– Westwood Insurance Agency Adds Approximately
$81.8 Million1 of Revenue, Representing BRP Group’s Largest
Partnership to Date –
– Brings to BRP Group a Leading Personal Lines
Agency, Specializing in Builder-Sourced Homeowners Insurance –
– Westwood Insurance Agency Brings Strong Track
Record of Growth; 10%2 Year-Over-Year Revenue Growth YTD in 20212
–
– Separate Program Administrator Agreement Adds
Approximately $200 Million3 of Premium to MSI’s Homeowners MGA
Platform –
BRP Group, Inc. (“BRP Group” or the “Company”) (NASDAQ: BRP), an
independent insurance distribution firm delivering tailored
insurance solutions today announced that the Company has entered
into an agreement to acquire all of the outstanding equity
interests of Westwood Insurance Agency (“Westwood”). Based in West
Hills, CA, and owned by QBE Holdings, Inc. (together with its
affiliates, including QBE Insurance Company, “QBE”), Westwood is a
leading, full-service personal lines agency specializing in
builder-sourced homeowners insurance. Westwood has established
itself as a premier partner with some of the largest homebuilders
in the United States, providing homeowners insurance solutions
embedded in the home purchasing experience. With annual revenues of
approximately $81.8 million1, Westwood represents BRP Group’s
largest Partnership to date. The Partnership, BRP Group’s
nomenclature for a strategic acquisition, is expected to close on
or around May 1, 2022, subject to certain closing conditions.
Separate from the purchase of Westwood, Millennial Specialty
Insurance, LLC (“MSI”), BRP Group’s “MGA of the Future” platform,
has entered into a Program Administrator Agreement with a QBE
affiliate to assume operations of QBE’s builder-sourced homeowners
book, which is expected to add $200 million3 of premium to MSI’s
homeowners MGA platform. Per the agreement, MSI will assume all MGA
functions associated with the book of business, for which QBE will
provide balance sheet capacity for a period of 5 years. MSI will
not assume any balance sheet risk associated with the book of
business.
Westwood has distinguished itself as a leading tech-enabled,
personal lines agency with a focus on builder-sourced homeowners
insurance. Westwood simplifies the purchase of homeowners insurance
at the time of sale with 90-second ‘click-to-bind’ policy
issuance3, positioning Westwood as the partner of choice for top
builders and insurance carriers in the U.S. The Partnership, which
brings approximately 164 colleagues, significantly enhances BRP
Group’s expertise and capabilities in tech-enabled homeowners
insurance products.
“Alan and his team at Westwood have built a world-class
organization, and we could not be more excited to be Partnering
together,” said Trevor Baldwin, Chief Executive Officer of BRP
Group. “Representing the largest Partnership to date in BRP Group’s
history, Westwood’s embedded business model and proprietary
technology add invaluable expertise to the BRP Group family. We
welcome Alan and the entire Westwood team to BRP Group.”
“We know, first-hand, what a unique and strategic asset Westwood
represents, and we are thrilled to partner with the Westwood team,”
said Jim Roche, Chief Insurance Innovation Officer of BRP Group,
who prior to founding MSI, spent four years leading strategy for
QBE North America Personal Lines, which included involvement in the
strategic direction of Westwood. “We believe there is a tremendous
opportunity to leverage our collective relationships, proprietary
technology and product offerings for future growth.”
“This opportunity could not have come at a better time as
Westwood celebrates our 70th anniversary this year. I’m truly
excited to join the BRP Group family and for this new chapter in
Westwood’s history,” said Alan Umaly, President of Westwood.
Todd Jones, Chief Executive Officer of QBE North America,
remarked, “A really pleasing outcome for all parties involved –
especially the Westwood Insurance Agency team. The process gives us
confidence that this is the beginning of an encouraging partnership
with BRP Group.”
Morgan Stanley & Co. LLC acted as exclusive financial
advisor to QBE in the transaction.
WEBCAST AND CONFERENCE CALL INFORMATION
BRP Group will host a webcast and conference call to discuss the
Westwood Partnership and Program Administrator Agreement on Friday,
March 4, 2022 at 8:30 AM ET. A live webcast and a slide
presentation will be available on BRP Group’s investor relations
website at ir.baldwinriskpartners.com. The dial-in number for the
conference call is (877) 451-6152 (toll-free) or (201) 389-0879
(international). Please dial the number 10 minutes prior to the
scheduled start time.
