TAMPA, Fla., Dec. 01, 2020 (GLOBE NEWSWIRE) -- BRP Group, Inc. (NASDAQ: BRP), a rapidly growing independent insurance distribution firm delivering tailored insurance solutions, today announced that the Company has acquired all of the outstanding equity interests of Armfield, Harrison & Thomas, Inc., a brokerage and consulting firm offering property and casualty, employee benefits, retirement, personal and international services for a wide range of industries. The Company will own and operate AHT through its middle-market subsidiary and operating group.
With annual revenues generated of approximately $52.31 million, excluding $5.53 million of pro forma annualized revenues associated with acquisitions recently completed by AHT, AHT (#65 in Business Insurance’s “Top 100” list of largest U.S. brokers) represents the largest new Partnership in BRP Group’s history and marks the second “Top 100” partnership closed in the fourth quarter of 2020. AHT’s President and Chief Executive Officer David Schaefer will serve as a Regional President within BRP Group’s middle-market operating group.
With major offices in the Seattle, Washington D.C., New York and Boston metropolitan areas, AHT brings to BRP Group immediate middle-market scale in the Pacific Northwest, Mid-Atlantic, and Northeast regions. AHT also brings deep specialization and expertise across a number of high-growth industry verticals, including Technology, Not-For-Profit, Life Sciences & Healthcare, Manufacturing and Construction, among others.
“Partnering with AHT is exciting for BRP Group and dovetails with our long-term strategy of both rapid organic and Partnership growth. We expect the addition of AHT – one of the top independent middle-market firms in the country with an amazing roster of talent – to further accelerate our growth trajectory and provide us with immediate scale in new geographies,” said Trevor Baldwin, Chief Executive Officer of BRP Group. “AHT’s depth of expertise and industry focus are clear complements to our ongoing specialization efforts in middle-market, and the leadership team at AHT is aligned with our culture and ensuring that our clients always come first. We’re thrilled to welcome the AHT team to the BRP family, and with their addition, we have taken a major step toward further growing our platform across the U.S.”
“We’ve built a successful business, and developed a sterling reputation thanks to our resolute focus on client-centric solutions. We believe joining the BRP Group team presents a meaningful opportunity to take our growth to the next level, and we expect the combination will create considerable value long term,” said David Schaefer, President and Chief Executive Officer of AHT. “By joining BRP Group, we will provide our clients and talent with significant new benefits from the wealth of tools and capabilities gained by coming on board the BRP platform. We are looking forward to a smooth transition, while providing our clients with the same level of service to which they are accustomed.”
Reagan Consulting, Inc. and its wholly-owned subsidiary, Reagan Securities, Inc. acted as financial advisor to AHT in the transaction.
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.
ABOUT ARMFIELD, HARRISON & THOMAS, INC.
AHT is a brokerage and consulting firm offering property and casualty, employee benefits, retirement, personal and international services for a wide range of industries – boasting national recognition for our specialty practices in areas including Technology, Life Sciences, Manufacturing, Government Contracting, International Development Organizations, Management Liability and Nonprofits. For more information about AHT, please visit https://www.ahtins.com/.
