Powell Brown President and CEO of Brown & Brown, said that combining with Risk Strategies and One80 represents a unique opportunity to bring the best of both organisations to the forefront, enabling them to augment and strengthen their 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,” he said.

John Mina said that over the course of nearly 30 years, Accession has advanced an innovative, specialist approach to risk management that has enabled its 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 wanted 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,” he said.

Following the close of this transaction, the Risk Strategies team will become part of Brown & Brown’s Retail segment, and John 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.

Key Benefits

Combining two culturally aligned organisations that share the same core values, including a strong entrepreneurial spirit, a passion for creating the best solutions for our customers, a focus on significant teammate equity ownership and a commitment to pursuing profitable growth.

It will enhance relationships with their customers and carrier partners through highly complementary businesses across insurance distribution channels and increased ability to deliver high-quality and diverse trading platforms for insurance carrier partners with greater breadth and depth of placement opportunities.

Expanded access and a market-leading portfolio of niche solutions for our customers to meet the complex needs of policyholders. Financially compelling, driving shareholder value through anticipated revenue and cash flow growth; acquired operations estimated to be accretive to Brown & Brown’s 2024 adjusted diluted net income per share.