BRP Group, Inc. (“BRP Group” or the “Company”) (NASDAQ: BRP), an
independent insurance distribution firm delivering tailored
insurance solutions today announced that, through its indirect
subsidiaries (including Burnham Benefits Insurance Services, LLC
(“Burnham”)), BRP Group has entered into an agreement to acquire
substantially all of the assets of Wood Gutmann & Bogart
Insurance Brokers and certain of its affiliates and related
entities (collectively, “WGB”). Based in Tustin, California, WGB is
a full-service middle-market brokerage firm that provides a
complete range of Commercial Insurance, Employee Benefits, and
Private Client Services.
The Partnership, BRP Group’s nomenclature for a
strategic acquisition, is expected to close on or around December
1, 2021, subject to certain closing conditions. Following closing,
WGB’s current Commercial Insurance and Private Client Services
practices will operate as Burnham WGB Insurance Solutions, and
WGB’s current Employee Benefits practice will operate under the
Burnham Benefits name.
“WGB and Burnham have deep roots from many years
of working closely together and having trusted compatibility,” said
Kristen Allison, Regional President of Burnham. “Through our
balanced expertise in the Employee Benefits and Property &
Casualty verticals, our firms have dovetailed each other nicely,
often sharing clients and always having mutual respect for one
another. With Burnham and WGB under one unified roof, we look
forward to leveraging our entrepreneurial passion to accelerate our
growth, showcase our insights, resources and expertise as choice
leaders in our industry and attract the best talent to our
stronger, combined firms.”
This Partnership, which brings with it
approximately 130 colleagues from WGB to combine with Burnham’s 150
colleagues, adds meaningful scale to BRP Group’s West Coast
operations. With WGB and Burnham, this Partnership creates a top
brokerage firm in California based on client revenue.
WGB’s middle-market commercial risk management
expertise in key markets and industries, including Food &
Beverage, Construction, Real Estate, Technology, Manufacturing,
Security, and Environmental, is highly complementary to Burnham’s
existing Employee Benefits, Commercial Risk and Wealth Management
expertise.
“We could not be more excited to be joining
forces with BRP Group and the Burnham team in California,” said
Kevin Bogart, Chief Executive Officer of WGB. “We are firm
believers in the importance of culture at WGB and saw in BRP Group
a true alignment of commitments and core beliefs – to offer
innovative solutions to risk management, to seek and promote the
most elite professionals within our industry, and to consistently
deliver world-class service with personal touch and care. This
Partnership brings together organizations that are culturally and
philosophically aligned at the highest levels, and we look forward
to growing our presence in both California and the Western U.S.
while providing both the framework and stability for the future
leaders of our combined firm to thrive and carry forward our
mission as passionate advocates.”
“This Partnership with WGB represents a major
milestone in adding critical commercial insurance expertise to our
West Coast operations,” said Trevor Baldwin, Chief Executive
Officer of BRP Group. “The WGB team has a long track record of
working collaboratively with the Burnham team, and we are thrilled
to welcome them to the BRP Group family. We believe that the
combination of WGB’s commercial insurance expertise and Burnham’s
employee benefits expertise will allow us to offer clients a truly
comprehensive suite of solutions to meet all of their insurance
needs.”
MarshBerry acted as exclusive financial advisor
to WGB in the transaction.
ABOUT WOOD GUTMANN &
BOGART INSURANCE BROKERSHeadquartered in Tustin,
California, Wood Gutmann & Bogart Insurance Brokers
is an innovative insurance brokerage and advisory firm that
provides risk management, commercial insurance and employee
benefits insurance and consulting services, specialty insurance
programs and private client solutions. The WGB team members are
passionate advocates who strive to deliver the peace of mind that
their clients seek. They vigorously protect their clients from the
risks that put their lifestyles, livelihoods and legacies in
jeopardy. Since 1985, WGB has attracted talented, entrepreneurial
professionals who have driven growth and shaped a thriving culture.
WGB has consistently ranked among the “Top 100” Insurance
Brokers and Best Independent Agency to Work For
by Insurance Journal, as well as Best Places to Work by
the Orange County Business Journal. For more information,
please visit www.wgbib.com.
ABOUT BURNHAM BENEFITS INSURANCE
SERVICES, LLCBurnham, a BRP Group Partner, consults with
clients on employee benefits, property and casualty, and retirement
and wealth management solutions. Burnham is a national full-service
strategic consulting and brokerage firm based in Irvine,
California. Burnham easily adapts to today's rapidly changing
business climate, investing in cutting-edge technology, tools, and
resources, and creates customized programs to fit clients' best
interests, and Burnham’s cadre of highly skilled industry
professionals and strategic partnerships provide unmatched personal
service. Burnham is
a Certified B Corporation (B Corp), holds
national recognition as one of the Best Places to Work in Insurance
by Business Insurance magazine
for the ninth year and counting, and over
the last decade consistently ranks as one of the Best Places
to Work by the Orange County Business Journal, North Bay
Business Journal, and Los Angeles Business Journal. For more
information, visit www.burnhambenefits.com.
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
700,000 clients across the United States and
internationally. For more information, please
visit www.baldwinriskpartners.com.
NOTE REGARDING FORWARD-LOOKING
STATEMENTSThis 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.
Contact: |
|
Emily
Pisano—Burnham, a BRP Company |
Phone: |
|
949.800.4014 |
Email: |
|
pisano@burnhambenefits.com |
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