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Business Observer Tuesday, Jun. 2, 2020 3 months ago

Insurance firm adds $35M in revenue with three acquisitions

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Tampa-based BRP Group Inc. buys Trinity Benefit Advisors Inc., Russ Blakely & Associates LLC and Rosenthal Bros. Inc.

TAMPA — BRP Group Inc., an independent insurance distribution company headquartered in Tampa, has acquired Trinity Benefit Advisors Inc., Rosenthal Bros. Inc. and Russ Blakely & Associates LLC. 

Trinity Benefit Advisors and Russ Blakely & Associates, known as TRA-RBA, are Tennessee-based providers of employee benefit plan management, as well as marketing and benefit plans designed for middle-market companies. Combined, they generated gross annual revenues of approximately $17.3 million, according to a press release. 

Rosenthal Bros., the release states, is a Chicago-based provider of property and casualty insurance, employee benefits and private client solutions to middle-market companies and individuals. The firm generated gross revenue of approximately $18.8 million last year. 

“The opportunity to partner with TBA-RBA, one of the largest independent employee benefit consulting firms in the Southeast, reinforces our commitment to thoughtfully building a national franchise in key geographies with industry-leading talent,” BRP Group CEO Trevor Baldwin states in the release. “TBA-RBA has a leading retention rate among its client base, as well as a talented leadership team that has consistently grown their business throughout past economic cycles.”

Rosenthal Brothers, the release states, has grown its business to 55 employees across two offices. It specializes in providing insurance solutions for the real estate industry.

“Partnering with Rosenthal Brothers, a premier independent firm, significantly boosts our P&C and full-service insurance solution capabilities, particularly within the real estate sector, and gives us a major platform to build on in the important Chicago market,” Baldwin states in the release. “The Rosenthal team is highly specialized and boasts a hungry risk advisor team that has been the driving force behind Rosenthal’s consistent growth. 

All three companies will be part of  Baldwin Krystyn Sherman Partners LLC, BRP Group’s middle-market subsidiary, the release states. Other terms of the deals were not disclosed.

BRP Group has 700 employees and did $137.84 million in revenue in 2019. The firm is publicly traded (Nasdaq: BRP)

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