BRP Group’s Q3 revenue increases 18.1%

BRP Group Inc., the parent company of brokerage Baldwin Risk Partners LLC, on Tuesday reported third-quarter revenue of $306.3 million, up 18.1% compared with the same period in 2022.

Organic revenue growth was $47.5 million, a 19% increase. 

The Tampa, Florida-based company reported a $32 million loss on a GAAP basis compared with a $46.7 million loss for the comparable period in 2022.

It said, however, that when non-GAAP factors including organic revenue growth are taken into account, the company reported adjusted net income of $33.8 million, a 62.3% increase from the comparable quarter.

“We continue to be focused on delivering our balance sheet and expanding margins across the business,” said CEO Trevor Baldwin, during the company’s analysts earnings call.

BRP announced the introduction of a reinsurance broking platform, Juniper Re LLC, in October. Mr. Baldwin said the platform will be a “natural complement” to regional brokers and managing general agency business and rounds out BRP’s capabilities as a full-service broker.

“We do not expect any meaningful M&A activity in 2024,” he said. He said the company will focus its efforts on continuing to expand margins and reducing the company’s leverage next year.

The company also announced the retirements of Chief Strategy Officer Kris Wiebeck and Chief Partnership Officer John Valentine at the end of the company’s 2023 fiscal year. Mr. Baldwin said the retirements align with BRP’s strategic roadmap.