BRP Group, Inc. (BRP) Bundle
A Brief History of BRP Group, Inc. (BRP)
Foundation and Early Growth
BRP Group, Inc. was founded in 2011 by Owner and CEO, the entrepreneur Trevor Fetter, alongside his partners. The company primarily focuses on insurance brokerage and risk management services. In its formative years, BRP emerged as an innovator in the insurance sector by utilizing technology to enhance customer engagement and operational efficiency.
Acquisitions and Expansion
The company embarked on a strategic acquisition strategy to expand its footprint. By the end of 2020, BRP had acquired several firms, significantly increasing its revenue base. Notable acquisitions include:
- 2018: Acquisition of WGA Insurance
- 2019: Acquisition of Signature Insurance Group
- 2020: Acquisition of Burton & Company
| Year | Acquisition | Revenue Impact (in millions) |
|---|---|---|
| 2018 | WGA Insurance | $2.5 |
| 2019 | Signature Insurance Group | $3.1 |
| 2020 | Burton & Company | $4.0 |
Public Offering and Financial Performance
BRP Group went public in October 2020 and was listed on the NASDAQ under the ticker symbol BRP. The initial public offering (IPO) raised approximately $350 million, marking a significant milestone in its growth trajectory. The stock experienced fluctuations but reached a high of $30 in March 2021.
Financial Highlights
BRP has demonstrated strong financial performance in recent years. As of Q3 2023, key financial statistics include:
| Metric | Value |
|---|---|
| Revenue (TTM) | $404 million |
| Net Income | $20 million |
| EBITDA | $60 million |
| Market Capitalization | $1.2 billion |
Strategic Initiatives and Future Outlook
Looking ahead, BRP Group has emphasized its commitment to leveraging digital solutions to enhance client services. Furthermore, the company aims to diversify its product offerings beyond traditional insurance, including emerging areas such as cybersecurity insurance and climate risk management.
Current Leadership and Corporate Culture
The leadership team has focused on fostering a corporate culture that prioritizes innovation and customer satisfaction. Under the guidance of Trevor Fetter and a dedicated executive team, BRP has continually adapted to the changing market landscape while maintaining its core values.
A Who Owns BRP Group, Inc. (BRP)
Ownership Structure
BRP Group, Inc. (BRP) operates under a diversified ownership structure. The company is publicly traded on the NASDAQ under the ticker symbol "BRP." As of the latest available data, the institutional ownership stands at approximately 67.5%, while retail investors hold about 32.5% of the shares.
Major Institutional Shareholders
| Institution | Shares Owned | Percentage of Total Shares | Market Value (as of latest data) |
|---|---|---|---|
| The Vanguard Group, Inc. | 3,250,000 | 15.2% | $70 million |
| BlackRock, Inc. | 3,000,000 | 14.0% | $65 million |
| State Street Corporation | 1,600,000 | 7.5% | $35 million |
| Harris Associates L.P. | 1,200,000 | 5.6% | $27 million |
| Neuberger Berman Group LLC | 900,000 | 4.2% | $20 million |
Insider Ownership
Insider ownership plays a significant role in the governance of BRP. As of the latest reporting period, insiders hold approximately 6.0% of the total shares. Notable insiders include:
- Trevor D. Phillips, CEO – 950,000 shares
- Jennifer L. Williams, CFO – 500,000 shares
- Mark S. Robinson, Board Member – 150,000 shares
Recent Shareholder Movements
In the last quarter, BRP Group experienced a change in its shareholder base. Notable transactions include:
- Vanguard increased its holding by 200,000 shares.
- BlackRock reduced its position by 100,000 shares.
- Harris Associates acquired 50,000 additional shares.
Market Capitalization
The market capitalization of BRP Group, Inc. is approximately $460 million as of the latest trading session. The stock price has shown volatility, fluctuating between $9.50 and $14.20 in the past twelve months.
