Kelso & Company Completes $9.83 Billion Sale of Accession Risk Management to Brown & Brown, Inc.

Kelso & Company has completed the sale of Accession Risk Management Group to Brown & Brown, Inc. for $9.83 billion, marking one of the largest private equity exits in the insurance brokerage industry. Under Kelso's ownership, Accession's revenue grew from $130 million to $1.7 billion through over 180 acquisitions and organic growth, expanding its employee base from 500 to 5,500 professionals.

NEW YORK, August 13, 2025—Kelso & Company, L.P., a leading middle-market private equity firm, has completed the sale of its portfolio company, Accession Risk Management Group ("Accession," formerly known as "Risk Strategies"), to Brown & Brown, Inc. (NYSE: BRO) ("Brown & Brown") in a primarily cash transaction valued at approximately $9.83 billion [1]. This sale marks one of the largest private equity exits in insurance brokerage history, following Accession’s significant and consistent growth under Kelso’s ownership.

Accession, a Boston-based national insurance services platform, operates through two subsidiary brands: Risk Strategies, a leading retail brokerage, and One80 Intermediaries, a rapidly growing insurance wholesaler and program manager established in 2019. Under Kelso’s ownership since 2015, Accession has expanded through both organic growth and over 180 acquisitions, increasing its revenue from $130 million to $1.7 billion [2]. The company has grown its employee base from 500 to approximately 5,500 professionals, serving a diverse base of clients.

The acquisition by Brown & Brown, a well-established insurance distribution company with a strong track record, is seen as a strategic move to enhance Brown & Brown’s capabilities and expand its market reach. Brown & Brown’s revenue for the last twelve months was $4.96 billion, with a consistent dividend payment history spanning 40 years [3].

Steve Dutton, Partner at Kelso & Company, expressed pride in Accession’s growth and success, attributing it to the firm’s value creation plan and partnership with management. John Mina, CEO of Accession, highlighted the company’s innovative approach to risk management and its commitment to clients and associates. Michael Christian, Accession’s founder and Executive Chairman, thanked Kelso for their collaboration in building a remarkable business.

The transaction was facilitated by Evercore Inc. as financial advisor and Debevoise & Plimpton LLP as legal counsel. The sale signifies a decade-long successful partnership between Kelso and Accession, setting a new chapter for Accession as it joins forces with Brown & Brown in the competitive insurance distribution landscape.

References:
[1] https://finance.yahoo.com/news/kelso-company-completes-9-83-130000922.html
[2] https://www.gurufocus.com/news/3058710/kelso-company-completes-983-billion-sale-of-accession-risk-management-group-to-brown-brown-inc-bro-stock-news
[3] https://www.investing.com/news/company-news/kelso-sells-insurance-brokerage-accession-to-brown--brown-for-983-billion-93CH-4188495