Guest post by Vaughn Stoll, SVP and Director of Acquisitions for Brown & Brown.
Last week, Brown & Brown announced the acquisition of Accession Risk Management Group, Inc. for $9.8 billion. Accession is the parent company of Risk Strategies, a specialty brokerage firm, and One80 Intermediaries, a leading wholesaler and program manager — companies that collectively employ 5,400 teammates and generate $1.7 billion in annual revenue.
This is our biggest acquisition to date, and of course, there is a lot of excitement about that.
However, my biggest takeaway from this deal may surprise you: Culture always comes first —even in a significant acquisition like this. When it comes to Accession, we found the perfect fit, because they:
1. Foster an ownership culture.
Entrepreneurial and performance-driven values are core to both Brown & Brown and Accession’s company cultures. At Brown & Brown, 56% of our U.S.-based teammates and 7% of our non-U.S.-based teammates are shareholders in our company, and 20% of Brown & Brown is owned by teammates. Accession shares this value — approximately 25% of their team owns shares in the company. Like Brown & Brown, Accession’s ownership structure goes wide and deep, and that matters to us.
Related: Why cultural alignment shapes Arrowhead Programs’ M&A strategy
2. Think highly of their teammates.
We were thrilled to see how excited Accession’s leadership was to speak about the talent of their internal teams and to observe the respect and confidence their leadership has earned throughout the organization.
Insurance is about relationships, and this acquisition was no exception. Accession’s founder, Mike Christian, and our President and CEO, Powell Brown, first connected several years ago over a shared passion for mental wellness and brain health when the two served on an insurance council together. Much like Brown & Brown, Accession cares about their teammates’ long-term home, and their focus on teammates is undeniably prevalent throughout the entire organization.
Related: Concentrate on your team during an acquisition
3. Are enthusiastic about their capabilities.
Accession is comprised of niche businesses, just like Brown & Brown. While we share some capabilities, our companies are complementary in far more areas of business. They bring additional specialties and broader carrier relationships that will benefit our customers, our teammates, our carrier partners and our shareholders.
Accession’s leadership is passionate about insurance, and they are self-proclaimed insurance nerds, just like we are. We quickly discovered that we speak the same language and share the same zest for competition, collaboration and our customers.
Stick to your values to find the way forward
For us, a future that blends Accession and Brown & Brown’s collective knowledge and resources is compelling and exciting. When it comes to your insurance brokerage, focus on an acquisition where both parties emerge stronger together, regardless of the potential sale size. If you do, you’ll make the right decision at every turn.
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This material has been prepared for general informational purposes only, is intended to apply generally rather than to any specific company and presumes appropriate discretion will be exercised regarding any particular situation.
