{"id":516990,"date":"2021-07-23T07:33:12","date_gmt":"2021-07-23T11:33:12","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/brp-group-inc-enters-into-agreement-to-acquire-foundershield-llc\/"},"modified":"2021-07-23T07:33:12","modified_gmt":"2021-07-23T11:33:12","slug":"brp-group-inc-enters-into-agreement-to-acquire-foundershield-llc","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/brp-group-inc-enters-into-agreement-to-acquire-foundershield-llc\/","title":{"rendered":"BRP Group, Inc. Enters Into Agreement to Acquire FounderShield LLC"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"center\">\n        <em>&#8211; Adds $9.8 Million<\/em><br \/>\n        <sup><br \/>\n          <em>1<\/em><br \/>\n        <\/sup><br \/>\n        <em> of Revenue, Representing BRP Group\u2019s Seventh Announced Partnership in 2021 &#8211;<\/em><br \/>\n        \n      <\/p>\n<p align=\"center\">\n        <em>&#8211; Brings to BRP Group a Specialty Focused Digital Broker, Generating Outsized Growth; +53%<\/em><br \/>\n        <sup><br \/>\n          <em>2<\/em><br \/>\n        <\/sup><br \/>\n        <em> Year-Over-Year Revenue Growth YTD in 2021<\/em><br \/>\n        <sup><br \/>\n          <em>2<\/em><br \/>\n        <\/sup><br \/>\n        <em> &#8211;<\/em>\n      <\/p>\n<p align=\"center\">\n        <em>&#8211; Significantly Enhances BRP Group\u2019s Capabilities for Rapidly Scaling Companies in High-Growth Industry Verticals and Emerging Areas of Risk &#8211;<\/em>\n      <\/p>\n<p align=\"center\">\n        <em> &#8211; Brings BRP Group\u2019s Total Revenue from 2021 Announced Partnerships to $57 Million<\/em><br \/>\n        <sup><br \/>\n          <em>3<\/em><br \/>\n        <\/sup><br \/>\n        <em>&#8211;<\/em>\u00a0\u00a0<\/p>\n<p align=\"justify\">TAMPA, Fla., July  23, 2021  (GLOBE NEWSWIRE) &#8212; BRP Group, Inc. (\u201cBRP Group\u201d or the \u201cCompany\u201d) (NASDAQ: BRP), an independent insurance distribution firm delivering tailored insurance solutions, today announced that Millennial Specialty Insurance, LLC (\u201cMSI,\u201d also known as BRP Group\u2019s \u201cMGA of the Future\u201d), an indirect subsidiary of BRP Group, has entered into a definitive agreement to acquire substantially all the assets of FounderShield LLC, AlphaRoot LLC, ReShield LLC and Scale Underwriting Services LLC (collectively, \u201cFounder Shield\u201d), a New York-based, tech-enabled insurance distribution platform with a specialized focus on providing commercial insurance services for clients in various high growth industries. With annual revenue of approximately $9.8 million<sup><em>1<\/em><\/sup>, Founder Shield represents BRP Group\u2019s seventh announced Partnership in 2021.<\/p>\n<p align=\"justify\">The Partnership, BRP Group\u2019s nomenclature for a strategic acquisition, is expected to close on or around August 1, 2021, subject to certain closing conditions.<\/p>\n<p align=\"justify\">Over its history, Founder Shield has delivered an impressive track record of profitable growth by offering a seamless, intuitive and responsive digital experience for purchasing and administering insurance for high-growth companies. This Partnership, which brings with it approximately 50 colleagues, brings to BRP Group unique expertise for rapidly-scaling companies in numerous high-growth industry verticals across the Technology &amp; Fintech, Life Sciences and Emerging Markets sectors. Founder Shield\u2019s technology platform significantly enhances BRP Group\u2019s small commercial capabilities and provides operational efficiency and superior customer experience to the broader BRP organization.