Millennial Specialty Insurance, LLC Announces Launch of its Multifamily Insurance Solutions into Canadian Market with Distribution Through Summit Commercial Solutions
Millennial Specialty Insurance, LLC, a subsidiary of BRP Group, Inc., is now offering multifamily-focused insurance solutions in Canada through a partnership with Summit Commercial Solutions. This marks MSI's first venture outside the US, leveraging cutting-edge technology to provide rental insurance for over a million units. The collaboration aims to address the growing demand for comprehensive renters insurance in Canada.
The expansion of Millennial Specialty Insurance (MSI) into the Canadian market represents a strategic move that could potentially impact BRP Group's market share and revenue streams. The Canadian rental market is characterized by a high demand for renters insurance, driven by the consolidation of rental property management and ownership. This demand, coupled with the current lack of comprehensive insurance solutions, suggests a significant market opportunity for MSI.
By entering into this partnership with Summit Commercial Solutions, MSI leverages local expertise to navigate the Canadian insurance landscape. This move is indicative of the trend where insurance companies are expanding internationally to diversify their portfolio and capitalize on under-served markets. The introduction of a technology-driven solution could also set a new standard in the industry, potentially increasing customer expectations for digital services in insurance offerings.
MSI's entry into Canada marks a pivotal growth phase with potential to impact BRP Group's financial performance. The success of MSI in insuring over one million residential rental units in the U.S. suggests a proven business model that could be replicated in Canada. This expansion may result in increased revenue and market diversification, reducing the company's exposure to market-specific risks.
Investors should monitor the uptake of MSI's products in the Canadian market as an indicator of the company's international scalability. Initial capital outlay and operational costs associated with the expansion will affect short-term financials, but the long-term growth prospects in a new market could offer substantial returns. It is crucial to analyze future earnings reports for insights into the market penetration and profitability of this venture.
MSI's introduction of renters and tenant legal liability products in Canada is a significant development within the insurance industry. Renters insurance is a vital product for tenants, providing coverage for personal property and liability. Tenant legal liability insurance is less common but equally important, as it covers tenants against legal claims for property damage they might inadvertently cause to the rental unit. The partnership with Summit, a seasoned brokerage in Canada, is a strategic move that may facilitate smoother market entry and compliance with Canadian insurance regulations.
The use of a 'best-in-class' technology platform could be a differentiator for MSI, as the insurance industry is increasingly adopting tech solutions for efficiency and customer engagement. The success of this tech-forward approach could influence industry standards in Canada and potentially lead to increased technology adoption among competitors.
03/05/2024 - 10:00 AM
TAMPA, Fla. --(BUSINESS WIRE)--
Millennial Specialty Insurance, LLC (“MSI”), an indirect subsidiary of BRP Group, Inc. (“BRP Group”) (NASDAQ: BRP), is now offering comprehensive multifamily-focused insurance solutions in Canada , including both its renters and tenant legal liability products, marking the first time MSI is writing business outside the United States .
Leveraging a best-in-class technology platform, MSI provides simplified and streamlined rental insurance solutions, insuring more than one million residential rental units in the United States .
“This is a significant milestone for MSI as we expand our operations internationally,” said Adam Falkauff, President, Multifamily Group at MSI. “With deep expertise in the residential rental market and a proven model in the United States , MSI is well positioned to meet the needs of the growing renters insurance market in Canada and provide useful solutions for consumers and property managers in this marketplace.”
MSI is collaborating with Summit Commercial Solutions, Inc. ("Summit") to gain entry to the residential rental market in Canada .
“We are excited for this opportunity with MSI,” said Josh Pillsbury, Co-Founder and Managing Partner, Summit. “The demand for a more comprehensive, technology-focused, renters insurance solutions has become increasingly necessary in the Canadian residential rental market. We look forward to being at the forefront of this venture.”
Summit is a full-service Canadian commercial property & casualty insurance brokerage, serving more than 90% of Canada’s English-speaking population.
“The consolidation of rental property management and ownership in the Canadian market, coupled with a lack of robust renters insurance solutions, has led to increased demand for a solution like the one provided by MSI,” said Falkauff. “Summit’s and MSI’s collaboration is the right approach to quickly provide and scale a solution to meet this consumer need in Canada.”
ABOUT MILLENNIAL SPECIALTY INSURANCE, LLC
Millennial Specialty Insurance, LLC is one of the largest non carrier-affiliated Managing General Agencies (MGAs) in the United States . Combining expert underwriting with industry-leading technology, MSI creates a superior insurance experience for carriers, distribution partners, and customers. MSI collaborates with insurance carriers to design and distribute products through agents, brokers, and technology partners. Founded in 2015, MSI has grown to offer a wide range of insurance products across commercial, specialty and personal lines. In 2019, MSI joined BRP Group, Inc. as an indirect subsidiary of BRP Group, Inc. For more information, please visit www.msimga.com .
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 organic and inorganic growth. BRP Group represents over two million clients across the United States and internationally. For more information, please visit www.baldwinriskpartners.com .
ABOUT SUMMIT COMMERCIAL SOLUTIONS, INC.
Summit Commercial Solutions, Inc. is a national property & casualty insurance brokerage and risk management firm headquartered in Kelowna, British Columbia . Founded in 2022 by Davis Gilbert and Josh Pillsbury, Summit is one of Canada’s fastest growing retail brokerages, and is supported by several of North America’s longest standing and insurance-focused venture capital firms. Summit believes Canadian consumers and businesses deserve a better insurance experience and is a broker built for the future. For more information, please visit www.summitcover.ca .
BRP GROUP, INC. 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, 2023 and in BRP Group’s other filings with the SEC, which are available free of charge on the SEC’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. 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.
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BRP PRESS
anna.rozenich@baldwinriskpartners.com
BRP INVESTOR RELATIONS
IR@baldwinriskpartners.com
SUMMIT INVESTOR RELATIONS
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Source: BRP Group, Inc.
What is the name of the subsidiary of BRP Group offering insurance solutions in Canada?
The subsidiary is Millennial Specialty Insurance, LLC.
Where is MSI expanding its operations internationally?
MSI is expanding its operations to Canada.
Who is MSI collaborating with to enter the residential rental market in Canada?
MSI is collaborating with Summit Commercial Solutions, Inc.
What type of insurance solutions is MSI providing in Canada?
MSI is offering comprehensive multifamily-focused insurance solutions in Canada.
How many residential rental units does MSI insure in the United States?
MSI insures more than one million residential rental units in the United States.
