TAMPA, Fla.–(BUSINESS WIRE)–BRP Group, Inc. (“BRP Group” or the “Firm”) (NASDAQ: BRP), an impartial insurance coverage distribution agency delivering tailor-made insurance coverage options at the moment introduced that the Firm has entered into an settlement to amass all the excellent fairness pursuits of Westwood Insurance coverage Company (“Westwood”). Based mostly in West Hills, CA, and owned by QBE Holdings, Inc. (along with its associates, together with QBE Insurance coverage Firm, “QBE”), Westwood is a number one, full-service private traces company specializing in builder-sourced owners insurance coverage. Westwood has established itself as a premier accomplice with among the largest homebuilders in the US, offering owners insurance coverage options embedded within the house buying expertise. With annual revenues of roughly $81.8million1, Westwood represents BRP Group’s largest Partnership thus far. The Partnership, BRP Group’s nomenclature for a strategic acquisition, is predicted to shut on or round Might 1, 2022, topic to sure closing circumstances.
Separate from the acquisition of Westwood, Millennial Specialty Insurance coverage, LLC (“MSI”), BRP Group’s “MGA of the Future” platform, has entered right into a Program Administrator Settlement with a QBE affiliate to imagine operations of QBE’s builder-sourced owners ebook, which is predicted so as to add $200 million3 of premium to MSI’s owners MGA platform. Per the settlement, MSI will assume all MGA capabilities related to the ebook of enterprise, for which QBE will present steadiness sheet capability for a interval of 5 years. MSI is not going to assume any steadiness sheet threat related to the ebook of enterprise.
Westwood has distinguished itself as a number one tech-enabled, private traces company with a deal with builder-sourced owners insurance coverage. Westwood simplifies the acquisition of house owners insurance coverage on the time of sale with 90-second ‘click-to-bind’ coverage issuance3, positioning Westwood because the accomplice of alternative for prime builders and insurance coverage carriers within the U.S. The Partnership, which brings roughly 164 colleagues, considerably enhances BRP Group’s experience and capabilities in tech-enabled owners insurance coverage merchandise.
“Alan and his crew at Westwood have constructed a world-class group, and we couldn’t be extra excited to be Partnering collectively,” mentioned Trevor Baldwin, Chief Govt Officer of BRP Group. “Representing the most important Partnership thus far in BRP Group’s historical past, Westwood’s embedded enterprise mannequin and proprietary expertise add invaluable experience to the BRP Group household. We welcome Alan and your entire Westwood crew to BRP Group.”
“We all know, first-hand, what a novel and strategic asset Westwood represents, and we’re thrilled to accomplice with the Westwood crew,” mentioned Jim Roche, Chief Insurance coverage Innovation Officer of BRP Group, who previous to founding MSI, spent 4 years main technique for QBE North America Private Strains, which included involvement within the strategic course of Westwood. “We imagine there’s a large alternative to leverage our collective relationships, proprietary expertise and product choices for future development.”
“This chance couldn’t have come at a greater time as Westwood celebrates our seventieth anniversary this 12 months. I’m really excited to affix the BRP Group household and for this new chapter in Westwood’s historical past,” mentioned Alan Umaly, President of Westwood.
Todd Jones, Chief Govt Officer of QBE North America, remarked, “A extremely pleasing consequence for all events concerned – particularly the Westwood Insurance coverage Company crew. The method provides us confidence that that is the start of an encouraging partnership with BRP Group.”
Morgan Stanley & Co. LLC acted as unique monetary advisor to QBE within the transaction.
WEBCAST AND CONFERENCE CALL INFORMATION
BRP Group will host a webcast and convention name to debate the Westwood Partnership and Program Administrator Settlement on Friday, March 4, 2022 at 8:30 AM ET. A dwell webcast and a slide presentation can be out there on BRP Group’s investor relations web site at ir.baldwinriskpartners.com. The dial-in quantity for the convention name is (877) 451-6152 (toll-free) or (201) 389-0879 (worldwide). Please dial the quantity 10 minutes previous to the scheduled begin time.
A replay can be out there following the top of the decision via Friday, March 18, 2022, by phone at (844) 512-2921 (toll-free) or (412) 317-6671 (worldwide), passcode 13727611. A webcast replay of the decision can be out there at ir.baldwinriskpartners.com for one 12 months following the decision.
