Brown & Brown has completed its acquisition of RSC Topco, Inc, the holding company for Accession Risk Management Group, Inc.
Accession operates as a specialty managing general underwriter (MGU) and program manager. Its integration into Brown & Brown expands the firm’s capabilities in delegated underwriting and program business, adding to its portfolio of specialty insurance services.
With the addition of Accession, Brown & Brown now has a workforce exceeding 23,000 employees.
The transaction is one of the largest completed by Brown & Brown and is reportedly valued at approximately $9.83 billion. Funding for the deal is expected to come from around $4 billion in equity and another $4 billion in newly issued debt, with the remainder drawn from existing liquidity resources.
As of year-end 2024, Accession Risk Management Group had grown to a staff of more than 5,000 professionals and had executed over 190 acquisitions. Its annual pro forma revenue totaled $1.7 billion, with $15.7 billion in premium placed.
Brown & Brown also recently reported its second-quarter 2025 results, with GAAP revenue increasing 9.1% year over year to $1.3 billion. Commissions and fees were up 8.2%, while organic revenue rose by 3.6%. Adjusted EBITDAC also rose 12.1%, resulting in a margin of approximately 36.7%.
The transaction also reflects broader growth within the MGA and program sector. Industry estimates indicate that MGAs now account for more than $102 billion in annual premium volume in the United States.
As carriers and brokerages seek more specialized underwriting and distribution solutions, platforms like Accession have become central to strategic growth plans.
According to recent industry research, nearly one-third of corporate clients consider switching brokers following a merger or acquisition. This trend has drawn attention to the challenges of client retention and the importance of maintaining service continuity during post-deal integration.
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