BRP Group, Inc. Completes Acquisition of Insgroup

Rhea-AI Summary

BRP Group, Inc. (NASDAQ: BRP) has successfully completed the acquisition of Insgroup, Inc. through its subsidiary, Baldwin Krystyn Sherman Partners, LLC (BKS). This strategic move aims to enhance BRP's independent insurance distribution capabilities. The deal's completion reflects BRP's commitment to innovation in the insurance industry, expanding its service offerings, and enhancing risk management solutions for clients. The acquisition is expected to fuel further growth opportunities, aligning with BRP's objective of delivering comprehensive insurance solutions.

Positive

• Completion of the acquisition of Insgroup, enhancing BRP's distribution capabilities.
• Strategic alignment with BRP's goal of expanding service offerings in the insurance sector.

Negative

• None.

TAMPA, Fla., Nov. 30, 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 Baldwin Krystyn Sherman Partners, LLC (“BKS”), the middle-market subsidiary of BRP Group, completed the previously announced acquisition of Insgroup, Inc. (which converted prior to closing to a limited liability company with the name Insgroup, LLC).

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 500,000 clients across the United States and internationally. For more information, please visit www.baldwinriskpartners.com. Learn more about BKS Partners at www.bks-partners.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 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, BRP Group’s Quarterly Report on Form 10-Q for the three months ended March 31, 2020, and 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 risks and other factors relevant to BRP Group’s integration of this Partnership, matters assessed in BRP Group’s due diligence, risks related to the disruption of management time from ongoing business operations due to this Partnership, the business, financial condition and results of operations of BRP Group or this Partner, or both, and factors related to the potential effects of the COVID-19 pandemic on BRP Group’s business, financial condition and results of operations. 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

FAQ

What is the significance of BRP's acquisition of Insgroup?

The acquisition enhances BRP's independent insurance distribution capabilities, allowing for expanded service offerings.

How does the acquisition of Insgroup impact BRP's market strategy?

It aligns with BRP's strategy of innovating the insurance industry and providing tailored insurance solutions.

When was the acquisition of Insgroup completed?

The acquisition was completed on November 30, 2020.

What are the expected benefits of acquiring Insgroup for BRP?

The expected benefits include enhanced distribution capabilities and increased growth opportunities in the insurance market.