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

Brown & Brown

11/06/2025 10:42

** 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

 (Reporting by Arasu Kannagi Basil in Bengaluru)

 ((ArasuKannagi.Basil@thomsonreuters.com;))