BRP Group, Inc. Completes Acquisitions of Founder Shield and The Capital Group
August 02 2021 - 5:17PM
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, completed the
previously announced acquisition of FounderShield LLC, AlphaRoot
LLC, ReShield LLC and Scale Underwriting Services LLC
(collectively, “Founder Shield”), and that the Company, through its
indirect subsidiaries, completed the previously announced
acquisition of TCG Financial Holding Company, LLC and certain of
its subsidiaries (collectively, operating as “The Capital Group”).
In connection with the Partnerships, BRP Group’s
nomenclature for strategic acquisitions, BRP Group intends to issue
restricted shares of the Company’s Class A Common Stock (each, a
“Grant”) to 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 be formally issued on
October 1, 2021.
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. The previously announced upfront cash payments to
Founder Shield and The Capital Group were reduced by the estimated
value of the applicable Grants.
The below table summarizes the material terms of the Grants.
Partnership |
Number of Grantees |
Aggregate Shares Granted |
Vesting Terms* |
Founder Shield |
52 |
99,339 |
25% per year over 4 years or 100% after 4 years |
The Capital Group |
44 |
57,734 |
25% per year over 4 years or 100% after 3 years |
*Vesting is subject to continued employment through the
applicable vesting date.
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 these Partnerships. 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 these
Partnerships, matters assessed in BRP Group’s due diligence, risks
related to the disruption of management time from ongoing business
operations due to these Partnerships, the business, financial
condition and results of operations of BRP Group or these Partners,
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 RELATIONSInvestor
Relations(813) 259-8032 | IR@baldwinriskpartners.com
PRESSBonnie Bishop, Executive
DirectorBaldwin Risk Partners(813) 906-2337 |
bonnie.bishop@baldwinriskpartners.com
Baldwin Insurance (NASDAQ:BRP)
Historical Stock Chart
From May 2024 to Jun 2024
Baldwin Insurance (NASDAQ:BRP)
Historical Stock Chart
From Jun 2023 to Jun 2024