BRP Group, Inc. Announces Acquisition of Pendulum
May 01 2020 - 8:00AM
BRP Group, Inc. (“BRP Group” or the “Company”) (NASDAQ: BRP), a
rapidly growing independent insurance distribution firm delivering
tailored insurance solutions, today announced that a subsidiary of
BRP Group has acquired the assets comprising the risk assessment
and consulting business of Pendulum, LLC (“Pendulum”), an
Albuquerque, New Mexico-based firm that provides innovative risk
assessment and reduction protocols utilizing advanced software
tools. The business acquired from Pendulum generated annual
revenues of approximately $2.0 million.
Pendulum offers expertise in the long-term care
and senior living markets through a full range of consulting
services, including its network of highly skilled risk control
consultants, its technological applications and its training
materials, to manage risk and strengthen defensibility. Its
30+ consultants service all healthcare settings, with a specialized
focus on senior housing. Following this Partnership, Pendulum
will continue operating under its current brand and will become
part of Connected Risk Solutions, BRP’s Specialty Wholesale
platform within its Specialty Operating Group.
“We are excited to complete our Partnership with
Pendulum, which both broadens our expertise and our product
offerings in the senior living market, and further expands our
opportunities for growth,” said Brian Daly, President of Connected
Risk Solutions. “With the addition of Pendulum, we are now able to
offer an entire range of healthcare services related to insurance
and risk management, effectively creating a one-stop shop for our
existing and prospective agents and their clients.”
“We are delighted to be joining with BRP Group
and Connected Risk Solutions, as we believe our offerings and suite
of risk solutions dovetail well with the growing platform, allowing
us to provide a unique, integrated service offering for our
clients,” said Ric Henry, President of Pendulum. “We expect
to smoothly integrate within Connected Risk Solutions given the
anticipated synergies, and look forward to being a valuable
contributor to the expansion of the brand and its market
share.”
ABOUT CONNECTED RISK SOLUTIONS
Connected Risk Solutions is a suite of wholesale
specialists designed to connect agency partners with the expertise
and products needed to drive new business success and best serve
clients with complex risks. Specializations include the healthcare,
managed care, life sciences and social services industries, as well
as professional liability for real estate agents and cyber
insurance for all industries. Headquartered in Atlanta with offices
in Georgia, Florida, Illinois, Arizona and Washington, the
specialists at Connected Risk Solutions partner with agents
throughout the nation. Learn more at
ConnectedRiskSolutions.com.
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.
ABOUT PENDULUM
Pendulum is a risk consulting firm that
specializes in the senior living market, providing innovative
assessment and risk reduction protocols, combined with software and
loss control tools. Pendulum’s network of highly skilled risk
control consultants is available to provide liability risk
assessments, on-site consultations, and development of quality and
specialty programs within multiple healthcare settings.
Pendulum’s risk management products include software applications,
Web-based tools, and training materials. Learn more at
www.wearependulum.com.
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, 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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