The acquisitions made by BRP Medicare Insurance III are said to grow the presence of BRP Group in Medicare solutions and services
A subsidiary of US insurance distribution firm BRP Group has acquired almost all the assets of AgencyRM, a Texas-based field marketing organisation, and its affiliated insurance firm VibrantUSA.
The acquisitions made by BRP Medicare Insurance III, which operates as Florida Medicare Options, are said to expand the footprint of BRP Group in Medicare solutions and services.
Financial terms of the deals were not revealed by the parties.
BRP Group chief partnership officer John Valentine said: “These Partnerships provide us with further opportunities for growth within the Medicare landscape.
“As our new Partners join the BRP family, we anticipate gains in client efficiencies and look forward to bolstering our Medicare footprint.”
Headquartered in Bulverde, AgencyRM provides technology, sales and marketing support to help its agents to offer information and access to senior health products for individual clients.
The field marketing organisation has annual revenue of around $7m.
VibrantUSA, which is based in Vancouver, Washington, is said to represent over 30 regional and national insurance firms with over 50 plan variations. The company caters to clients enrolled in Medicare and also offers expertise to insurance and financial professionals who offer services to the Medicare population.
VibrantUSA’s annual revenue is about $3.5m.
BRP Group said that AgencyRM and VibrantUSA will continue doing business under their existing brands.
AgencyRM CEO on joining the BRP Group subsidiary
AgencyRM CEO Robert Solberg said: “We are delighted to join with Florida Medicare Options, which provides us with enhanced opportunities for our combined firms and our clients.
“These Partnerships position us to further grow our business as we expand our industry relationships and resources and find new synergies to allow our partner advisors and agents to best serve the needs of our clients.”
Based in Florida, BRP Group offers customised insurance and risk management insights and solutions to its clients. The insurance distribution firm claims to represents more than 400,000 clients in the US and across the world and has more than 40 offices in six US states.
In December 2019, the company said that its subsidiary Baldwin Krystyn Sherman Partners acquired Lanier Upshaw, a Florida-based insurance firm. In the same month, BRP Group announced the acquisition of Highland Risk Services, a Chicago-based independent insurance firm, by its subsidiary BRP Insurance Intermediary.