– Adds $ 38.8 million1 of turnover, representing the largest announced partnership of the BRP Group to date in 2021 and the fourth “Top 100” partnership since the start of 4Q’20 –
– Significantly expands the presence of the BRP group in the mid-market and on MainStreet in New England –
– Strong growth history; + 19%2 Year-over-year revenue growth in 2020 –
– Monomoy Homeowners MGA joins BRP Group’s MGA of the future suite of products –
– Brings total BRP Group revenue from partnerships announced in 2021 to $ 47 million3 –
TAMPA, Florida, June 14, 2021 (GLOBE NEWSWIRE) – BRP Group, Inc. (“BRP Group” or the “Company”) (NASDAQ: BRP), an independent insurance distribution company providing insurance solutions on measure, today announced that Baldwin Krystyn Sherman Partners, LLC (“BKS Partners”) and Millennial Specialty Insurance, LLC (“MSI”), each an indirect subsidiary of BRP Group, have entered into an agreement to acquire substantially all of the assets of RogersGray Inc., Breakwater Brokerage, LLC (“Breakwater”) and Monomoy Insurance Group, LLC (“Monomoy”) (collectively, “RogersGray”), a South Dennis, Massachusetts-based provider of insurance of commercial lines, personal lines and social benefits to large and medium-sized enterprises. businesses and individuals. With an annual turnover of approximately $ 38.8 million1, RogersGray (# 84 in Insurance Journal “List of Top 100 Independent P&C Insurance Agencies) represents the BRP Group’s largest announced partnership in 2021 and the fourth “Top 100” partnership since the start of the fourth quarter of 2020. RogersGray President and CEO David Robinson, and RogersGray Chairman, Michael Robinson, will serve as the New England region regional co-chairs within the BRP Group’s mid-market operating group.
The Partnership, the BRP Group’s nomenclature for a strategic acquisition, is expected to close on July 1, 2021, subject to certain closing conditions.
Throughout its history, RogersGray has posted an impressive record of revenue growth. This partnership, which brings together around 220 colleagues, improves and further expands the geographic reach of the BRP Group in key markets and industries. RogersGray provides risk solutions to commercial clients in a wide range of industries, with particular strengths in real estate and construction and utilities, and brings the BRP Group an attractive personal coastal lines footprint.
“RogersGray is one of the best independent firms in the North East, with a history of growth and an exceptional pool of talent led by an accomplished management team who adhere to the long-term vision of the BRP Group. RogersGray will significantly strengthen our geographic footprint and product offerings in New England and the wider Northeast region, and we are particularly excited to add Monomoy to our MGA of the Future platform ” said Trevor Baldwin, CEO of BRP Group. “David, Michael and their incredibly talented team have made customer service first and foremost, while fostering a dynamic, colleague-centric culture that clearly aligns with what we are building at BRP Group, and we are delighted to welcome the RogersGray team within the BRP family.
“We have built an extremely successful business and believe that joining the BRP Group team presents a significant opportunity to take our growth to the next level. This is a natural next step for our stakeholders, and we anticipate the combination will create significant long-term value, ”said Dave Robinson, President and CEO of RogersGray. “By partnering with the BRP Group, we look forward to providing our customers with the level of service to which they are accustomed while providing additional tools, resources and capabilities acquired by joining the BRP platform. “
“We are delighted to join the BRP Group team and believe the partnership aligns us with a partner who shares and supports our goals and long-term vision,” said Michael Robinson, Chairman of the Board of RogersGray. “We are truly proud of the collective accomplishments of our team, and as we join the BRP Group family, we could not be more excited to take RogersGray to the next level for our customers and colleagues who will benefit in ultimately our scale and our combined capabilities. “
MarshBerry acted as exclusive financial advisor to RogersGray in the transaction.
WEB BROADCASTING AND CONFERENCE INFORMATION
Groupe BRP will host a webcast and conference call to discuss the RogersGray partnership on Tuesday, June 15, 2021 at 8:30 a.m.ET. A live webcast and slide presentation will be available on the BRP Group Investor Relations website at ir.baldwinriskpartners.com. The dial-in number for the conference call is (877) 451-6152 (toll free) or (201) 389-0879 (international). Please dial the number 10 minutes before the scheduled start time.
