- May 3, 2019
TAMPA — BRP Group, one of the fastest-growing insurance firms in the region, recently announced a pair of major acquisitions.
Combined, the deals, expected to close by the end of 2020, will add more than $100 million in annual revenue to BRP Group — a publicly traded firm that posted $137.84 million in revenue in 2019. Terms of the deals weren’t disclosed.
In one deal, Tampa-based BRP acquired all the outstanding equity interests of Armfield, Harrison & Thomas, a Leesburg, Va.-based brokerage and consulting firm offering property and casualty, employee benefits, retirement, personal and international services for a wide range of industries. BRP, according to a statement, will own and operate AHT through its middle-market subsidiary and operating group.
Armfield, Harrison & Thomas, the release adds, does about $52.3 million a year in sales, and is ranked No. 65 in Business Insurance magazine’s Top 100 list of the largest U.S. brokers. AHT President CEO David Schaefer will serve as a regional president within BRP Group’s middle-market operating group.
With major offices in the Seattle, Washington D.C., New York and Boston metropolitan areas, AHT brings to BRP Group immediate middle-market scale in the Pacific Northwest, Mid-Atlantic, and Northeast regions. “Partnering with AHT is exciting for BRP Group and dovetails with our long-term strategy of both rapid organic and partnership growth,” BRP Group CEO Trevor Baldwin says in the statement. “AHT’s depth of expertise and industry focus are clear complements to our ongoing specialization efforts in middle-market, and the leadership team at AHT is aligned with our culture and ensuring that our clients always come first.
In the other recent deal, BRP announced that Baldwin Krystyn Sherman Partners, the middle-market indirect subsidiary of BRP Group, entered into an agreement to acquire all of the outstanding equity interests of Irvine, Calif.-based Burnham Benefits Insurance Services Inc. and Burnham Gibson Wealth Advisors. Burnham is a full-service provider of employee benefits consulting, retirement consulting, wealth management and insurance brokerage services to mid-size and large enterprises, according to a separate statement.
Burnham, with some 130 employees, has annual revenues of about $52.6 million, and, like the AHT deal, represents one of the largest partnership acquisitions in BRP Group’s history. Burnham President and CEO Kristen Allison and BGWA President Darin Gibson will serve as regional president and managing partner, respectively, within BRP Group’s middle-market operating group. The acquisition opens BRP Group to new markets, the release states, including Los Angeles, Orange County and Sacramento, and further expands the its presence in the San Francisco area.
“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,” Baldwin says in the release. “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.”