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 (“BKS-Partners”), the middle-market
subsidiary of BRP Group, has acquired substantially all assets of
Trinity Benefit Advisors, Inc. and Russ Blakely & Associates,
LLC (“TBA-RBA”), Tennessee-based providers of employee benefit plan
management, as well as marketing and benefit plans designed for
middle-market companies. TBA-RBA generated annual revenues of
approximately $17.3 million.
TBA-RBA is one of the leading providers of
employee benefits to employers across the Southeastern U.S.
TBA-RBA have utilized their scale, reputation and technical
expertise to build a significant book of large account life and
health business. Following this Partnership, TBA-RBA will be
transitioned to the Company’s BKS-Partners brand.
“Tennessee is one of the most dynamic economies
in the U.S. The opportunity to partner with TBA-RBA, one of
the largest independent employee benefit consulting firms in the
Southeast, reinforces our commitment to thoughtfully building a
national franchise in key geographies with industry-leading
talent,” said Trevor Baldwin, Chief Executive Officer of BRP Group.
“TBA-RBA has a leading retention rate among its client base, as
well as a talented leadership team that has consistently grown
their business throughout past economic cycles. We’re excited to
add the TBA-RBA team to the BRP family, and look forward to
building on their success as we continue to grow our platform
across the U.S.”
“We’ve built wonderfully successful businesses
at both Trinity and Russ Blakely, and joining up with the BRP Group
team was the natural next step in our evolution and our growth
strategy,” said Chris Poynter, CEO of TBA-RBA. “By prioritizing
client service through our flat organizational structure, we have
established long-term relationships with our clients, while
consistently winning new business. We’re thrilled to become part of
BKS-Partners, as our clients will be the beneficiaries of an
expanded service platform and a myriad of new capabilities and
tools, while receiving the same level of service and expertise
they’ve come to expect from us. Most important of all, our cultures
fit well, which will provide a forever home with additional career
opportunities for our incredibly talented team.”
BKS-Partners works with clients across the U.S.,
providing them with best-in-class services and innovative risk and
health & welfare solutions, and has been strategically
expanding its geographic reach.
WEBCAST AND CONFERENCE CALL INFORMATION
On June 1, 2020, BRP Group also announced that
BKS-Partners acquired substantially all assets of Rosenthal Bros.,
Inc. (“Rosenthal Brothers”), a Chicago-based provider of P&C
insurance, employee benefits and private client solutions to middle
market companies and individuals. BRP Group will host a
webcast and conference call to discuss both the TBA-RBA and
Rosenthal Brothers acquisitions on Tuesday, June 2, 2020 at 8:30 AM
ET. A live webcast and a slide presentation will be available
on BRP Group’s investor relations website at
ir.baldwinriskpartners.com. The dial-in number for the conference
call is (877) 451-6152 (toll-free) or (201) 389-0879
(international). Please dial the number 10 minutes prior to the
scheduled start time.
A replay will be available following the end of
the call through Tuesday, June 16, 2020, by telephone at (844)
512-2921 (toll-free) or (412) 317-6671 (international), passcode
13704474. A webcast replay of the call will be available at
ir.baldwinriskpartners.com for one year following the
call.
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.
For more information, please visit www.baldwinriskpartners.com.
Learn more about BKS-Partners at www.bks-partners.com.
ABOUT TRINITY BENEFIT ADVISORS,
INC.
Trinity Benefit Advisors is committed to
representing the client’s best interest, investing in the
industry’s best people, helping clients plan for the future
and establishing partnerships for long-term success.
Trinity is a full service Employee Benefits Consulting and
Brokerage firm, ready to work with you to meet the unique
challenges that your organization faces. We bring a strong history
of developing successful employee benefits strategies and a variety
of other customized consulting services to meet your organization’s
needs, long term goals and objectives. By working closely
with your carriers and vendors, we help you maximize cost savings
and establish a framework for sound business decisions. Learn
more at www.trinityben.com.
ABOUT RUSS BLAKELY & ASSOCIATES,
LLC
Russ Blakely & Associates is an advisory
firm able to approach each employer objectively and customize the
approach we recommend regardless of product, carrier or tool. RBA
uses a strategic-focused, collaborative approach with each employer
to determine your needs and the best fit of products, tools and
services. In 2017, Russ Blakely & Associates and Trinity
Benefit Advisors partnered, forming the largest independent
benefits advisory firm in eastern Tennessee. Our combined company
pairs leading businesses with best practices, technology and people
to deliver even greater value to our clients. For more
information, please visit www.rbabenefits.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 BRP Group’s Quarterly Report
on Form 10-Q for the three months ended March 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 factors relevant to BRP Group’s
integration of this Partnership, matters assessed in BRP Group’s
due diligence, 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 our
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.
CONTACTS
INVESTOR RELATIONSInvestor
Relations(813) 259-8032 | IR@baldwinriskpartners.com
PRESSRachel Carr, Marketing
DirectorBaldwin Risk Partners(813) 418-5166 |
Rachel.Carr@baldwinriskpartners.com
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