Welcome to our dedicated page for The Baldwin Insurance Group news (Ticker: BRP), a resource for investors and traders seeking the latest updates and insights on The Baldwin Insurance Group stock.
The Baldwin Insurance Group, Inc. (BRP) provides strategic insurance solutions through its network of specialized companies. This news hub delivers official updates and market insights for stakeholders tracking BRP's industry leadership in risk management and insurance distribution.
Access timely reports on corporate milestones including earnings announcements, strategic acquisitions, and technology partnerships that shape BRP's growth trajectory. Our curated collection features press releases spanning Medicare program developments, reinsurance innovations, and operational expansions across BRP's portfolio companies.
Monitor critical updates on capital allocation strategies, leadership appointments, and data-driven risk assessment initiatives that underscore BRP's market position. This resource serves investors and industry professionals seeking comprehensive coverage of BRP's insurance distribution ecosystem.
Bookmark this page for continuous access to verified information about BRP's market activities. Check regularly for updates reflecting the company's commitment to advancing insurance solutions through strategic investments and technological integration.
BRP Group, Inc. (NASDAQ: BRP) has appointed Rajasekhar (Raj) Kalahasthi as the new Chief Digital & Information Officer, effective November 15, 2021. Mr. Kalahasthi has over two decades of IT leadership experience, previously serving as Chief Information Officer at Comerica Bank and leading technology teams at major corporations like HSBC and Citibank. His role will focus on enhancing enterprise technology and driving innovation at BRP Group. The leadership praises his extensive experience, which aligns with the company’s strategic goals and vision for the future.
BRP Group reported a remarkable 106% year-over-year revenue growth for Q3 2021, reaching $135.6 million. Pro Forma Revenue also saw a 109% increase to $137.8 million, with organic growth of 26%. The 'MGA of the Future' platform grew 48% year-over-year. Despite a GAAP net loss of $24.2 million, adjusted net income was $11.5 million, translating to $0.11 per diluted share. The company closed five partner acquisitions during Q3 and maintained a strong liquidity position with $374.5 million in cash as of September 30, 2021.
BRP Group has announced its agreement to acquire substantially all assets of Wood Gutmann & Bogart Insurance Brokers for $29.7 million. This will add $29.7 million in revenue, bringing the total from 2021 partnerships to $165 million. The acquisition is expected to close around December 1, 2021. WGB, based in Tustin, California, is recognized as a top independent property/casualty agency, enhancing BRP's West Coast operations and creating a top 3 broker in Los Angeles. The partnership aligns expertise in commercial risk management and employee benefits.
BRP Group has officially launched Atténuer Risk, a new risk and resiliency consulting firm focused on families of exceptional wealth, family offices, and advisory firms. This independent entity will offer services including outsourced risk management, broker review, and resiliency planning. Led by Kate Norris, who has over 25 years of industry experience, Atténuer Risk aims to address the unique risk challenges faced by wealthy families. This move expands BRP Group's service offerings without directly selling insurance or managing assets.
BRP Group, Inc. (NASDAQ: BRP) has announced the addition of five seasoned professionals to its Japanese practice group within Armfield, Harrison & Thomas, LLC (AHT Insurance). The new co-practice leaders, Brian Murphy and Hiro Ushiki, bring over 60 years of combined experience in servicing Japanese clients. This team will enhance BRP Group's capabilities in providing tailored insurance solutions for companies operating in Japan, Western Europe, Asia, and Mexico, focusing on Property/Casualty and Employee Benefits.
BRP Group, Inc. (NASDAQ: BRP) has announced the promotions of co-founders Jim Roche and Brian Schultz, effective October 4, 2021. Roche will become Chief Insurance Innovation Officer, focusing on insurance product and technological innovation. Schultz will serve as President of MSI Multifamily and Emerging Markets, leading the growth of MSI's Multifamily product suite. CEO Trevor Baldwin expressed confidence in their leadership and vision for continued growth and innovation within the company.
BRP Group, Inc. (NASDAQ: BRP) has completed acquisitions of K&S Insurance Agency and Jacobson, Goldfarb & Scott, enhancing its insurance distribution portfolio. To incentivize new employees from these acquisitions, the company will issue restricted Class A Shares valued against cash payments made during the transactions. A total of 227 new hires will receive 227,381 shares, with vesting schedules ranging from 25% per year over 4 years to full vesting after specific periods. BRP aims to leverage these acquisitions for growth and improved performance in the insurance market.
BRP Group (NASDAQ: BRP) announced it will report its third quarter 2021 financial results on November 8, 2021, after market close. A conference call is scheduled for 5:00 PM ET, where the company will discuss the results. Participants can join the call by dialing (877) 451-6152 for toll-free or (201) 389-0879 for international calls, 10 minutes before the start. A live webcast will be available on the investor relations website, and a replay will be accessible for one year after the call.
BRP Group, Inc. (NASDAQ: BRP) has priced its public offering of 8,000,000 shares of Class A common stock at $30.50 each, with a 30-day underwriter option for an additional 1,200,000 shares. The offering closes on September 17, 2021. Proceeds will fund cash payments for Partner acquisitions and general corporate purposes, including working capital. Major underwriters include J.P. Morgan and Wells Fargo. The offering's intent aligns with BRP's growth strategy and operational needs, enhancing its financial foundation.
BRP Group (NASDAQ: BRP) announced an underwritten offering of 8,000,000 shares of its Class A common stock, with an option for underwriters to purchase an additional 1,200,000 shares. The Company expects acquired revenue from upcoming Partner acquisitions to range between $175 million and $200 million in 2021, and $100 million to $150 million in 2022. The net proceeds will be used for fees, working capital, and cash payments for acquisitions. BRP Group also reported growth in its “MGA of the Future” policies, increasing to 652,666 from 605,295 in Q2 2021.