A replay will be available after the end of the call until Tuesday, June 29, 2021, by phone at (844) 512-2921 (free number) or (412) 317-6671 (international), access code 13720515. A replay of the webcast of the call will be available on ir.baldwinriskpartners.com for one year after the call.
ABOUT BRP GROUP, INC.
BRP Group, Inc. (NASDAQ: BRP) is an independent insurance distribution company providing tailored insurance and risk management information and solutions that give our clients the peace of mind to pursue their goal, their passion and their dreams. We innovate in the industry by taking a holistic and personalized approach to risk management, insurance and employee benefits, and support our clients, colleagues, partner insurance companies and communities through the deployment of resources and capital from before. -guard to stimulate our growth. The BRP Group represents more than 600,000 clients in the United States and abroad. For more information, please visit www.baldwinriskpartners.com. Find out more about BKS-Partners on www.bks-partners.com.
ABOUT ROGERSGRAY, INC.
Based in South Dennis, Mass., RogersGray’s dedicated insurance professionals help manage risk through a consultative approach designed to protect personal, business insurance and employee benefits customers. Everything at RogersGray is governed by one simple principle: do the right thing for their employees and customers. The firm prides itself on its community involvement, family culture, employee training and excellent customer service.
NOTE CONCERNING 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 the expectations or beliefs of Groupe BRP regarding future events. Forward-looking statements are statements other than historical fact and may include statements that relate to future operational, financial or business performance or the strategies or expectations of the BRP Group, including those regarding this Partnership. In some cases, you may identify such statements by forward-looking words such as “may”, “may”, “will”, “should”, “expects”, “foresees”, “foresees”, “believes”, “Estimate”, “predict”, “plans”, “potential”, “prospects” or “continue”, or the negative of these terms or any 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 such statements.
Factors that could cause actual results or performance to differ from expectations expressed or implied in these forward-looking statements include, without limitation, those described under the heading “Risk Factors” in the BRP Group’s annual report on Form 10-K for the fiscal year ended December 31, 2020, and other documents filed by Groupe BRP with the SEC, which are available free of charge on the Securities and Exchange Commission website at: www.sec. gov, including risks and other factors relevant to the completion and integration of this Partnership, matters assessed as part of BRP Group’s due diligence, the occurrence of any event, change or other circumstance that may result in termination definitive agreements, the risk that the 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, the risks associated with the disruption of the management time f of current business operations due to this partnership, the activities, the financial condition and the operating results of Groupe BRP or that partner, or both, and factors related to the potential effects of the COVID-19 pandemic on Groupe BRP’s business, financial condition and results of operations. If one or more of these risks or uncertainties materialize, or if the underlying assumptions turn out to be inaccurate, actual results may differ materially from those shown. All forward-looking statements and all subsequent written and oral forward-looking statements attributable to Groupe BRP or persons acting on behalf of Groupe BRP 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 are only valid as of the date on which they are made, and Groupe BRP assumes no obligation to update them in the light of new information, future developments or otherwise, unless applicable law so requires. required.
RELATIONS WITH INVESTORS
(813) 259-8032 | [email protected]
Bonnie Bishop, Executive Director
Baldwin Risk Partners
(813) 906-2337 | [email protected]
1 Calculated as income attributable to activities acquired for the most recent twelve-month period preceding the acquisition by Groupe BRP at the time the due diligence was concluded on the basis of a review of the quality of earnings and not a audit. Excludes any earned income not held from acquisitions made by such a business acquired during the last twelve months preceding the acquisition.
2 Based on a review of the quality of the results, not an audit.
3 Represents the overall sales of Partners acquired in 2021, for the last twelve month period preceding the acquisition by Groupe BRP, in each case, at the time when the due diligence was concluded on the basis of a review of the quality of results and not of an audit.