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The Baldwin Insurance Group, Inc. (symbol: BRP) is a dynamic insurance distribution holding company focused on both organic and acquisitive growth within the insurance sector. The company's strategy revolves around managing resources and capital effectively to expand its footprint and enhance its service offerings.
Core Business and Operations:
Under the umbrella of BRP, various member companies such as Baldwin Krystyn Sherman Partners, The Villages Insurance Partners, Medicare Insurance Partners, and others contribute to a diverse portfolio. These member companies help BRP extend its geographical reach and offer a wide array of insurance solutions. The firm's core focus includes risk management, employee benefits, and tailored insurance solutions. BRP serves over two million clients across the United States and internationally, ensuring that customers receive personalized and effective risk management strategies.
Recent Achievements and Projects:
One of the notable recent developments for BRP is the collaboration between Juniper Re, its reinsurance broking arm, and ICEYE. Announced on April 25, 2024, this partnership leverages ICEYE's Flood and Wildfire Insights data, enabling Juniper Re's clients to access near real-time observed data on large-scale events. This innovation aids in quick decision-making and loss mitigation, significantly enhancing client service in times of natural disasters.
Financial Condition and Partnerships:
BRP boasts a financially robust position, fueled by both its strategic acquisitions and the organic growth of its member companies. Partnerships with industry leaders like ICEYE underscore its commitment to integrating advanced technologies to provide superior service. Such collaborations are essential in maintaining BRP's edge in the competitive insurance market.
Innovation and New Lines of Insurance Competency: BRP is committed to continuous innovation and the introduction of new insurance lines. Through its member companies and strategic investments, BRP is expanding its capabilities to include various insurance segments such as Medicare options, home insurance, and reinsurance broking.
For more information, visit www.baldwinriskpartners.com
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.
BRP Group has announced a significant partnership agreement to acquire substantially all assets of Jacobson, Goldfarb & Scott, Inc. (JGS), a leading specialty insurance broker with a focus on the habitational real estate sector. This transaction, set to close around October 1, 2021, will add approximately $43.3 million in annual revenue, marking BRP's largest partnership announcement in 2021. JGS has a proven track record of 30% year-over-year revenue growth and enhances BRP Group’s capabilities in key markets.
BRP Group has announced its acquisition of White Hill Plaza, Inc. (K&S Insurance Agency) for $19.7 million, enhancing its position in the construction market. This deal marks BRP's eleventh partnership in 2021, bringing its total partnership revenue to $92 million year-to-date. K&S specializes in risk management and benefits solutions, contributing significant growth potential in Texas's rapidly expanding construction sector. Expected to close by October 1, 2021, this acquisition aligns with BRP’s strategic goals and operational footprint in key metropolitan areas.
BRP Group reported a 133% revenue increase year-over-year to $119.7 million for Q2 2021, with organic revenue growth at 32%. The company recorded a GAAP net loss of $20.1 million, but adjusted net income stood at $13.3 million, or $0.14 per share. Adjusted EBITDA rose to $20.4 million, a 143% growth from the previous year. The company closed three partner acquisitions contributing approximately $4.6 million in revenue. As of June 30, 2021, cash and equivalents totaled $224.5 million, and long-term debt was $483 million.
BRP Group, Inc. (NASDAQ: BRP) has successfully completed acquisitions of FounderShield LLC, AlphaRoot LLC, ReShield LLC, Scale Underwriting Services LLC, and TCG Financial Holding Company, LLC. These partnerships aim to enhance BRP's insurance distribution capabilities. To incentivize new employees, BRP plans to issue restricted shares of Class A Common Stock, with grants scheduled for October 1, 2021. The cash payments to the acquired firms have been adjusted to account for these grants.
BRP Group, Inc. (NASDAQ: BRP) has announced the acquisition of EBSME, LLC, a Maryland-based insurance agency specializing in ancillary benefit solutions. This strategic move enhances BRP's capabilities in the insurance market, leveraging EBSME's expertise and client base. EBSME has generated annual revenues of approximately $1.2 million, which is expected to contribute positively to BRP's growth. The partnership allows for better consultation services and access to a broader range of employee benefits for clients.
BRP Group has announced its acquisition of TCG Financial Holding Company, enhancing its presence in the D.C. Metro area. This partnership adds $12.1 million in revenue and brings BRP Group’s total revenue from 2021 partnerships to $69 million. The Capital Group has shown a strong growth trajectory with 19% year-over-year revenue growth in 2020. The acquisition is expected to close by August 1, 2021 and aims to bolster employee benefits, wealth advisory, and retirement plan consulting services.
BRP Group announced its acquisition of Founder Shield, a digital insurance platform, on July 23, 2021. This strategic partnership is expected to add approximately $9.8 million in annual revenue to BRP Group, increasing its total from 2021 partnerships to $57 million. Founder Shield, with a year-to-date revenue growth of 53%, enhances BRP Group's capabilities in high-growth industries such as Technology and Life Sciences. The acquisition is set to close around August 1, 2021, and will strengthen BRP Group's technological offerings and operational efficiency.
BRP Group, Inc. (NASDAQ: BRP) announced the release of its second quarter 2021 financial results scheduled for August 9, 2021, after market close. The company will host a conference call to discuss these results at 5:00 PM ET on the same day. Investors can join by dialing (877) 451-6152 for domestic or (201) 389-0879 for international participation, with a 10-minute pre-call requirement. A live webcast will also be available on BRP's investor relations website, with a replay accessible for one year post-call.
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