Brown and Brown agrees nearly $10bn deal for parent firm of ex-Howden target

Brown and Brown has agreed to buy RSC Topco – the holding company of Accession Risk Management Group – in a £7.28bn ($9.83bn) cash-and-stock deal.

Established in 1997, US-based Accession is the parent company of broking firm Risk Strategies and One80 Intermediaries, an insurance wholesaler and programme manager.

Risk Strategies was reportedly eyed up by UK broker Howden earlier this year, but a deal never went through, leaving the door open for others.

Following the close of the transaction from Brown and Brown, the Risk Strategies team will become part of Brown and Brown’s retail segment – John Mina, chief executive at Accession, will join the retail senior leadership team.

Meanwhile, the deal will also see Brown and Brown combine its programmes and wholesale broker segments into a new specialty distribution segment. One80 Intermediaries will join the operations of this new arm.

J. Powell Brown, president and chief executive at Brown and Brown, said: “We are excited to welcome the Accession team to Brown and 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.”

Transaction details

The transaction is expected to close in the third quarter of 2025, subject to customary closing conditions and regulatory approvals.

The parties involved 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.

Mina 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 and 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.”