Expands presence in healthcare and cyber insurance, adds real estate capabilities
BRP Group, Inc. (“BRP Group” or the “Company”) (NASDAQ: BRP), a rapidly growing independent insurance distribution firm delivering tailored insurance solutions, today announced that BRP Insurance Intermediary Holdings, LLC, a subsidiary of BRP Group, has entered into an agreement to acquire substantially all assets of Highland Risk Services LLC (“Highland Risk”), a Chicago-based independent insurance firm focused on providing insurance information and programs to those who serve the healthcare industry, the professional liability needs of real estate firms, and cyber insurance needs across a wide range of industries. The Partnership, BRP Group’s nomenclature for a strategic acquisition, is expected to close January 1, 2020, subject to certain closing conditions.
Highland Risk has annual revenue of approximately $11 million. In connection with this Partnership, the Company is branding its Specialty Wholesale platform within its Specialty Operating Group as Connected Risk Solutions.
“Joining the Connected Risk Solutions group is a win for everyone with whom we work,” said Brian Daly, President of Highland Risk, who will become President of Connected Risk Solutions post-Partnership. “Not only will we be positioned to grow our business through access to expanded resources, expertise and industry relationships, we will be uniquely positioned to help our agent partners succeed and better serve their clients.”
Connected Risk Solutions will include AB Risk and KB Risk, both existing BRP Specialty Wholesale Partnerships with deep expertise and relationships in healthcare, managed care, life sciences and social services. Prior to founding Highland Risk and assuming his new leadership role at Connected Risk Solutions, Mr. Daly was Chief Underwriting Officer at Allianz Insurance Company (US).
“The Highland Risk Partnership further bolsters our recognized expertise in the healthcare industry, expands our capabilities in cyber insurance, and opens a new avenue of growth with their real estate practice,” said Trevor Baldwin, Chief Executive Officer of BRP Group. “We are excited to accelerate the expansion of our Specialty Wholesale business under Brian’s leadership. As President of our newly-branded Connected Risk Solutions, he will be focused on building a specialty wholesale brokerage platform dedicated to providing agents and brokers with recognized expertise across industries and product lines for complex risk issues.”
Source: Company Press Release