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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) will feature a fireside chat with CEO Trevor Baldwin, Chief Strategy Officer Kris Wiebeck, and CFO Brad Hale at the William Blair Growth Stock Conference on June 2, 2021, at 3:20 PM CT. This event highlights BRP's rapid growth as an independent insurance distribution firm, delivering tailored insurance solutions to over 600,000 clients globally. Investors can access the live webcast through the investor relations section of BRP's website, with a replay available afterward.
BRP Group, Inc. (NASDAQ: BRP) announced its subsidiary, Baldwin Risk Partners, LLC, is seeking to amend its existing credit agreement to borrow $100 million in new term loans, increasing its senior secured loan facility from $400 million to $500 million by 2027. The proceeds will be utilized for general corporate purposes, including acquisitions and investments. However, successful completion of the transaction is subject to market conditions, with no guarantee of finalizing the terms.
BRP Group, Inc. (NASDAQ: BRP) announced that its executives, including CEO Trevor Baldwin, will participate in a fireside chat at the Wells Fargo Virtual Financial Services Investor Conference on May 20, 2021, at 10:40 AM ET. This engagement aims to discuss the company's strategic initiatives and growth trajectory. Investors can access the live webcast through the investor relations section of their website, with a replay available afterward. BRP Group specializes in tailored insurance solutions, representing over 600,000 clients globally.
BRP Group reported a remarkable 182% increase in first-quarter 2021 revenue, reaching $152.8 million, driven by a 14% organic growth. Pro Forma revenue also grew 171%, totaling $153.3 million. The company's net income rose to $30.6 million, with adjusted net income at $42.5 million. Efficient operations led to a net income margin of 20% and an adjusted EBITDA margin of 35%. The company closed two partner acquisitions, adding approximately $4.0 million in annualized revenue. BRP Group’s cash reserves stood at $90.5 million as of March 31, 2021.
BRP Group (NASDAQ: BRP) announces the appointment of Bonnie Bishop as Executive Director of Investor Relations, effective immediately. Bonnie brings over 20 years of experience, previously serving at Raymond James as Managing Director in Equity Capital Markets, leading equity origination across industries. Her expertise will enhance BRP's engagement with institutional investors. CEO Trevor Baldwin expressed confidence in her ability to positively impact the company's growth trajectory. BRP Group continues to deliver tailored insurance solutions to over 600,000 clients globally.
BRP Group Expands Medicare Reach
TAMPA, Fla., April 26, 2021 — BRP Group (NASDAQ: BRP) announced the acquisition of Seniors’ Insurance Services, an independent agency based in Freeland, Washington, specializing in Medicare and senior-related products. With annual revenues of approximately $0.9 million, this acquisition is set to close on April 30, 2021. The deal aims to strengthen BRP's Medicare services in the Pacific Northwest, enhancing capabilities and client service under the Guided brand. The integration is expected to enhance the overall growth and expertise of BRP's Medicare segment.
BRP Group, Inc. (NASDAQ: BRP) announced it will release its first quarter 2021 financial results after market close on May 10, 2021. A conference call to discuss these results is scheduled for 5:00 PM ET on the same day, with dial-in options available. The company emphasizes its commitment to delivering tailored insurance and risk management solutions for over 600,000 clients globally. A live webcast of the call can be accessed via BRP's investor relations website, with a replay available for one year following the event.
BRP Group, Inc. (NASDAQ: BRP) announced the acquisition of Tim Altman, Inc. (Only Medicare Solutions), enhancing its Medicare service capabilities. The agreement, set to close on April 1, 2021, adds an agency with approximately $1.0 million in annual revenues and a footprint in the Pacific Northwest and Southern California.
Guided Medicare Solutions, a subsidiary of BRP, aims to strengthen its brand through this acquisition and explore new growth opportunities.
BRP Group, Inc. (NASDAQ: BRP) announces executive promotions effective April 1, 2021. Kris Wiebeck moves to Chief Strategy Officer, shifting focus on strategic initiatives after significant growth since 2015. Brad Hale is promoted to Chief Financial Officer, credited with advancing finance and accounting since joining in 2019. Corbyn Galloway ascends to Chief Accounting Officer, recognized for her contributions to the accounting team. These changes aim to bolster the company's strategic direction and financial operations.
BRP Group reported remarkable growth for Q4 2020, with revenue increasing by 91% year-over-year to $69.6 million. Full-year revenue grew 75% to $240.9 million. Pro forma revenue for Q4 soared 158% to $94.4 million, while organic revenue grew 17%. The 'MGA of the Future' segment contributed $16.4 million, a 73% increase. Despite a GAAP net loss of $19.1 million, adjusted net income was $4.9 million. Liquidity remains strong with $108.5 million in cash. The company emphasizes its robust growth strategy and acquisition efforts in a challenging market.
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