<\/p>\n<p align=\"justify\">\u201cFounder Shield is the archetypal type of firm we seek to partner with, featuring a history of strong growth and innovation, and an exceptional group of talented, entrepreneurial colleagues,\u201d said Trevor Baldwin, Chief Executive Officer of BRP Group. \u201cFounder Shield greatly enhances our ability to innovate for our clients and facilitates unique early access to some of the country\u2019s most rapidly growing businesses. Founder Shield has fostered a dynamic colleague and client-centric culture that is clearly aligned with what we are building at BRP Group, and we are thrilled to welcome the Founder Shield team to the BRP Group family.\u201d\u00a0\u00a0<\/p>\n<p align=\"justify\">\u201cWe strive to work and think differently at Founder Shield, which is why we have been able to successfully and rapidly grow our business,\u201d said Benji Markoff, Co-Founder and Chief Executive Officer of Founder Shield. \u201cOur team of experts leverages technology to take a hands-on approach that not only creates a fully-digital purchasing experience for our clients, but also automates many of the time-consuming, back-office aspects of insurance, allowing our advisors to be efficient and focus on what they do best and enjoy most \u2013 selling insurance. Partnering with BRP Group is a clear match; the innovative platform of capabilities, client-first approach and resources available to our team, makes combining our firms an obvious choice. We could not be more excited to take Founder Shield to the next level.\u201d<\/p>\n<p align=\"justify\">\u201cJoining BRP Group is a natural next step for us. We\u2019re incredibly proud of our team\u2019s collective accomplishments, and we believe joining the BRP Group team presents a meaningful opportunity to grow faster and more efficiently together,\u201d said Carl Niedbala, Co-Founder and Chief Operating Officer of FounderShield. \u201cWe look forward to supercharging BRP Group\u2019s long-term vision with technology while leveraging the additional tools, resources and capabilities gained by coming on board to the BRP Group platform.\u201d<\/p>\n<p align=\"justify\">Oppenheimer &amp; Co. Inc. acted as exclusive financial advisor to Founder Shield in the transaction.<\/p>\n<p>\n        <strong>ABOUT BRP GROUP, INC.<\/strong>\n      <\/p>\n<p align=\"justify\">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 600,000 clients across the United States and internationally. For more information, please visit <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=zdaCsPFNmFGjcftLKcBmKu1o8Q0-DLJFN7u351-D_M3_tsf8F7eXdWl5c8K6GVR0LGcwQLs0R_5aVSX1bvFIOMeyPn9SpuG4UO0D0tHBDsOkTL843Z4ne3hrqAvlwAjb\" rel=\"nofollow noopener\" target=\"_blank\">www.baldwinriskpartners.com<\/a>. Learn more about MSI at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=pLOQ2sFHgzJUIq50UfJRVdbWHofBzaYMxwWZAP1XkXm26b91fq6RTlGQEuTl07HtFiiaeWT9lI__6HBj9W-rRA==\" rel=\"nofollow noopener\" target=\"_blank\">www.msimga.com<\/a>.<\/p>\n<p align=\"justify\">\n        <strong>ABOUT FOUNDERSHIELD LLC<\/strong>\n      <\/p>\n<p align=\"justify\">Headquartered in New York, New York, Founder Shield is a tech-enabled, digital insurance platform dedicated to creating the most seamless, intuitive and responsive experience to protect clients\u2019 growth at every stage. Founder Shield has a passion for creating and developing innovative risk management products across multiple industries and works hand in hand with its clients and underwriters to ensure transparency, efficiency and reliability every step of the way. By combining the best aspects of traditional brokers and its digital-first and client centric model, Founder Shield has positioned itself as the go-to risk management provider for innovative companies. For more information, please visit <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=uce0VpuNY67o5_iESqsR9pTR3Z6cfj0bn8R0qvUcgQsmNcuThAOs9bK2-wbAdw5oU5aXfVXSceuGCqF3BML6DQ9cE57oWpPs9OLkdXp9KEA=\" rel=\"nofollow noopener\" target=\"_blank\">https:\/\/foundershield.com\/<\/a>.