A replay will be available following the end of the call through
Friday, March 18, 2022, by telephone at (844) 512-2921 (toll-free)
or (412) 317-6671 (international), passcode 13727611. A webcast
replay of the call will be available at ir.baldwinriskpartners.com
for one year following the call.
ABOUT BRP GROUP, INC.
BRP Group, Inc. (NASDAQ: BRP) is an independent insurance
distribution firm delivering tailored insurance and risk management
insights and solutions that give our clients the peace of mind to
pursue their purpose, passion and dreams. We are innovating the
industry by taking a holistic and tailored approach to risk
management, insurance and employee benefits, and support our
clients, Colleagues, Insurance Company Partners and communities
through the deployment of vanguard resources and capital to drive
our growth. BRP Group represents over 900,000 clients across the
United States and internationally. For more information, please
visit www.baldwinriskpartners.com. Learn more about MSI at
www.msimga.com.
ABOUT WESTWOOD INSURANCE AGENCY
Established in 1952, Westwood is a leading, full-service
personal lines agency specializing in builder-sourced homeowners
insurance. Licensed in all 50 states, Westwood represents over
400,000 homeowners through partnerships with leading U.S.
homebuilders and top insurance companies. Westwood’s unique
platform facilitates seamless home closings by connecting builders,
carriers, lenders and homebuyers with click-to-bind technology. For
more information, please visit www.westwoodinsurance.com.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release may contain various “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, which represent BRP Group’s expectations or
beliefs concerning future events. Forward-looking statements are
statements other than historical facts and may include statements
that address future operating, financial or business performance or
BRP Group’s strategies or expectations, including those about this
Partnership. In some cases, you can identify these statements by
forward-looking words such as “may”, “might”, “will”, “should”,
“expects”, “plans”, “anticipates”, “believes”, “estimates”,
“predicts”, “projects”, “potential”, “outlook” or “continue”, or
the negative of these terms or other comparable terminology.
Forward-looking statements are based on management’s current
expectations and beliefs and involve significant risks and
uncertainties that could cause actual results, developments and
business decisions to differ materially from those contemplated by
these statements.
Factors that could cause actual results or performance to differ
from the expectations expressed or implied in such forward-looking
statements include, but are not limited to, those described under
the caption “Risk Factors” in BRP Group’s Annual Report on Form
10-K for the year ended December 31, 2020, and BRP Group’s other
filings with the SEC, which are available free of charge on the
Securities and Exchange Commission's website at: www.sec.gov,
including those risks and other factors relevant to BRP Group’s
completion and integration of this Partnership, matters assessed in
BRP Group’s due diligence, the occurrence of any event, change or
other circumstances that could give rise to the termination of the
definitive agreements, the risk that necessary regulatory approvals
may not be obtained or may be obtained subject to conditions that
are not anticipated, the risk that this Partnership will not be
consummated in a timely manner, risks related to the disruption of
management time from ongoing business operations due to this
Partnership, the business, financial condition and results of
operations of BRP Group or this Partner, or both, and factors
related to the potential effects of the COVID-19 pandemic on BRP
Group’s business, financial condition and results of operations.
Should one or more of these risks or uncertainties materialize, or
should underlying assumptions prove incorrect, actual results may
vary materially from those indicated. All forward-looking
statements and all subsequent written and oral forward-looking
statements attributable to BRP Group or to persons acting on behalf
of BRP Group are expressly qualified in their entirety by reference
to these risks and uncertainties. You should not place undue
reliance on forward-looking statements. Forward-looking statements
speak only as of the date they are made, and BRP Group does not
undertake any obligation to update them in light of new
information, future developments or otherwise, except as may be
required under applicable law.
1 Calculated as revenue attributable to acquired business as of
12/31/2021 based on a quality of earnings review through 9/30/2021
in conjunction with limited rollforward procedures and not an
audit. Excludes any unowned acquired revenue from acquisitions made
by such acquired business in the last twelve months prior to the
acquisition. 2 Based on a quality of earnings review through
9/30/2021 in conjunction with limited rollforward procedures and
not an audit. Represents year-to-date gross revenue growth through
December 2021 vs. the prior year period. 3 Based on data provided
in Confidential Information Memorandum that has not been
independently verified.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220303006018/en/
INVESTOR RELATIONS Bonnie Bishop, Executive Director
Baldwin Risk Partners (813) 259-8032 |
IR@baldwinriskpartners.com
PRESS Rachel DeAngelo, Communications Manager Baldwin
Risk Partners (813) 387-6842 |
rdeangelo@baldwinriskpartners.com
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