The Baldwin Insurance Group, Inc. - BRP STOCK NEWS

BRP Group (NASDAQ: BRP) announced it will release its third quarter 2022 financial results on November 7, 2022, after market close. The company will host a conference call at 5:00 PM ET to discuss these results. Interested parties can join the call by dialing (877) 451-6152 for toll-free or (201) 389-0879 for international access. A live webcast will also be available on BRP's investor relations website. BRP Group is an independent insurance distribution firm serving over 1.2 million clients across the U.S. and internationally.

BRP Group, Inc. (NASDAQ: BRP) announced the appointment of Adam Falkauff as President of its Multifamily Group at Millennial Specialty Insurance (MSI) on Sept. 8, 2022. Falkauff brings extensive experience in renters insurance, having previously served at RealPage and Liberty International Underwriters. His role will focus on improving products and technology delivery within the rapidly growing renters insurance division. This strategic move is expected to enhance MSI's growth trajectory and operational efficiency.

On September 8, 2022, BRP Group announced the appointment of Michael Wright as Managing Director of AHT Insurance’s Employee Benefits Group. Wright, with 23 years of experience in employee benefits, will lead the segment to enhance client satisfaction and profitability. His background includes key roles in major national brokers, notably Risk Strategies and Gallagher. As part of AHT Insurance's strategy, Wright aims to leverage his extensive industry relationships to strengthen client bonds and improve service delivery.

BRP Group, Inc. (NASDAQ: BRP) celebrated the grand opening of a new 60,000+ square foot office in Charlotte, NC, operated by its subsidiary Guided Insurance Solutions. This facility will enhance the Charlotte Sales Center's capabilities and serve as a technology hub to improve service offerings. The company has filled 150 new positions and plans to hire several hundred more. Leaders emphasized the strategic choice of Charlotte due to its talent pool in financial services and technology, aiming to elevate BRP’s data capabilities for the future.

Construction Risk Partners (CRP), a subsidiary of BRP Group, has welcomed Mark Gloriod as a Partner to spearhead its expansion into the Midwest. Gloriod brings over 25 years of experience in construction and insurance, most recently leading Aon's Central Region Broking Team. His role will involve building a team and a book of business, while collaborating closely with CRP and BRP. CRP specializes in mitigating financial risks linked to construction activities, offering tailored insurance and risk management solutions.

BRP Group reported a remarkable second quarter 2022, with revenue reaching $232.5 million, a 94% increase year-over-year. Pro Forma Revenue also saw a substantial growth of 100%, totaling $239.9 million. Organic Revenue Growth was 24% year-over-year, driven by significant performance in all segments, particularly the “MGA of the Future” segment, which grew 70%. The company achieved a GAAP net income of $16.6 million and adjusted net income of $26.2 million. As of June 30, 2022, cash and equivalents stood at $183.4 million.

BRP Group, Inc. (NASDAQ: BRP) announced key executive appointments to enhance its Middle Market Operating Group. Kelly Nash becomes President of Middle Market Client Experience, while Ryan Shinkle is appointed President of Middle Market Business Development. Jeff Hughes steps in as Regional President of Baldwin Krystyn Sherman Partners. Nash and Shinkle will focus on improving client services and expanding sales strategies, respectively, as BRP continues its growth in commercial risk management and employee benefits. These changes aim to bolster BRP's national capabilities and enhance client experiences.

BRP Group has acquired substantially all assets of National Health Plans & Benefits Agency, LLC (NHPBA), enhancing its individual health insurance offerings. This strategic merger adds approximately $11.4 million in revenue and boosts BRP Group's total acquired revenue to $96 million for 2022. NHPBA, based in Fraser, Michigan, brings a strong growth record with 56% year-over-year revenue growth as of March 2022. The acquisition aligns with BRP's goals to strengthen market presence and expand services.