BRP Group, Inc. (“BRP Group” or the “Company”) (NASDAQ: BRP), an
independent insurance distribution firm delivering tailored
insurance solutions, today announced that Millennial Specialty
Insurance, LLC (“MSI,” also known as BRP Group’s “MGA of the
Future”), an indirect subsidiary of BRP Group, has entered into a
definitive agreement to acquire substantially all the assets of
FounderShield LLC, AlphaRoot LLC, ReShield LLC and Scale
Underwriting Services LLC (collectively, “Founder Shield”), a New
York-based, tech-enabled insurance distribution platform with a
specialized focus on providing commercial insurance services for
clients in various high growth industries. With annual revenue of
approximately $9.8 million1, Founder Shield represents BRP Group’s
seventh announced Partnership in 2021.
The Partnership, BRP Group’s nomenclature for a
strategic acquisition, is expected to close on or around August 1,
2021, subject to certain closing conditions.
Over its history, Founder Shield has delivered
an impressive track record of profitable growth by offering a
seamless, intuitive and responsive digital experience for
purchasing and administering insurance for high-growth companies.
This Partnership, which brings with it approximately 50 colleagues,
brings to BRP Group unique expertise for rapidly-scaling companies
in numerous high-growth industry verticals across the Technology
& Fintech, Life Sciences and Emerging Markets sectors. Founder
Shield’s technology platform significantly enhances BRP Group’s
small commercial capabilities and provides operational efficiency
and superior customer experience to the broader BRP
organization.
“Founder Shield is the archetypal type of firm
we seek to partner with, featuring a history of strong growth and
innovation, and an exceptional group of talented, entrepreneurial
colleagues,” said Trevor Baldwin, Chief Executive Officer of BRP
Group. “Founder Shield greatly enhances our ability to innovate for
our clients and facilitates unique early access to some of the
country’s most rapidly growing businesses. Founder Shield has
fostered a dynamic colleague and client-centric culture that is
clearly aligned with what we are building at BRP Group, and we are
thrilled to welcome the Founder Shield team to the BRP Group
family.”
“We strive to work and think differently at
Founder Shield, which is why we have been able to successfully and
rapidly grow our business,” said Benji Markoff, Co-Founder and
Chief Executive Officer of Founder Shield. “Our team of experts
leverages technology to take a hands-on approach that not only
creates a fully-digital purchasing experience for our clients, but
also automates many of the time-consuming, back-office aspects of
insurance, allowing our advisors to be efficient and focus on what
they do best and enjoy most – selling insurance. Partnering with
BRP Group is a clear match; the innovative platform of
capabilities, client-first approach and resources available to our
team, makes combining our firms an obvious choice. We could not be
more excited to take Founder Shield to the next level.”
“Joining BRP Group is a natural next step for
us. We’re incredibly proud of our team’s collective
accomplishments, and we believe joining the BRP Group team presents
a meaningful opportunity to grow faster and more efficiently
together,” said Carl Niedbala, Co-Founder and Chief Operating
Officer of FounderShield. “We look forward to supercharging BRP
Group’s long-term vision with technology while leveraging the
additional tools, resources and capabilities gained by coming on
board to the BRP Group platform.”
Oppenheimer & Co. Inc. acted as exclusive
financial advisor to Founder Shield in the transaction.
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 MSI at
www.msimga.com.
ABOUT FOUNDERSHIELD LLC
Headquartered in New York, New York, Founder
Shield is a tech-enabled, digital insurance platform dedicated to
creating the most seamless, intuitive and responsive experience to
protect clients’ growth at every stage. Founder Shield has a
passion for creating and developing innovative risk management
products across multiple industries and works hand in hand with its
clients and underwriters to ensure transparency, efficiency and
reliability every step of the way. By combining the best aspects of
traditional brokers and its digital-first and client centric model,
Founder Shield has positioned itself as the go-to risk management
provider for innovative companies. For more information, please
visit https://foundershield.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 completion and integration of
this Partnership, matters assessed in BRP Group’s due diligence,
the occurrence of any event, change or other circumstances that
could give rise to the termination of the definitive agreements,
the risk that necessary regulatory approvals may not be obtained or
may be obtained subject to conditions that are not anticipated, the
risk that this Partnership will not be consummated in a timely
manner, 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
Bonnie Bishop, Executive Director
Baldwin Risk Partners
(813) 259-8032 | IR@baldwinriskpartners.com
PRESS
Rachel DeAngelo, Communications Manager
Baldwin Risk Partners
(813) 387-6842 |
rdeangelo@baldwinriskpartners.com
________________________
1 Calculated as revenue attributable to acquired business for
the most recent trailing twelve-month period prior to acquisition
by BRP Group at the time the due diligence was concluded based on a
quality of earnings review and not an audit. 2 Based on a quality
of earnings review and not an audit. Represents year-to-date gross
revenue growth through May 2021 vs. the prior year period.3
Represents the aggregate revenue of Partners acquired during 2021,
for the most recent trailing twelve-month period prior to
acquisition by BRP Group, in each case, at the time the due
diligence was concluded based on a quality of earnings review and
not an audit.
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