08:53 AM EDT, 06/10/2025 (MT Newswires) -- Brown & Brown ( BRO ) on Tuesday agreed to acquire rival insurance brokerage firm Accession Risk Management Group in a deal worth about $9.83 billion, the companies said in a joint statement.

Brown & Brown ( BRO ) will purchase RSC Topco, the holding company of Accession, on a cash and debt-free basis. The transaction, which requires approval from regulators, is expected to complete in the third quarter.

Massachusetts-based Accession owns specialty brokerage firm Risk Strategies and insurance wholesaler and program manager One80 Intermediaries. The company is composed of 5,000 insurance professionals throughout the US and Canada, with 2024 pro forma adjusted revenue of roughly $1.7 billion.

"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," Brown & Brown ( BRO ) Chief Executive J. Powell Brown said in the statement. "We are confident we will be better together as a combined organization."

Brown & Brown ( BRO ) sees the acquisition as boosting its 2024 adjusted earnings on a per-share basis, without giving details.

Risk Strategies will become part of Brown & Brown's ( BRO ) retail segment, with Accession CEO John Mina joining the senior retail leadership team, according to the companies. The business will remain aligned with the brokerage's decentralized sales and service model and gain access to its global resources, specialty capabilities and collaborative network.

"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 specialization across core business segments," Mina said in the statement.

Brown & Brown ( BRO ) will also merge its programs and wholesale brokerage segments into a new specialty distribution division, led by Steve Boyd and Chris Walker. One80 Intermediaries will become part of the new unit's operations and the company's president, Matt Power, will join its senior leadership team.