PERFORMANCE BONDING SURETY & INSURANCE BROKERAGE, L.P. ANNOUNCES PARTNERSHIP WITH BRP GROUP, INC.
Performance Bonding Surety & Insurance Brokerage announces its integration into BRP Group, Inc. (NASDAQ: BRP), following a strategic acquisition that closed on December 1, 2021. This move expands BRP Group's offerings in bonding and commercial insurance, enhancing their service capabilities for clients including contractors and private equity firms. Leaders from both organizations express optimism about the partnership's potential to drive growth and provide enhanced resources for clients.
- Expansion of service offerings in bonding and commercial insurance.
- Performance Bonding's integration enhances BRP Group's expertise in the surety market.
- Optimistic leadership comments about growth potential and resource expansion.
- None.
TUSTIN, Calif., Jan. 10, 2022 /PRNewswire/ -- Performance Bonding Surety & Insurance Brokerage, L.P. ("Performance Bonding") is pleased to announce that its business will now be operated within the BRP Group, Inc. ("BRP Group") (NASDAQ: BRP) family through BRP Group's previously announced Partnership, BRP Group's nomenclature for a strategic acquisition, with Wood Gutmann & Bogart Insurance Brokers and certain of its affiliates and related entities (collectively, including Performance Bonding, "WGB"), which closed on December 1, 2021. BRP Group is an independent insurance distribution firm delivering tailored insurance solutions.
With a strong foundation in surety company underwriting criteria and practices, Performance Bonding provides contract, commercial and miscellaneous surety bonds across a broad client base, including general contractors, subcontractors, developers, service industry professionals, private equity firms and publicly-traded entities.
"This Partnership with Performance Bonding through WGB will add critical bonding and commercial insurance expertise to our national practice," said Trevor Baldwin, Chief Executive Officer of BRP Group. "Performance Bonding is highly-respected in their industry, and we are thrilled to welcome their team of experts into the BRP Group family."
"Performance Bonding could not be more excited to be joining forces with the highly-respected BRP Group organization and their brokerage Partners," said Erik Johansson, previously President of Performance Bonding who will serve as a Partner of Baldwin Krystyn Sherman Partners, LLC (a subsidiary of BRP Group) following the Partnership. "We believe this Partnership will enable Performance Bonding to continue to grow while providing expanded resources and expertise to our clients. We look forward to continuing the expansion of our National and Global Surety brokerage platform with an organization that shares a common culture and desire to provide best-in-class service to their Colleagues, Clients, and Carrier Partners."
ABOUT BRP GROUP, INC.
BRP Group, Inc. (NASDAQ: BRP) is an independent insurance distribution firm delivering tailored insurance and risk management insights and solutions that give our clients the peace of mind to pursue their purpose, passion and dreams. We are innovating the industry by taking a holistic and tailored approach to risk management, insurance and employee benefits, and support our clients, Colleagues, Insurance Company Partners and communities through the deployment of vanguard resources and capital to drive our growth. BRP Group represents over 700,000 clients across the United States and internationally. For more information, please visit www.baldwinriskpartners.com.
ABOUT PERFORMANCE BONDING SURETY & INSURANCE BROKERAGE, L.P.
Performance Bonding has a combined 60+ years of surety experience, and an extensive resume of managing bond programs for notable clients in various industries. They specialize in creating custom surety solutions for their clients and insurance brokerage partners.
Performance Bonding is a full-service national surety brokerage offering surety solutions for commercial, contract, and developer bond needs for private equity-owned firms, publicly-traded entities, and closely held private companies. Founded in 2014 and headquartered in Orange County, California, Performance Bonding provides a complete range of surety products and services, with access to every major surety carrier in the nation.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release may contain various "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which represent BRP Group's expectations or beliefs concerning future events. Forward-looking statements are statements other than historical facts and may include statements that address future operating, financial or business performance or BRP Group's strategies or expectations, including those about this Partnership. In some cases, you can identify these statements by forward-looking words such as "may", "might", "will", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "projects", "potential", "outlook" or "continue", or the negative of these terms or other comparable terminology. Forward-looking statements are based on management's current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements.
Factors that could cause actual results or performance to differ from the expectations expressed or implied in such forward-looking statements include, but are not limited to, those described under the caption "Risk Factors" in BRP Group's Annual Report on Form 10-K for the year ended December 31, 2020, and BRP Group's other filings with the SEC, which are available free of charge on the Securities and Exchange Commission's website at: www.sec.gov, including those risks and other factors relevant to BRP Group's integration of this Partnership, matters assessed in BRP Group's due diligence, risks related to the disruption of management time from ongoing business operations due to this Partnership, the business, financial condition and results of operations of BRP Group or this Partner, or both, and factors related to the potential effects of the COVID-19 pandemic on BRP Group's business, financial condition and results of operations. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All forward-looking statements and all subsequent written and oral forward-looking statements attributable to BRP Group or to persons acting on behalf of BRP Group are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and BRP Group does not undertake any obligation to update them in light of new information, future developments or otherwise, except as may be required under applicable law.
View original content to download multimedia:https://www.prnewswire.com/news-releases/performance-bonding-surety--insurance-brokerage-lp-announces-partnership-with-brp-group-inc-301457522.html
SOURCE Baldwin Risk Partners
FAQ
What partnership was announced by BRP Group on January 10, 2022?
When did BRP Group's acquisition of Performance Bonding close?
What are the primary services offered by Performance Bonding?
What is the stock symbol for BRP Group?
How does the partnership benefit BRP Group's clients?