ABOUT BRP GROUP, INC.
BRP Group, Inc. (NASDAQ: BRP) is an impartial insurance coverage distribution agency delivering tailor-made insurance coverage and threat administration insights and options that give our purchasers the peace of thoughts to pursue their objective, ardour and goals. We’re innovating the business by taking a holistic and tailor-made strategy to threat administration, insurance coverage and worker advantages, and help our purchasers, Colleagues, Insurance coverage Firm Companions and communities via the deployment of vanguard sources and capital to drive our development. BRP Group represents over 900,000 purchasers throughout the US and internationally. For extra data, please go to www.baldwinriskpartners.com. Be taught extra about MSI at www.msimga.com.
ABOUT WESTWOOD INSURANCE AGENCY
Established in 1952, Westwood is a number one, full-service private traces company specializing in builder-sourced owners insurance coverage. Licensed in all 50 states, Westwood represents over 400,000 owners via partnerships with main U.S. homebuilders and prime insurance coverage corporations. Westwood’s distinctive platform facilitates seamless house closings by connecting builders, carriers, lenders and homebuyers with click-to-bind expertise. For extra data, please go to www.westwoodinsurance.com.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press launch could include varied “forward-looking statements” throughout the which means of the Personal Securities Litigation Reform Act of 1995, which signify BRP Group’s expectations or beliefs regarding future occasions. Ahead-looking statements are statements aside from historic info and should embody statements that handle future working, monetary or enterprise efficiency or BRP Group’s methods or expectations, together with these about this Partnership. In some instances, you’ll be able to establish these statements by forward-looking phrases similar to “could”, “may”, “will”, “ought to”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “initiatives”, “potential”, “outlook” or “proceed”, or the destructive of those phrases or different comparable terminology. Ahead-looking statements are primarily based on administration’s present expectations and beliefs and contain vital dangers and uncertainties that would trigger precise outcomes, developments and enterprise choices to vary materially from these contemplated by these statements.
Elements that would trigger precise outcomes or efficiency to vary from the expectations expressed or implied in such forward-looking statements embody, however usually are not restricted to, these described below the caption “Threat Elements” in BRP Group’s Annual Report on Type 10-Ok for the 12 months ended December 31, 2020, and BRP Group’s different filings with the SEC, which can be found freed from cost on the Securities and Change Fee’s web site at: www.sec.gov, together with these dangers and different elements related to BRP Group’s completion and integration of this Partnership, issues assessed in BRP Group’s due diligence, the incidence of any occasion, change or different circumstances that would give rise to the termination of the definitive agreements, the chance that needed regulatory approvals is probably not obtained or could also be obtained topic to circumstances that aren’t anticipated, the chance that this Partnership is not going to be consummated in a well timed method, dangers associated to the disruption of administration time from ongoing enterprise operations on account of this Partnership, the enterprise, monetary situation and outcomes of operations of BRP Group or this Accomplice, or each, and elements associated to the potential results of the COVID-19 pandemic on BRP Group’s enterprise, monetary situation and outcomes of operations. Ought to a number of of those dangers or uncertainties materialize, or ought to underlying assumptions show incorrect, precise outcomes could range materially from these indicated. All forward-looking statements and all subsequent written and oral forward-looking statements attributable to BRP Group or to individuals performing on behalf of BRP Group are expressly certified of their entirety by reference to those dangers and uncertainties. You shouldn’t place undue reliance on forward-looking statements. Ahead-looking statements communicate solely as of the date they’re made, and BRP Group doesn’t undertake any obligation to replace them in mild of recent data, future developments or in any other case, besides as could also be required below relevant legislation.
1 Calculated as income attributable to acquired enterprise as of 12/31/2021 primarily based on a top quality of earnings assessment via 9/30/2021 together with restricted rollforward procedures and never an audit. Excludes any unowned acquired income from acquisitions made by such acquired enterprise within the final twelve months previous to the acquisition.
2 Based mostly on a top quality of earnings assessment via 9/30/2021 together with restricted rollforward procedures and never an audit. Represents year-to-date gross income development via December 2021 vs. the prior 12 months interval.
3 Based mostly on knowledge offered in Confidential Info Memorandum that has not been independently verified.