Following this Partnership, Burnham will maintain its brand and operate as “Burnham – A Baldwin Risk Partner
Burnham Benefits Insurance Services, Inc. (“BBIS”), Burnham Gibson Wealth Advisors, Inc. (“BGWA”) and Burnham Risk and Insurance Solutions, LLC (“BRIS”) (collectively, “Burnham”), a full-service provider of employee benefits consulting, retirement consulting, wealth management and insurance brokerage services to mid-size and large enterprises, announced that it has agreed to enter into a partnership with Baldwyn Krystyn Sherman Partners, LLC (“BKS-Partners”), the middle-market indirect subsidiary of BRP Group, Inc. (“BRP Group”) (NASDAQ: BRP), to become part of BRP Group’s middle-marketing operating group. BRP Group is a rapidly growing independent insurance distribution firm delivering tailored insurance solutions. The Partnership, BRP Group’s nomenclature for a strategic acquisition, is expected to close December 31, 2020, subject to certain closing conditions.
With annual revenues of approximately $52.6 million, Burnham (#79 in Business Insurance’s “Top 100” list of largest U.S. brokers) represents one of the largest Partnerships in BRP Group’s history. Burnham President and CEO Kristen Allison will serve as Regional President, and BGWA President Darin Gibson and BRIS COO Sara Owens will serve as Managing Partners within BRP Group’s middle-market operating group. Following this Partnership, Burnham will maintain its brand and operate as “Burnham – A Baldwin Risk Partner.”
Over its 25-year history, Burnham has delivered an impressive track record of revenue growth. This Partnership, which brings with it approximately 130 colleagues, marks BRP Group’s entrance into some of the largest MSAs in California, including Los Angeles, Orange County and Sacramento, and further expands BRP Group’s presence in the San Francisco area. Burnham provides a full scope of strategic and tactical solutions centered around a client-first consulting approach. Burnham has cultivated a large and broad spectrum of clients including some of the most respected Consumer, Technology, Health Care, Non-Profit, Professional and Financial Services companies. Burnham has also become a leader in the Public Sector, with clients ranging from K-12 Schools and Community Colleges to Cities, Counties and Special Districts.
“We work and think differently at Burnham, which is why we have been able to so successfully and rapidly grow our business,” said Kristen Allison, President and CEO of Burnham. “With BRP Group, Burnham will be uniquely equipped to solve the challenging problems that businesses and organizations face today, now with a national footprint for coverage and capabilities. Burnham and BRP Group have a remarkable similarity in development of culture and importance of values; both have a client-first, transparent approach that embraces innovation, collaboration, and creativity. We are elated by the opportunity to deepen our client and colleague commitment to excellence.”
“We have made major strides in expanding our middle-market segment’s capabilities and reach, and partnering with Burnham is a fantastic addition to an incredible 2020 for BRP Group,” said Trevor Baldwin, CEO of BRP Group. “Burnham has delivered impressive growth through its breadth of resources and unparalleled client service, and it will become a vital part of our middle-market organization, further expanding our footprint to some of the largest markets in the U.S. Kristen and her talented team prioritize client service above all else, while nurturing a socially-responsible and accountable culture that is in sync with what we have built at BRP. BGWA, totaling nearly $2.5 billion in AUM (assets under management)2, offers tremendous scale in a highly complementary and synergistic business line in which we are excited to continue our investment and growth. Burnham’s commitment to building culture is evidenced by their recently being named #1 in Business Insurance’s list of “2020 Best Places to Work in Insurance.” We’re proud and excited to have Burnham join the BRP family as we continue to rapidly expand throughout the U.S.” MarshBerry acted as exclusive financial advisor to Burnham in the transaction.
Source: Company Press Release