TAMPA, Fla., Feb. 28, 2022 /PRNewswire/ -- BRP Group,
Inc. ("BRP Group" or the "Company") (NASDAQ: BRP), an
independent insurance distribution firm delivering tailored
insurance solutions, today announced, through a collaboration with
Nasdaq, Inc. ("Nasdaq"), the release of an independent Directors
& Officers (D&O) Limits Benchmarking report for
Nasdaq-listed companies.
The report is the culmination of a survey completed by over 330
Nasdaq companies documenting their total limits, structure,
retention, premium, and carriers.
"Directors & Officers Liability pricing for public companies
has been increasing exponentially over the past several years and
our data shows the average premium increase across the board last
year was 20%," said Mike Tomasulo,
Managing Partner and BRP National Management Liability Practice
Leader. "It is more important than ever to have access to truly
objective data about what your peers are purchasing and what they
are paying, and our collaboration with Nasdaq to collect this data
is a big step in that direction."
The report not only breaks out results by market capitalization
and industry segment, but also based on whether the company has
recently undergone an initial public offering ("IPO").
"We have seen the greatest disruption in the marketplace for new
IPOs; and the data shows that on average, premiums are 3.2x higher
for companies that have gone public in the last three years than
those that have not," said Tomasulo.
Other noteworthy observations:
- Despite rate increases, less than 7% of companies reduced their
limits
- Almost 87% of companies purchase some amount of A-Side
coverage
- 14% of companies experienced a rate increase of over 50% on the
last renewal
For a copy of the executive summary and information about
obtaining the full report, please click here. You may also reach
out to your Nasdaq Relationship Manager for more information.
ABOUT BRP GROUP
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
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. 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 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 risks and other factors relevant to the business,
financial condition and results of operations of BRP Group 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.
Insurance products offered through one or more
licensed insurance agency affiliates of Baldwin Risk Partners,
LLC.
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SOURCE Baldwin Risk Partners