- Adds approximately $11.4 Million1 of Revenue
-
- Expands Individual Health Product Offering
and Expertise -
- Strong Track Record of Growth; 56%2
Year-Over-Year Revenue Growth through March 20222 -
- Brings BRP Group’s Total Acquired Revenue
from 2022 Announced Partnerships to $96 Million3 -
BRP Group, Inc. (“BRP Group” or the “Company”) (NASDAQ: BRP),
through an indirect subsidiary, today announced that it has
acquired substantially all the assets of National Health Plans
& Benefits Agency, LLC (“NHPBA”). Based in Fraser, Michigan,
NHPBA is a leading provider of individual health insurance
products, predominantly for individuals under 65. NHPBA also has a
growing Medicare practice.
As a result of this Partnership, BRP Group’s nomenclature for a
strategic acquisition, NHPBA brings to BRP Group approximately 50
colleagues and provides deep expertise in the individual health
insurance market that has powered strong organic growth since
NHPBA’s inception. Following this Partnership, NHPBA will operate
within the Company’s Guided Solutions operating group.
“We are thrilled to partner with David Dziewit and the entire
NHPBA team who have built a fantastic organization,” said David
Smith, President and Executive Operating Officer of Guided
Solutions. “The addition of NHPBA will further strengthen our
product offerings within the individual health insurance market and
provide an excellent opportunity to further support our carrier and
insured partners. We are excited to welcome the NHPBA team into the
BRP Group family and believe their wealth of experience and
client-centric focus will generate new growth opportunities for
us.”
“Joining forces with BRP Group is the natural next step for our
business, as we will be able to better serve our client base with a
variety of new opportunities and services,” said David Dziewit,
President and CEO of National Health Plans & Benefits Agency,
LLC. “We are proud of our team’s collective accomplishments, and we
look forward to our colleagues sharing in future successes as we
continue on our growth path.”
In connection with the Partnership, BRP Group intends to issue
to certain new employees restricted shares of the Company’s Class A
Common Stock (each, a “Grant”) 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 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 upfront cash payment to NHPBA was
reduced by the estimated value of the Grants.
The below table summarizes the material terms of the Grants.
Partnership
Number of Grantees
Aggregate Shares Granted
Vesting Terms*
NHPBA
46
15,959
33.3% per year over 3 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 1,200,000 clients across the
United States and internationally. For more information, please
visit www.baldwinriskpartners.com.
ABOUT NATIONAL HEALTH PLANS & BENEFITS AGENCY,
LLC
National Health Plans & Benefits Agency, LLC is a leading
provider of individual health insurance products, predominantly for
individuals under 65. With over 2,000 agent relationships across
the United States, NHPBA is a community of highly driven
professionals who are passionate about generating growth and
finding creative solutions to overcome whatever challenges they
face. NHPBA’s mission is to provide the best benefits for all
income levels while simultaneously generating high growth levels
for their agents and agencies. For more information, please visit
www.nhpba.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 or other Partnerships acquired (or announced to be
acquired). 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 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 this Partnership, matters assessed in BRP Group’s
due diligence, 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.
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 March 2022 vs. the prior year period. 3
Represents the aggregate revenue of Partners acquired (or announced
to be acquired) during 2022, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220801005595/en/
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
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