The Baldwin Insurance Group, Inc. Stock Price, News & Analysis

BRP Group (NASDAQ: BRP) announces the acquisition of Construction Risk Partners (CRP), enhancing its National Construction Risk Management Platform. This strategic partnership is expected to close around December 1, 2021, and will add approximately $32.6 million in revenue, marking BRP's seventh 'Top 100' partnership since Q4 2020. With CRP's strong growth track record, achieving 31% year-over-year revenue growth YTD 2021, the acquisition positions BRP for increased influence in the construction market.

BRP Group, Inc. (NASDAQ: BRP) has appointed Rajasekhar (Raj) Kalahasthi as the new Chief Digital & Information Officer, effective November 15, 2021. Mr. Kalahasthi has over two decades of IT leadership experience, previously serving as Chief Information Officer at Comerica Bank and leading technology teams at major corporations like HSBC and Citibank. His role will focus on enhancing enterprise technology and driving innovation at BRP Group. The leadership praises his extensive experience, which aligns with the company’s strategic goals and vision for the future.

BRP Group reported a remarkable 106% year-over-year revenue growth for Q3 2021, reaching $135.6 million. Pro Forma Revenue also saw a 109% increase to $137.8 million, with organic growth of 26%. The 'MGA of the Future' platform grew 48% year-over-year. Despite a GAAP net loss of $24.2 million, adjusted net income was $11.5 million, translating to $0.11 per diluted share. The company closed five partner acquisitions during Q3 and maintained a strong liquidity position with $374.5 million in cash as of September 30, 2021.

BRP Group has announced its agreement to acquire substantially all assets of Wood Gutmann & Bogart Insurance Brokers for $29.7 million. This will add $29.7 million in revenue, bringing the total from 2021 partnerships to $165 million. The acquisition is expected to close around December 1, 2021. WGB, based in Tustin, California, is recognized as a top independent property/casualty agency, enhancing BRP's West Coast operations and creating a top 3 broker in Los Angeles. The partnership aligns expertise in commercial risk management and employee benefits.

BRP Group has officially launched Atténuer Risk, a new risk and resiliency consulting firm focused on families of exceptional wealth, family offices, and advisory firms. This independent entity will offer services including outsourced risk management, broker review, and resiliency planning. Led by Kate Norris, who has over 25 years of industry experience, Atténuer Risk aims to address the unique risk challenges faced by wealthy families. This move expands BRP Group's service offerings without directly selling insurance or managing assets.

BRP Group, Inc. (NASDAQ: BRP) has announced the addition of five seasoned professionals to its Japanese practice group within Armfield, Harrison & Thomas, LLC (AHT Insurance). The new co-practice leaders, Brian Murphy and Hiro Ushiki, bring over 60 years of combined experience in servicing Japanese clients. This team will enhance BRP Group's capabilities in providing tailored insurance solutions for companies operating in Japan, Western Europe, Asia, and Mexico, focusing on Property/Casualty and Employee Benefits.

BRP Group, Inc. (NASDAQ: BRP) has announced the promotions of co-founders Jim Roche and Brian Schultz, effective October 4, 2021. Roche will become Chief Insurance Innovation Officer, focusing on insurance product and technological innovation. Schultz will serve as President of MSI Multifamily and Emerging Markets, leading the growth of MSI's Multifamily product suite. CEO Trevor Baldwin expressed confidence in their leadership and vision for continued growth and innovation within the company.

BRP Group, Inc. (NASDAQ: BRP) has completed acquisitions of K&S Insurance Agency and Jacobson, Goldfarb & Scott, enhancing its insurance distribution portfolio. To incentivize new employees from these acquisitions, the company will issue restricted Class A Shares valued against cash payments made during the transactions. A total of 227 new hires will receive 227,381 shares, with vesting schedules ranging from 25% per year over 4 years to full vesting after specific periods. BRP aims to leverage these acquisitions for growth and improved performance in the insurance market.

BRP Group (NASDAQ: BRP) announced it will report its third quarter 2021 financial results on November 8, 2021, after market close. A conference call is scheduled for 5:00 PM ET, where the company will discuss the results. Participants can join the call by dialing (877) 451-6152 for toll-free or (201) 389-0879 for international calls, 10 minutes before the start. A live webcast will be available on the investor relations website, and a replay will be accessible for one year after the call.