Accession Sells to Brown & Brown for $9.83bn
Deal News | Aug 14, 2025 | Re-Insurance News
Kelso & Company, L.P., a private equity firm focused on North American markets, has successfully completed the sale of its portfolio company, Accession Risk Management Group, to Brown & Brown for approximately $9.83 billion in a largely cash deal. Originally founded in 1997 and based in Boston, Accession is a key player in the insurance services landscape, composing specialty brokerage and insurance wholesaler arms. The transaction, initially announced in June 2025, stands out as one of the most significant private equity exits in the history of insurance brokerage. Kelso's involvement with Accession began in 2015, transforming the company from a regional broker to a national powerhouse through organic growth and over 180 acquisitions, increasing revenue from $130 million to $1.7 billion and its employee base significantly. As Steve Dutton of Kelso highlighted, this growth was achieved through disciplined value creation and strong partnerships. Accession's CEO, John Mina, noted their dedication to finding a partner that aligns with their strategic goals,, with Brown & Brown fitting that mold during ongoing industry consolidation. Michael Christian, Accession's founder, expressed appreciation for the legacy built under Kelso's stewardship and optimism for Accession's future with Brown & Brown.
Sectors
- Private Equity
- Insurance
- Corporate Finance
Geography
- United States – Kelso & Company, Accession, and Brown & Brown are all based in the U.S., and the transaction centers around U.S. companies.
Industry
- Private Equity – Kelso & Company's involvement as a private equity firm in the acquisition and exit process of Accession Risk Management Group.
- Insurance – Accession's operations are rooted deeply in insurance services, specialization in brokerage and wholesale distribution of insurance products.
- Corporate Finance – The transaction of $9.83 billion is an example of significant corporate finance activity involving mergers and acquisitions.
Financials
- $9.83 billion – The transaction value for the sale of Accession to Brown & Brown.
- $1.7 billion – Accession's revenue after substantial growth under Kelso's ownership.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Kelso & Company, L.P. | Selling Company | Company | A North American-focused middle-market private equity firm. |
| Accession Risk Management Group | Target Company | Company | A national insurance services platform and portfolio company of Kelso & Company. |
| Brown & Brown | Bidding Company | Company | An acquiring firm involved in the purchase of Accession for $9.83 billion. |
| Steve Dutton | Partner | Person | Partner at Kelso & Company who commented on the sale. |
| John Mina | CEO | Person | CEO of Accession who discussed the strategic alignment with Brown & Brown. |
| Michael Christian | Founder and Executive Chairman | Person | Founder of Accession who expressed gratefulness for the company's transition and legacy. |