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

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.

BRP Group, Inc. (NASDAQ: BRP) will release its second quarter 2022 financial results on August 9, 2022, after market close. A conference call to discuss the results is scheduled for 5:00 PM ET that same day. Interested parties can join the call by dialing (877) 451-6152 (toll-free) or (201) 389-0879 (international), 10 minutes before the start time. A live webcast will be available on BRP's investor relations website, with a replay accessible for one year post-call. BRP Group delivers tailored insurance solutions to over 1.2 million clients in the U.S. and internationally.

BKS Partners, a subsidiary of BRP Group, is proud to support the 2022 Special Olympics USA Games in Orlando, FL from June 5-12. With over 5,500 athletes and coaches participating, BKS Partners will volunteer as 'Fans in the Stands' on June 8-9, showcasing their commitment to this inspiring event. Kelly Nash, President of Middle Market Client Experience, expressed excitement for their involvement. The event, featuring 20 sports, highlights the spirit of inclusion and community support.

BRP Group, Inc. (NASDAQ: BRP) announced its participation in the 42nd Annual William Blair Growth Stock Conference. CEO Trevor Baldwin, CFO Brad Hale, and Chief Strategy Officer Kris Wiebeck will engage in a fireside chat on June 6, 2022, at 1:40 pm ET. Investors can access a live webcast on the company's investor relations website, with a replay available afterward. BRP Group offers tailored insurance solutions and serves over 1.2 million clients in the U.S. and abroad, emphasizing innovative risk management practices.

BRP Group reported a remarkable 59% revenue growth year-over-year for Q1 2022, reaching $242.8 million. The company achieved 16% organic revenue growth, with the 'MGA of the Future' platform growing 42% to $24.4 million. GAAP net income stood at $44.8 million ($0.39 per diluted share), while adjusted net income was $57.5 million ($0.50 per diluted share). With a strong liquidity position of $156.8 million in cash and a recent acquisition of Westwood Insurance Agency, BRP Group is poised for continued growth in 2022.

BRP Group, Inc. (NASDAQ: BRP) has successfully completed the acquisition of Westwood Insurance Agency. This strategic move is part of BRP Group's initiative to enhance its insurance distribution capabilities. In tandem with the acquisition, BRP will issue restricted shares of its Class A Common Stock to 164 new employees, totaling 128,994 shares. The Grants are designed to incentivize performance and will vest over four years. The upfront cash payment to QBE Holdings has been adjusted to reflect the value of these Grants, aligning employee interests with company success.