The Baldwin Insurance Group, Inc. - BRP STOCK NEWS

The Baldwin Group, formerly BRP Group, announced the successful pricing of two new credit facilities: an $840 million term loan maturing in 2031 and a $600 million revolver maturing in 2029. The term loan bears interest at term SOFR plus 325 bps, with a step-down to 300 bps if the first lien net leverage ratio is 4.00x or below. The revolving facility has a margin between 200 bps and 300 bps, plus a 10 bps spread adjustment. Proceeds from these facilities and a $600 million note offering will be used to repay existing debt and contingent earnout liabilities and for general corporate purposes. The transactions are expected to close by May 24, 2024, subject to customary conditions.

The Baldwin Group, the go-to-market brand name for The Baldwin Insurance Group, Inc., announced the upsize and pricing of a $600 million offering of senior secured notes due 2031. The notes will bear interest at a rate of 7.125% per annum, with proceeds intended to repay existing borrowings, settle earnout liabilities, and for general corporate purposes.

The Baldwin Group, the go-to-market brand name for The Baldwin Insurance Group, Inc., announced a $500 million offering of senior secured notes due 2031 through its subsidiary Baldwin Holdings. The proceeds will be used to refinance existing debt and for general corporate purposes. The offering is subject to market conditions and lender commitments.

The Baldwin Group, formerly known as BRP Group, Inc., reported strong financial results for the first quarter of 2024, showcasing a 15% total revenue growth to $380.4 million and an organic revenue growth of 16%. The company achieved a net income of $39.1 million, with diluted earnings per share of $0.33, and a remarkable adjusted diluted EPS growth of 33% to $0.56. Additionally, the adjusted EBITDA grew by 29% year over year to $101.7 million, with an EBITDA margin expansion of 280 basis points. The company also highlighted significant free cash flow growth, reaching $53.3 million, demonstrating a strong start to the year.

Westwood Insurance Agency , an indirect subsidiary of The Baldwin Insurance Group, Inc., has announced a strategic collaboration with Landsea Homes. This partnership will allow Landsea Homes to offer home insurance to their customers through Landsea Insurance Agency using Westwood's technology platform. Westwood, specializing in personal lines insurance for the homebuilding industry, works with more than half of the top 40 homebuilders in the US, offering insurance to over 99% of the communities built by them. The collaboration aims to enhance the insurance buying experience by providing efficient home insurance solutions early in the home-buying journey.

BRP Group, Inc. is rebranding itself as The Baldwin Group to reflect its growth and transformation. The company's retail brokerage operations will also transition to The Baldwin Group brand, focusing on delivering a wide range of insurance solutions. The rebranding includes a new website, brand positioning, and marketing assets. The firm has seen significant revenue growth over the years and aims to complete the brand transition by early 2025.

ICEYE and Juniper Re, have announced a new data collaboration to provide Flood and Wildfire Insights data to Juniper Re's carrier clients. ICEYE's satellite technology offers near real-time observed data on natural disasters, enabling quick and accurate decision-making for managing losses.

BRP Group, Inc. and Nasdaq's Third Annual Directors and Officers (D&O) Benchmarking Report reveals that D&O and Cyber Insurance premiums are leveling off compared to the previous year. The report highlights key findings on Cyber Liability insurance, showing a decrease in D&O insurance costs and a fairly flat renewal for Cyber Liability insurance. Average retentions for D&O insurance have also decreased significantly. The report provides valuable insights for companies looking to benchmark their insurance coverages.

BRP Group, Inc. will report its first quarter 2024 financial results on May 7, 2024, followed by a conference call. Investors can access the call via dial-in or webcast.