<\/p>\n<p align=\"justify\">\n        <strong>NOTE REGARDING FORWARD-LOOKING STATEMENTS<\/strong>\n      <\/p>\n<p align=\"justify\">This press release may contain various \u201cforward-looking statements\u201d within the meaning of the Private Securities Litigation Reform Act of 1995, which represent BRP Group\u2019s 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\u2019s strategies or expectations, including those about this Partnership. In some cases, you can identify these statements by forward-looking words such as \u201cmay\u201d, \u201cmight\u201d, \u201cwill\u201d, \u201cshould\u201d, \u201cexpects\u201d, \u201cplans\u201d, \u201canticipates\u201d, \u201cbelieves\u201d, \u201cestimates\u201d, \u201cpredicts\u201d, \u201cprojects\u201d, \u201cpotential\u201d, \u201coutlook\u201d or \u201ccontinue\u201d, or the negative of these terms or other comparable terminology. Forward-looking statements are based on management\u2019s 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.<\/p>\n<p align=\"justify\">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 \u201cRisk Factors\u201d in BRP Group\u2019s Annual Report on Form 10-K for the year ended December\u00a031, 2020, and BRP Group\u2019s other filings with the SEC, which are available free of charge on the Securities and Exchange Commission&#8217;s website at: www.sec.gov, including those risks and other factors relevant to BRP Group\u2019s completion and integration of this Partnership, matters assessed in BRP Group\u2019s 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\u2019s 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.<\/p>\n<p align=\"justify\">\n        <strong>CONTACTS<\/strong>\n      <\/p>\n<p align=\"justify\">\n        <strong>INVESTOR RELATIONS<\/strong>\n      <\/p>\n<p align=\"justify\">Bonnie Bishop, Executive Director<\/p>\n<p align=\"justify\">Baldwin Risk Partners<\/p>\n<p align=\"justify\">(813) 259-8032 | <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=i4z_jUT4A86jaIgcIphhZWX72p9MQxcMIIkyuPk_QKOKLS6IJT8UK-yoiFfkzAc7B2-FeLILrNIYxLAqEuICn_YkBIBNNRxBbGuW75HM5pLz5OB1UuqwCRg5G6c3zSSk\" rel=\"nofollow noopener\" target=\"_blank\">IR@baldwinriskpartners.com<\/a><\/p>\n<p align=\"justify\">\n        <strong>PRESS<\/strong>\n      <\/p>\n<p align=\"justify\">Rachel DeAngelo, Communications Manager<\/p>\n<p align=\"justify\">Baldwin Risk Partners<\/p>\n<p align=\"justify\">(813) 387-6842 | <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=kAdMhgKQMJ7jpSSs88SxT47DYJVDYOpIH1RQbQkSGPlQuC_KWG3OA-jrTyqD0_AyrorfB1_4QEDYsrMpYENisL8bJH76R8-T1uZ8g8r6ckadYmivbmDjGChvnRImimel\" rel=\"nofollow noopener\" target=\"_blank\">rdeangelo@baldwinriskpartners.com<\/a><\/p>\n<p align=\"left\">________________________<\/p>\n<p>\n        <sup>1<\/sup> Calculated as revenue attributable to acquired business for the most recent trailing twelve-month period prior to acquisition by BRP Group at the time the due diligence was concluded based on a quality of earnings review and not an audit. <br \/><sup>2<\/sup> Based on a quality of earnings review and not an audit. Represents year-to-date gross revenue growth through May 2021 vs. the prior year period.<br \/><sup>3<\/sup> Represents the aggregate revenue of Partners acquired during 2021, for the most recent trailing twelve-month period prior to acquisition by BRP Group, in each case, at the time the due diligence was concluded based on a quality of earnings review and not an audit.\u00a0<\/p>\n<p>      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODI4NTY0MiM0MzEwODQxIzIxODk1NzM=\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/f494449f-acd1-4a77-a75e-0a8794d0fad5\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>&#8211; Adds $9.8 Million 1 of Revenue, Representing BRP Group\u2019s Seventh Announced Partnership in 2021 &#8211; &#8211; Brings to BRP Group a Specialty Focused Digital Broker, Generating Outsized Growth; +53% 2 Year-Over-Year Revenue Growth YTD in 2021 2 &#8211; &#8211; Significantly Enhances BRP Group\u2019s Capabilities for Rapidly Scaling Companies in High-Growth Industry Verticals and Emerging Areas of Risk &#8211; &#8211; Brings BRP Group\u2019s Total