BRP Group, Inc. Announces Acquisition of Southern Protective Group
May 01 2020 - 8:30AM
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, the middle market subsidiary of BRP
Group (“BKS-Partners”), has acquired substantially all assets of
Atlanta-based Southern Protective Group, LLC (“SPG”), an
independent insurance firm specializing in medical malpractice
solutions. SPG generated annual revenues of approximately $2
million.
SPG advises clients throughout the U.S.,
distributing its risk management offerings to a broad range of
physician groups and associations. Through its deep expertise in
healthcare, SPG has developed high-quality and long-term client
relationships, as well as strong revenue growth in recent
years. Following this Partnership, SPG will be rebranded
under the BKS-Partners banner.
“We are pleased to welcome SPG to the BKS-Partners
platform, and are excited to be able to offer additional medical
malpractice insurance and risk management solutions to our client
base,” said Kelly Nash, Regional President of BKS-Partners.
“SPG’s growth, product suite, nationwide distribution and excellent
reputation are a natural fit to augment our expertise and current
product offerings.”
“We are excited to join BRP Group and its
BKS-Partners platform, as we believe our medical malpractice
solutions are a clear fit. BKS-Partners provides us with a prime
opportunity to take our growth to the next level,” said Gregg
Schieffelbein, Partner at SPG. “We anticipate a smooth
transition, and we are excited to be able to provide additional
capabilities to our current clients, while being able to expand our
reach to potential new clients via enhanced visibility and brand
recognition.”
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 SPG
SPG is an Atlanta-based specialty insurance firm,
providing specialized risk management solutions to clients across
the United States. In addition to its focus on medical malpractice
insurance, the firm offers business insurance and executive
insurance products to its client base. SPG’s advisors are also
skilled in alternative risk transfer captives and self-insured
programs. The firm’s primary clientele comprise physicians &
physician practices, healthcare facilities and physician
organizations & associations. SPG is also experienced in
alternative risk transfer captives and self-insured programs. Learn
more at www.southernprotectivegroup.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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