TAMPA, Fla., Nov. 05, 2020 (GLOBE NEWSWIRE) -- BRP Group, Inc. (NASDAQ: BRP), a rapidly growing independent insurance distribution firm delivering tailored insurance solutions, today announced that Baldwin Krystyn Sherman Partners, LLC, the middle-market subsidiary of BRP Group, has entered into an agreement to acquire all of the outstanding equity interests of Insgroup, Inc., a Houston, Texas based provider of commercial P&C insurance, employee benefits, private risk services and surety to middle-market companies and individuals. With annual revenues of approximately $38.5 1 million, Insgroup (#87 in Business Insurance’s “Top 100” list of largest U.S. brokers) represents the largest new Partnership in BRP Group’s history. Insgroup President and Chief Executive Officer Brian Kapiloff will serve as a Regional President within BRP Group’s middle market operating group.
With a strong track record of growth, including increasing 2019 revenue by 31%2 versus 2018, Insgroup brings to BRP Group approximately 160 colleagues across 4 offices in Houston, Dallas, Addison and Austin. Insgroup provides risk solutions to clients across a broad range of industries, with particular strengths in Real Estate, Manufacturing, Financial Services, Construction and Development and Professional and Industrial Services.
The Partnership, BRP Group’s nomenclature for a strategic acquisition, is expected to close November 30, 2020, subject to certain closing conditions. BRP Group expects to fund the cash consideration payable at the closing from a portion of the net proceeds of BRP Group’s recently completed Term Loan B loan facility.
“Insgroup is the epitome of the type of firm we seek to partner with, featuring a history of growth and an exceptional group of talent led by an accomplished management team buying into BRP Group’s long-term vision. We are particularly excited about the platform they bring in Texas, a large and growing market,” said Trevor Baldwin, CEO of BRP Group. “Brian and his team have fostered a dynamic and client-centric culture that is clearly aligned with what we are building at BRP Group, and we are thrilled to welcome the Insgroup team to the BRP family.”
“Joining BRP Group is an ideal fit for us in terms of our shared culture and vision – we are prioritizing our clients and colleagues and enhancing our ability to grow organically over the long term. This is the natural next step for our stakeholders and it aligns us with a partner who shares and supports our ambitious goals,” said Mr. Kapiloff, who was also recently named a finalist for the Houston Business Journal’s “Most Admired CEO” award. “We are excited about the opportunity to meaningfully contribute to BRP Group’s growth trajectory, and to leverage the incremental resources and expertise BRP Group brings to bear to best serve our clients.”
“We are incredibly excited to add Insgroup to the BRP Group platform, and continue to have a robust Partnership pipeline that we intend to execute on in the near term,” said Kris Wiebeck, Chief Financial Officer of BRP Group.
MarshBerry acted as exclusive financial advisor to Insgroup in the transaction.
WEBCAST AND CONFERENCE CALL INFORMATION
BRP Group will host a webcast and conference call to discuss the Insgroup acquisition on Friday, November 6, 2020 at 8:30 AM ET. A live webcast and a slide presentation will be available on BRP Group’s investor relations website at ir.baldwinriskpartners.com. The dial-in number for the conference call is (855) 327-6837 (toll-free) or (631) 891-4304 (international). Please dial the number 10 minutes prior to the scheduled start time.
A replay will be available following the end of the call through Friday, November 20, 2020, by telephone at (844) 512-2921 (toll-free) or (412) 317-6671 (international), passcode 10011786. A webcast replay of the call will be available at ir.baldwinriskpartners.com for one year following the call.
ABOUT BRP GROUP, INC.
BRP Group, Inc. (NASDAQ: BRP) is a rapidly growing 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 represents over 500,000 clients across the United States and internationally. For more information, please visit www.baldwinriskpartners.com. Learn more about BKS-Partners at www.bks-partners.com.
ABOUT INSGROUP, INC.
Insgroup, Inc. was founded in Houston, Texas, by a group of entrepreneurs committed to providing the security necessary for business owners and individuals to pursue their dreams. Insgroup is the largest closely-held insurance brokerage firm in Texas with approximately 160 colleagues in Houston, Dallas, Addison and Austin. With expertise in Property & Casualty Brokerage, Employee Benefit Consulting, Private Risk Services, and Surety, Insgroup serves clients nationwide and partners with premier national, regional and specialty insurance carriers across the United States. For more information, visit www.insgroup.net.
