In short: Private; the Brown & Brown acquisition, now contributing. "The recent Accession acquisition contributed $445M in Q1 revenue", and management expects organic growth to improve through 2026 "as the Accession business enters the organic comparison." The thesis is that the market "is focused on short-term headwinds and missing the massive earnings power of the integrated Accession business" — a notably more positive reading than the 16 April view, where the deal's size was the reason BRO sat at Strong+ rather than Very Strong.
In short: Context inside the Brown & Brown write-up, not a stance: a middle-market insurance broker with "over 5,000 professionals operating across the U.S. and Canada" and 190+ acquisitions completed, revenue up from $663m in 2020 to $1.7bn pro forma in 2024 on $15.7bn of premiums placed. Bought for $9.83bn cash-and-stock with $4bn raised and 13.3% dilution, at 5.7x revenue against BRO's 6.2x earnings multiple — "Appears expensive, but Accession's revenue is predictable and growing fast," with ~$148m of net income at BRO margins offsetting the dilution (+13.6% to net income).
Accession is a private, middle-market insurance brokerage with more than 5,000 staff across the US and Canada, itself built by more than 190 acquisitions; its revenue has grown from $663 million in 2020 to $1.7 billion, placing $15.7 billion of premiums. It appears here only because Brown & Brown is buying it for $9.83 billion in cash and stock.
The deal maths is what matters to a Brown & Brown shareholder. Roughly $4 billion is being raised to pay for it, diluting existing owners by about 13.3%, and the price works out at 5.7 times Accession's revenue against Brown & Brown's own 6.2 times earnings multiple. Slegers' read: it "appears expensive, but Accession's revenue is predictable and growing fast," and if Brown & Brown can run it at its own margins it should add around $148 million of net income — about 13.6% — which more than covers the dilution. No view is offered on Accession as a business to own in its own right; the point of the section is that the deal's size, not its price, is what keeps Brown & Brown out of the top conviction tier.
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