Revenue from 2021 Announced Partnerships to $57 Million 3 &#8211;\u00a0\u00a0 TAMPA, Fla., July 23, 2021 (GLOBE NEWSWIRE) &#8212; BRP Group, Inc. (\u201cBRP Group\u201d or the \u201cCompany\u201d) (NASDAQ: BRP), an independent insurance distribution firm delivering tailored insurance solutions, today announced that Millennial Specialty Insurance, LLC (\u201cMSI,\u201d also known as BRP Group\u2019s \u201cMGA of the Future\u201d), an indirect &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/brp-group-inc-enters-into-agreement-to-acquire-foundershield-llc\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;BRP Group, Inc. Enters Into Agreement to Acquire FounderShield LLC&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-516990","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BRP Group, Inc. Enters Into Agreement to Acquire FounderShield LLC - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/brp-group-inc-enters-into-agreement-to-acquire-foundershield-llc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BRP Group, Inc. Enters Into Agreement to Acquire FounderShield LLC - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"&#8211; Adds $9.8 Million 1 of Revenue, Representing BRP Group\u2019s Seventh Announced Partnership in 2021 &#8211; &#8211; Brings to BRP Group a Specialty Focused Digital Broker, Generating Outsized Growth; +53% 2 Year-Over-Year Revenue Growth YTD in 2021 2 &#8211; &#8211; Significantly Enhances BRP Group\u2019s Capabilities for Rapidly Scaling Companies in High-Growth Industry Verticals and Emerging Areas of Risk &#8211; &#8211; Brings BRP Group\u2019s Total Revenue from 2021 Announced Partnerships to $57 Million 3 &#8211;\u00a0\u00a0 TAMPA, Fla., July 23, 2021 (GLOBE NEWSWIRE) &#8212; BRP Group, Inc. (\u201cBRP Group\u201d or the \u201cCompany\u201d) (NASDAQ: BRP), an independent insurance distribution firm delivering tailored insurance solutions, today announced that Millennial Specialty Insurance, LLC (\u201cMSI,\u201d also known as BRP Group\u2019s \u201cMGA of the Future\u201d), an indirect &hellip; Continue reading &quot;BRP Group, Inc. 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Enters Into Agreement to Acquire FounderShield LLC - Market Newsdesk","og_description":"&#8211; Adds $9.8 Million 1 of Revenue, Representing BRP Group\u2019s Seventh Announced Partnership in 2021 &#8211; &#8211; Brings to BRP Group a Specialty Focused Digital Broker, Generating Outsized Growth; +53% 2 Year-Over-Year Revenue Growth YTD in 2021 2 &#8211; &#8211; Significantly Enhances BRP Group\u2019s Capabilities for Rapidly Scaling Companies in High-Growth Industry Verticals and Emerging Areas of Risk &#8211; &#8211; Brings BRP Group\u2019s Total Revenue from 2021 Announced Partnerships to $57 Million 3 &#8211;\u00a0\u00a0 TAMPA, Fla., July 23, 2021 (GLOBE NEWSWIRE) &#8212; BRP Group, Inc. (\u201cBRP Group\u201d or the \u201cCompany\u201d) (NASDAQ: BRP), an independent insurance distribution firm delivering tailored insurance solutions, today announced that Millennial Specialty Insurance, LLC (\u201cMSI,\u201d also known as BRP Group\u2019s \u201cMGA of the Future\u201d), an indirect &hellip; Continue reading \"BRP Group, Inc. Enters Into Agreement to Acquire FounderShield LLC\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/brp-group-inc-enters-into-agreement-to-acquire-foundershield-llc\/","og_site_name":"Market Newsdesk","article_published_time":"2021-07-23T11:33:12+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODI4NTY0MiM0MzEwODQxIzIxODk1NzM=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"7 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/brp-group-inc-enters-into-agreement-to-acquire-foundershield-llc\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/brp-group-inc-enters-into-agreement-to-acquire-foundershield-llc\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"BRP Group, Inc. 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