Brown & Brown falls after $9.8 billion deal for rival broker Accession

Insurance broker Brown & Brown's BRO.N shares fall 3% to $104.50

BRO will acquire privately-held rival Accession Risk Management in a $9.83 billion cash-and-stock deal as consolidation heats up in the insurance broker industry

Co plans to fund the acquisition through a $4 billion equity raise and issuance of $4 billion in bonds across multiple tenors

About $1.3 billion of Brown & Brown stock will be issued to selling shareholders

Transaction expected to close in Q3 2025

6 of 15 brokerages rate the stock "buy" or higher, 8 "hold" and 1 "sell"; median PT $120 - data compiled by LSEG

Including session moves, BRO stock up 2.5% YTD