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

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.

BRP Group, Inc. (NASDAQ: BRP) has priced its public offering of 8,000,000 shares of Class A common stock at $30.50 each, with a 30-day underwriter option for an additional 1,200,000 shares. The offering closes on September 17, 2021. Proceeds will fund cash payments for Partner acquisitions and general corporate purposes, including working capital. Major underwriters include J.P. Morgan and Wells Fargo. The offering's intent aligns with BRP's growth strategy and operational needs, enhancing its financial foundation.

BRP Group (NASDAQ: BRP) announced an underwritten offering of 8,000,000 shares of its Class A common stock, with an option for underwriters to purchase an additional 1,200,000 shares. The Company expects acquired revenue from upcoming Partner acquisitions to range between $175 million and $200 million in 2021, and $100 million to $150 million in 2022. The net proceeds will be used for fees, working capital, and cash payments for acquisitions. BRP Group also reported growth in its “MGA of the Future” policies, increasing to 652,666 from 605,295 in Q2 2021.

BRP Group has announced a significant partnership agreement to acquire substantially all assets of Jacobson, Goldfarb & Scott, Inc. (JGS), a leading specialty insurance broker with a focus on the habitational real estate sector. This transaction, set to close around October 1, 2021, will add approximately $43.3 million in annual revenue, marking BRP's largest partnership announcement in 2021. JGS has a proven track record of 30% year-over-year revenue growth and enhances BRP Group’s capabilities in key markets.

BRP Group has announced its acquisition of White Hill Plaza, Inc. (K&S Insurance Agency) for $19.7 million, enhancing its position in the construction market. This deal marks BRP's eleventh partnership in 2021, bringing its total partnership revenue to $92 million year-to-date. K&S specializes in risk management and benefits solutions, contributing significant growth potential in Texas's rapidly expanding construction sector. Expected to close by October 1, 2021, this acquisition aligns with BRP’s strategic goals and operational footprint in key metropolitan areas.

BRP Group reported a 133% revenue increase year-over-year to $119.7 million for Q2 2021, with organic revenue growth at 32%. The company recorded a GAAP net loss of $20.1 million, but adjusted net income stood at $13.3 million, or $0.14 per share. Adjusted EBITDA rose to $20.4 million, a 143% growth from the previous year. The company closed three partner acquisitions contributing approximately $4.6 million in revenue. As of June 30, 2021, cash and equivalents totaled $224.5 million, and long-term debt was $483 million.

BRP Group, Inc. (NASDAQ: BRP) has successfully completed acquisitions of FounderShield LLC, AlphaRoot LLC, ReShield LLC, Scale Underwriting Services LLC, and TCG Financial Holding Company, LLC. These partnerships aim to enhance BRP's insurance distribution capabilities. To incentivize new employees, BRP plans to issue restricted shares of Class A Common Stock, with grants scheduled for October 1, 2021. The cash payments to the acquired firms have been adjusted to account for these grants.