Brown & Brown Sells $4.2 Billion of Bonds for Accession Deal (2)

Insurance broker Brown & Brown Inc. sold $4.2 billion of US investment-grade bonds Wednesday to help fund its acquisition of Accession Risk Management Group Inc.

The company offered the securities in six parts, according to a person familiar with the matter. The longest portion, a 30-year bond, yields 1.35 percentage point above Treasuries, the person said, asking not to be identified discussing private details.

Initial price discussions called for a yield in the area of 1.7 percentage point above the benchmark.

Brown & Brown announced Tuesday that it would fund its $9.8 billion purchase of Accession, one of the ...