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

BRP Group has announced the acquisition of Armfield, Harrison & Thomas (AHT), enhancing its annualized revenues by approximately $52.3 million. This marks BRP's largest partnership to date and extends its reach into the Pacific Northwest, Mid-Atlantic, and Northeast regions. AHT specializes in various high-growth sectors such as Technology and Life Sciences, increasing BRP's total annualized revenues from 2020 partnerships to $173.2 million. AHT's CEO, David Schaefer, will continue in a leadership role within BRP Group.

BRP Group, Inc. (NASDAQ: BRP) has successfully completed the acquisition of Insgroup, Inc. through its subsidiary, Baldwin Krystyn Sherman Partners, LLC (BKS). This strategic move aims to enhance BRP's independent insurance distribution capabilities. The deal's completion reflects BRP's commitment to innovation in the insurance industry, expanding its service offerings, and enhancing risk management solutions for clients. The acquisition is expected to fuel further growth opportunities, aligning with BRP's objective of delivering comprehensive insurance solutions.

BRP Group reported a robust third-quarter performance for 2020, with revenues soaring by 72% year-over-year to $65.8 million. This growth was complemented by a 20% organic revenue increase. Their 'MGA of the Future' policies in force surpassed 500,000, marking a significant achievement. Despite a GAAP net loss of $7.6 million, adjusted net income was $9.0 million. The company boasts strong liquidity with $50.2 million in cash and a new $800 million credit facility. This positions BRP to continue its growth trajectory into 2021.

BRP Group has announced its acquisition of Insgroup, Inc., a Houston-based insurance provider, for a partnership expected to add approximately $38.5 million in annual revenues. This marks BRP Group’s largest partnership to date. Insgroup, which achieved a 31% revenue growth year-over-year in 2019, enhances BRP’s market presence in Texas, particularly in the fast-growing Houston area. The deal is set to close on November 30, 2020, and the acquisition is part of BRP Group’s strategy to expand its operations and client services.

BRP Group, Inc. (NASDAQ: BRP) announced it will release its third quarter 2020 financial results on November 12, 2020, after market close. A conference call will follow at 5:00 PM ET, accessible via dial-in at (877) 451-6152 toll-free or (201) 389-0879 international. Investors can also listen through a live webcast on BRP's investor relations website. Moreover, a replay of the call will be available for one year post-event. BRP specializes in insurance distribution, serving over 500,000 clients across the globe.

BRP Group, Inc. (NASDAQ: BRP) announced a new $400 million senior secured first lien term loan facility and a $400 million revolving credit facility, set to mature in 2027 and 2025, respectively. The loans aim to refinance existing debt and support general corporate needs, including acquisitions. The new facilities are expected to close by October 14, 2020, contingent on standard conditions. Interest rates for these loans will vary based on BRP LLC's leverage ratio, with the term loan accruing interest at LIBOR plus 400 basis points.

BRP Group, Inc. (NASDAQ: BRP) announced its subsidiary Baldwin Risk Partners, LLC is launching a loan syndication for a new $800 million in senior secured loans. This includes a $400 million term loan maturing in 2027 and a $400 million revolving credit facility maturing in 2025. The proceeds are intended for refinancing existing debts and general corporate purposes, including acquisitions. Interest rates will align with current rates, and no guarantees exist for securing these commitments. The company cites a strong partnership pipeline as a reason for this initiative.

BRP Group, Inc. (NASDAQ: BRP) announced that Trevor Baldwin, CEO, and Kris Wiebeck, CFO, will participate in a virtual fireside chat at the 2020 KBW Insurance Conference on September 11, 2020, at 8:50 am ET. This event highlights BRP Group's commitment to delivering tailored insurance solutions and innovative risk management approaches. Investors can access the live webcast through the investor relations section of the company's website. A replay will also be available post-conference, showcasing BRP's growth in serving over 500,000 clients across the U.S. and internationally.

BRP Group reported strong second-quarter 2020 results, with revenue rising 55% year-over-year to $51.3 million. Pro forma revenue grew 60% to $55.8 million, while organic revenue increased 19%. The company's 'MGA of the Future' segment saw revenues rise 39% to $13.1 million. However, BRP posted a GAAP net loss of $7.9 million and adjusted net income of $6.5 million. The company also closed several partner acquisitions generating substantial annualized revenue, and its liquidity position remains strong with $194.4 million in cash.