BRP Group, Inc. Announces Acquisition of Southern Protective Group

TAMPA, Fla., May 01, 2020 (GLOBE NEWSWIRE) -- BRP Group, Inc. (“BRP Group” or the “Company”) (NASDAQ: BRP), a rapidly growing independent insurance distribution firm delivering tailored insurance solutions, today announced that Baldwin Krystyn Sherman Partners, LLC, the middle market subsidiary  of BRP Group (“BKS-Partners”), has acquired substantially all assets of Atlanta-based Southern Protective Group, LLC (“SPG”), an independent insurance firm specializing in medical malpractice solutions.  SPG generated annual revenues of approximately $2 million.

SPG advises clients throughout the U.S., distributing its risk management offerings to a broad range of physician groups and associations. Through its deep expertise in healthcare, SPG has developed high-quality and long-term client relationships, as well as strong revenue growth in recent years.  Following this Partnership, SPG will be rebranded under the BKS-Partners banner.

“We are pleased to welcome SPG to the BKS-Partners platform, and are excited to be able to offer additional medical malpractice insurance and risk management solutions to our client base,” said Kelly Nash, Regional President of BKS-Partners.  “SPG’s growth, product suite, nationwide distribution and excellent reputation are a natural fit to augment our expertise and current product offerings.”

“We are excited to join BRP Group and its BKS-Partners platform, as we believe our medical malpractice solutions are a clear fit. BKS-Partners provides us with a prime opportunity to take our growth to the next level,” said Gregg Schieffelbein, Partner at SPG.  “We anticipate a smooth transition, and we are excited to be able to provide additional capabilities to our current clients, while being able to expand our reach to potential new clients via enhanced visibility and brand recognition.”

BKS-Partners works with clients across the country, providing them with best-in-class services and innovative risk solutions, and has been strategically expanding its geographic reach throughout the U.S.

ABOUT BRP GROUP, INC.

BRP Group, Inc. (NASDAQ: BRP) is a rapidly growing independent insurance distribution firm delivering tailored insurance and risk management insights and solutions that give our clients the peace of mind to pursue their purpose, passion and dreams.  We are innovating the industry by taking a holistic and tailored approach to risk management, insurance and employee benefits, and support our clients, Colleagues, Insurance Company Partners and communities through the deployment of vanguard resources and capital to drive our growth.  BRP represents over 450,000 clients across the United States and internationally, with approximately 50 offices in seven states. For more information, please visit www.baldwinriskpartners.com.  Learn more about BKS-Partners at www.bks-partners.com.

ABOUT SPG

SPG is an Atlanta-based specialty insurance firm, providing specialized risk management solutions to clients across the United States. In addition to its focus on medical malpractice insurance, the firm offers business insurance and executive insurance products to its client base. SPG’s advisors are also skilled in alternative risk transfer captives and self-insured programs. The firm’s primary clientele comprise physicians & physician practices, healthcare facilities and physician organizations & associations. SPG is also experienced in alternative risk transfer captives and self-insured programs. Learn more at www.southernprotectivegroup.com.

NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release may contain various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which represent BRP Group’s expectations or beliefs concerning future events. Forward-looking statements are statements other than historical facts and may include statements that address future operating, financial or business performance or BRP Group’s strategies or expectations, including those about this Partnership. In some cases, you can identify these statements by forward-looking words such as “may”, “might”, “will”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, “outlook” or “continue”, or the negative of these terms or other comparable terminology. Forward-looking statements are based on management’s current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements.

Factors that could cause actual results or performance to differ from the expectations expressed or implied in such forward-looking statements include, but are not limited to, those described under the caption “Risk Factors” in BRP Group’s Annual Report on Form 10-K for the year ended December 31, 2019, and in BRP Group’s other filings with the SEC, which are available free of charge on the Securities and Exchange Commission's website at: www.sec.gov, including those factors relevant to BRP Group’s integration of this Partnership, matters assessed in BRP Group’s due diligence and the business, financial condition and results of operations of BRP Group or this Partner, or both. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All forward-looking statements and all subsequent written and oral forward-looking statements attributable to BRP Group or to persons acting on behalf of BRP Group are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and BRP Group does not undertake any obligation to update them in light of new information, future developments or otherwise, except as may be required under applicable law.

CONTACTS

INVESTOR RELATIONS

Investor Relations

(813) 259-8032 | IR@baldwinriskpartners.com 

PRESS

Rachel Carr, Marketing Director

Baldwin Risk Partners

(813) 418-5166 | Rachel.Carr@baldwinriskpartners.com