Brown & Brown dips after $4 billion fundraise to buy rival Accession

Insurance broker Brown & Brown's BRO.N shares fall 0.9% to $104.51 premarket

BRO had sold 39.2 mln shares at $102/shr, a 3.3% discount to stock's last close

$4 billion gross proceeds to fund portion of its $9.83 bln acquisition of rival Accession Risk Management

J.P. Morgan and BofA Securities were lead book running managers

Stock closed down 2.2% Tuesday after BRO unveiled acquisition and stock offering

BRO had nearly 286.7 mln outstanding shares as of June 3, according to prospectus

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

YTD, BRO up 3.4% YTD, as of last close