TAMPA,
Fla., April 6, 2022 /PRNewswire/ -- BRP
Group, Inc. ("BRP Group" or the "Company") (NASDAQ: BRP), an
independent insurance distribution firm delivering tailored
insurance solutions, today announced an additional benefit as part
of its collaboration with Nasdaq, Inc. ("Nasdaq"): the availability
to Nasdaq-listed biotech companies of a new Panel Counsel offering
a reduced retention option.
"The premiums and retentions for early-stage and pre-revenue
biotech firms, especially IPOs, have skyrocketed in the past three
years," said Mike Tomasulo, Managing
Partner and BRP National Practice Leader. "Understanding that the
dismissal rates and settlement data are more favorable than the
retentions being offered, we worked with some of the best
securities attorneys in the country to create a capped fee model
that would enable carriers to offer a 25% reduction to their
retentions when a panel attorney is selected."
The Panel Counsel, includes attorneys from nationally
recognized firms such as BakerHostetler, Katten, King &
Spalding, and WilmerHale and will focus on pre-commercial biotechs
under $1B in market cap, predicated
on a pre-determined capped fee structure.
"I was honored to help Mike design this pioneering product and
am grateful to be part of a panel with fellow defense lawyers
I hold in high regard," said Doug
Greene, National Practice Leader of BakerHostetler's
Securities and Governance Litigation Team. "The last thing
development-stage biotechnology company directors and officers
need is a securities class action that distracts them
and drains company resources better spent on drug and device
development. BRP's solution provides a superior defense at a
predictable price, enabling biotech companies to maintain focus on
their important missions."
Several prominent carriers, including ARCH Insurance, have
agreed to add this endorsement to their primary policies, giving
participating biotech companies an entirely elective option to
choose one of the participating Panel Firms that have agreed, in
return, to a 25% reduction on their retention. Given that
such retentions can currently average between $5M and $10M, this
benefit can result in a material reduction.
"Arch has a large book of biotech clients and is committed to
providing solutions to our insureds. This program will assist our
insureds in identifying top-notch defense attorneys specializing in
the biotech sector," said Stephen
Swartley, Chief Underwriting Officer of Arch's Executive
Assurance Business Unit.
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 900,000 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,
2021 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