BRP Group, Inc. Announces Acquisition of Insurance Risk Partners, LLC
April 01 2020 - 5:03PM
BRP Group, Inc. (“BRP Group” or the “Company”) (NASDAQ: BRP), a
rapidly growing independent insurance distribution firm delivering
tailored insurance solutions, today announced that Baldwin Krystyn
Sherman Partners, LLC, a subsidiary of BRP Group, has acquired
substantially all assets of Insurance Risk Partners, LLC (“IRP”),
an Oklahoma City-based provider of P&C insurance and additional
consulting services. IRP generated annual revenues of
approximately $7.0 million.
IRP was formed in 2016 by industry veterans Paul
and David Brown, and Patrick Truhlar, who have decades of insurance
industry experience. Since its inception, IRP has been known
by clients and industry partners for their technical approach to
risk management and insurance placements that supports its
fundamental belief that “People Deserve Insurance Done
Right”. The firm’s client roster includes domestic and
international infrastructure-focused private equity firms and their
investment subsidiaries, publicly-traded utilities, independent
power generation facilities, and renewable power generation
companies. Following this Partnership, BRP Group’s
nomenclature for a strategic acquisition, IRP will become part of
and transition over time to the Company’s BKS-Partners Operating
Group and brand.
“We’re excited to be partnering with the
successful and expertly skilled IRP team, which expands our
capabilities within the rapidly growing mission-critical energy and
infrastructure segment, while allowing us to better capitalize on
upmarket opportunities throughout BRP. Given the current macro
environment, we believe IRP’s clients and industry focus represent
a unique combination of both economic defensibility as well as
offering great growth prospects,” said Trevor Baldwin, Chief
Executive Officer of BRP Group. “Paul, David and Patrick have built
a fantastic business headquartered in the South-Central region
based on technical expertise, with a large client focus in the U.S.
as well as internationally. As a result of this new partnership we
will expand our large account and technical insurance risk and
placement capabilities in the U.S. and abroad.”
“We evaluated multiple alternatives to continue
to support and fuel our rapid organic growth in our efforts to
becoming a top 100 firm over the longer term. After a
thorough process, we chose to join BRP Group at this early stage in
our firm’s history because we believe the partnership will
accelerate our top-line growth by leveraging BRP’s innovative
service platform and unique capital structure,” said Paul Brown,
Chief Executive Officer of IRP. “We want to build a great
business together in which both our clients and our colleagues
would be excited to be included. BKS-Partners has an
unparalleled track record of investing in the tools and client
capabilities that will position our firm for continued success. Our
current clients can expect a smooth transition, and our colleagues
are looking forward to the new opportunities that BRP Group
provides.”
BKS-Partners works with clients across the
country, providing them with best-in-class services and innovative
risk solutions, and has been strategically expanding its geographic
reach throughout the U.S.
ABOUT BRP GROUP, INC.
BRP Group, Inc. (NASDAQ: BRP) is a rapidly
growing 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 represents
over 450,000 clients across the United States and internationally,
with approximately 50 offices in seven states. For more
information, please visit www.baldwinriskpartners.com. Learn
more about BKS-Partners at www.bks-partners.com.
ABOUT INSURANCE RISK PARTNERS,
LLC
Insurance Risk Partners, LLC is a fast growing
agency offering P&C insurance and other consulting services to
customers within its core niches, primarily the private equity,
energy, infrastructure and power and renewable energy generation
sectors. Headquartered in Oklahoma City, Oklahoma, IRP
strives to make the client’s job easier when it comes to managing
and transferring risk. IRP focuses on the client while
providing the consultative insurance solutions, claims advocacy and
technical support the client deserves. Since inception in
2016, IRP lives by the mantra “People Deserve Insurance Done
Right.” Learn more at www.irpinsurance.com.
NOTE REGARDING FORWARD-LOOKING
STATEMENTSThis 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, 2019, 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
factors relevant to BRP Group’s integration of this Partnership,
matters assessed in BRP Group’s due diligence and the business,
financial condition and results of operations of BRP Group or this
Partner, or both. 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.
CONTACTS
INVESTOR RELATIONS
Investor Relations
(813) 259-8032 | IR@baldwinriskpartners.com
PRESS
Rachel Carr, Marketing Director
Baldwin Risk Partners
(813) 418-5166 |
Rachel.Carr@baldwinriskpartners.com
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