The Baldwin Insurance Group, Inc. - BRP STOCK NEWS

BRP Group, Inc. (NASDAQ: BRP) announced that its subsidiary, Baldwin Risk Partners, LLC, has priced a $350 million senior secured first lien incremental term loan facility. This increases the total principal amount of its existing loan from $500 million to $850 million, maturing in 2027. The new loan will incur interest at LIBOR plus 350 basis points, with a LIBOR floor of 50 basis points. Proceeds will be used to repay revolving credit loans and for general corporate purposes, including acquisitions. The loan is expected to close around December 16, 2021.

BRP Group has acquired the assets of Arcana Insurance Services, enhancing its real estate investor programs and contributing approximately $3.6 million in annual revenue. This strategic move is expected to expand BRP's capabilities in the growing single-family rental market, building on Arcana's strong growth record, which includes a year-to-date revenue increase of 29% in 2021. With this acquisition, BRP's total revenue from announced partnerships in 2021 rises to $204 million.

BRP Group, Inc. (NASDAQ: BRP) announces the launch of a new management liability insurance program through its subsidiary, AlphaRoot, catering specifically to the cannabis, hemp, and CBD industries. This program addresses the high costs and restrictive coverage commonly faced by private cannabis operators. Key features include up to $5M in Directors & Officers Insurance, $1M for Employment Practices and Fiduciary Liability Insurance, and tailored policy options. This initiative aims to support the industry's expansion amidst ongoing state legalization efforts.

BRP Group, Inc. (NASDAQ:BRP) has launched the GovConHealth platform through its subsidiary, The Capital Group, aimed at providing federal contractors with tailored healthcare solutions. By pooling contractors, the platform offers significant savings on premium commercial healthcare benefits. Kevin FitzPatrick of The Capital Group highlighted that the initiative allows contractors to attract top talent while minimizing healthcare costs. The platform promises better benefits, pricing transparency, and compliance with SCA regulations, transforming healthcare planning for government contractors.

BRP Group, Inc. (NASDAQ: BRP) announced that its subsidiary, Baldwin Risk Partners, LLC, is seeking to amend its credit agreement for an additional $250 million in term loans. This amendment would raise the total from $500 million to $750 million, aiding in repaying existing revolving credit loans and funding corporate activities, including permitted acquisitions. The transaction is subject to market conditions, and there is no guarantee it will proceed as planned.

BRP Group, Inc. (NASDAQ: BRP) has successfully completed the acquisitions of Construction Risk Partners, LLC (CRP) and Wood Gutmann & Bogart Insurance Brokers (WGB). To incentivize new employees, BRP will issue restricted shares of Class A Common Stock as part of its Partnership Inducement Award Plan. A total of 256,751 shares will be granted to 77 employees from CRP, and 276,183 shares will go to 115 employees from WGB, with specific vesting terms. These acquisitions will support BRP's growth strategy and enhance its market position.

BRP Group, Inc. (NASDAQ: BRP) will have its Chief Strategy Officer, Kris Wiebeck, and Chief Financial Officer, Brad Hale, participate in a fireside chat at the inaugural Wolfe Research Insurance Forum on December 2, 2021, at 1:15 PM ET. The event provides an opportunity for participants to gain insights into the company's strategies and operations. Registration for the discussion is available online, with a replay accessible post-conference. BRP Group serves over 700,000 clients in the U.S. and internationally.

BRP Group has announced its agreement to acquire Brush Creek, LLC, enhancing its portfolio in the Cyber and Technology sectors. This transaction is projected to generate approximately $3.3 Million in revenue, boosting BRP Group's total revenue from 2021 partnerships to $201 Million. The partnership, which is set to close on December 7, 2021, aims to leverage Brush Creek's 44% year-over-year revenue growth and expertise in serving middle-market clients across high-growth industries.

BRP Group (NASDAQ: BRP) announces the acquisition of Construction Risk Partners (CRP), enhancing its National Construction Risk Management Platform. This strategic partnership is expected to close around December 1, 2021, and will add approximately $32.6 million in revenue, marking BRP's seventh 'Top 100' partnership since Q4 2020. With CRP's strong growth track record, achieving 31% year-over-year revenue growth YTD 2021, the acquisition positions BRP for increased influence in the construction market.