BRP Group, Inc. Completes Acquisition of RogersGray
July 01 2021 - 4:15PM
BRP Group, Inc. (“BRP Group” or the “Company”) (NASDAQ: BRP), an
independent insurance distribution firm delivering tailored
insurance solutions, today announced that Baldwin Krystyn Sherman
Partners, LLC (“BKS-Partners”) and Millennial Specialty Insurance,
LLC (“MSI”), each an indirect subsidiary of BRP Group, completed
the previously announced acquisition of RogersGray, Inc.,
Breakwater Brokerage, LLC and Monomoy Insurance Group, LLC
(collectively, “RogersGray”).
In connection with the Partnership, BRP Group’s nomenclature for
strategic acquisitions, BRP Group intends to issue 79,162 aggregate
restricted shares of the Company’s Class A Common Stock (each, a
“Grant”) to 211 new employees that the Compensation Committee of
the Board of Directors of the Company previously approved. The
Grants will be issued pursuant to the Company’s Partnership
Inducement Award Plan in accordance with the exemption provided by
NASDAQ Listing Rule 5635(c)(4). The Grants will vest 100% on the
third anniversary following the completion of the RogersGray
acquisition, and vesting is subject to continued employment through
the applicable vesting date. The Grants will be formally issued on
October 1, 2021. The previously announced upfront cash payment to
RogersGray was reduced by the estimated value of the Grants.
The Compensation Committee approved the Grants to motivate and
reward the recipients to perform at the highest levels and
contribute significantly to the success of BRP Group and its
affiliates.
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 600,000 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. Learn more about MSI at
www.msimga.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,
2020, and 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 integration of this
Partnership, matters assessed in BRP Group’s due diligence, risks
related to the disruption of management time from ongoing business
operations due to this Partnership, 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 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.
CONTACTS
INVESTOR RELATIONS
Investor Relations
(813) 259-8032 | IR@baldwinriskpartners.com
PRESS
Bonnie Bishop, Executive Director
Baldwin Risk Partners
(813) 906-2337 |
bonnie.bishop@baldwinriskpartners.com
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