The Capital Group Launches GovConHealth Platform to Transform Access to Healthcare Benefits for Federal Government Contractors

Rhea-AI Summary

BRP Group, Inc. (NASDAQ:BRP) has launched the GovConHealth platform through its subsidiary, The Capital Group, aimed at providing federal contractors with tailored healthcare solutions. By pooling contractors, the platform offers significant savings on premium commercial healthcare benefits. Kevin FitzPatrick of The Capital Group highlighted that the initiative allows contractors to attract top talent while minimizing healthcare costs. The platform promises better benefits, pricing transparency, and compliance with SCA regulations, transforming healthcare planning for government contractors.

Positive

• Launch of the GovConHealth platform offers tailored healthcare solutions to federal contractors.
• Significant cost savings on commercial healthcare benefits for members due to pooled resources.
• Transparency in renewals and pricing enhances contractor understanding of cost changes.
• Compliance with SCA regulations simplifies solutions for government contractors.

Negative

• None.

WASHINGTON--(BUSINESS WIRE)-- BRP Group, Inc. (“BRP Group”) (NASDAQ:BRP), an independent insurance distribution firm delivering tailored insurance solutions, is pleased to announce the launch of the GovConHealth platform (“GovCon Health”) within its middle-market indirect subsidiary, Armfield, Harrison & Thomas, LLC dba The Capital Group* (“The Capital Group”).

The Capital Group is one of the nation’s premier providers of insurance to federal contractors. The GovConHealth platform has been designed specifically for government contractors, offering members access to premium commercial healthcare benefits at significantly reduced costs. By pooling fast-growing federal contractors of all sizes, The Capital Group is able to provide a differentiated opportunity for clients participating in the GovConHealth platform through improved benefits programs at lower rates.

“As healthcare premiums continue to increase, we are excited to offer this first-of-its-kind platform for federal contractors so they can give their team members access to the nation’s top commercial healthcare programs at reduced costs,” said Kevin FitzPatrick, partner at The Capital Group. “This is a total win-win for the industry as well as the government agencies that GovConHealth clients serve, because to attract top talent, you need to offer top benefits. Our platform makes that feasible while also minimizing their healthcare cost line item — which is often one of the biggest expenses for contractors to tackle.”

Through the GovConHealth platform, The Capital Group offers government contractors innovative and smarter healthcare plans and programs, whether they are CONUS or OCONUS. Clients could save significantly on healthcare costs without losing a network or plan of choice. The Capital Group also provides full transparency in renewals, pricing and claims, which helps contractors fully understand potential increases before they occur and the details behind the changes. The result is renewal stability, an enhanced employee experience and even a 100% return of unused claim funds.

By bringing government contractors into a consortium, together with The Capital Group’s network partners at many of the nationally recognized health insurance carriers, The Capital Group’s GovConHealth platform changes how healthcare is planned, calculated and implemented in today’s ever-changing government contractor work environment. Additionally, all programs offered by The Capital Group through the GovConHealth platform are designed to be SCA-compliant and therefore deliver simple, easy and straightforward solutions for government contractors of all sizes.

Learn more at www.govconhealth.com.

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.

*Armfield, Harrison & Thomas, LLC dba The Capital Group is used subject to regulatory approval.

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. 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 in 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 business, financial condition and results of operations of BRP Group 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.

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INVESTOR RELATIONS

Bonnie Bishop, Executive Director

Baldwin Risk Partners

813-259-8032 | IR@baldwinriskpartners.com

PRESS

Rachel DeAngelo, Communications Manager

Baldwin Risk Partners

813-387-6842 | rdeangelo@baldwinriskpartners.com

Source: The Capital Group

FAQ

What is the GovConHealth platform launched by BRP Group?

The GovConHealth platform is a healthcare solution designed for federal contractors, offering access to premium commercial healthcare benefits at reduced costs.

How does the GovConHealth platform save costs for federal contractors?

By pooling federal contractors of various sizes, the platform provides differentiated benefits programs that lower overall healthcare costs.

Who is behind the GovConHealth platform?

The platform has been launched by BRP Group's subsidiary, The Capital Group.

What are the benefits of the GovConHealth platform for federal contractors?

The benefits include significant savings, better benefits programs, pricing transparency, and compliance with SCA regulations.

When was the GovConHealth platform launched?

The GovConHealth platform was announced in a press release on December 7, 2021.