Comparative Ownership Analysis
| Ownership Type | Percentage Ownership | Comparison to Industry Average |
|---|---|---|
| Institutional Investors | 67.5% | Above Average |
| Retail Investors | 32.5% | Below Average |
| Insider Ownership | 6.0% | Average |
Recent Financial Performance
For the fiscal year ending 2023, BRP Group reported total revenue of $190 million, representing a year-over-year growth of 12%. The net income stood at $20 million, reflecting a profit margin of approximately 10.5%.
BRP Group, Inc. (BRP) Mission Statement
Overview of BRP Group, Inc.
BRP Group, Inc. (BRP) is a leading independent insurance distribution and services company, primarily focused on providing comprehensive insurance solutions to clients in various sectors. As of October 2023, BRP operates with a mission to deliver exceptional value to its clients, stakeholders, and employees.
Core Values
- Integrity: Commitment to ethical practices and transparency.
- Client Focus: Prioritizing client needs and tailoring solutions accordingly.
- Innovation: Embracing change and continuously improving services.
- Collaboration: Working collectively with clients and partners to achieve shared goals.
- Excellence: Striving for the highest standards in service delivery.
Mission Statement
The mission of BRP Group is to provide personalized insurance solutions that foster enduring relationships with clients, while ensuring sustainable growth and profitability for stakeholders.
Financial Performance
As of Q3 2023, BRP's financial performance highlights its successful business operations:
| Financial Metric | Q3 2023 (in millions) | Year-End 2022 (in millions) |
|---|---|---|
| Total Revenue | $290.5 | $250.8 |
| Net Income | $34.1 | $28.3 |
| EBITDA | $75.2 | $62.4 |
| Total Assets | $750.3 | $680.5 |
| Total Liabilities | $450.7 | $410.2 |
Market Position
BRP Group, Inc. has established a robust market presence, driven by strategic acquisitions and organic growth strategies. The company is ranked among the top insurance brokers in the United States, with a significant market share in various business segments.
Client Segments
- Commercial Insurance: Serving businesses across various industries including healthcare, construction, and manufacturing.
- Personal Insurance: Providing solutions for individuals including home, auto, and life insurance.
- Employee Benefits: Offering comprehensive benefits solutions to employers.
Strategic Initiatives
BRP is actively pursuing strategic initiatives to enhance its market position:
- Digital Transformation: Investment in technology to streamline operations and improve customer engagement.
- Expansion: Targeted acquisitions to broaden service offerings and geographic reach.
- Talent Development: Focus on recruiting and retaining skilled professionals to drive growth.
Sustainability Commitment
BRP Group is committed to sustainable practices that align with its mission statement. The company actively integrates environmental, social, and governance (ESG) factors into its operations, promoting responsible business practices.
| Sustainability Metric | 2023 Target | 2022 Result |
|---|---|---|
| Reduction in Carbon Emissions | 15% | 10% |
| Diversity and Inclusion Index Score | 80 | 75 |
| Community Engagement (Volunteer Hours) | 5000 | 4000 |
Conclusion of the Mission Statement Context
The mission of BRP Group, Inc. is intricately tied to its operational and strategic frameworks, ensuring the company remains a trusted partner for its clientele while delivering value to stakeholders and maintaining a competitive edge in the insurance industry.
How BRP Group, Inc. (BRP) Works
Overview of BRP Group, Inc.
Overview of BRP Group, Inc.
BRP Group, Inc. is a prominent independent insurance brokerage firm situated in the United States. As of the end of 2022, BRP reported revenue of $198.25 million, with a net income of $23.16 million.
Business Model
BRP operates through various segments, primarily focusing on property and casualty insurance, employee benefits, and risk management services.
- Property and Casualty Insurance
- Employee Benefits
- Personal Lines
- Risk Management
Financial Performance
In the fiscal year 2022, BRP Group, Inc. showcased solid financial metrics, which are outlined in the table below:
| Financial Metrics | FY 2022 | FY 2021 |
|---|---|---|
| Revenue | $198.25 million | $161.44 million |
| Net Income | $23.16 million | $3.51 million |
| Assets | $491.29 million | $367.65 million |
| Liabilities | $284.91 million | $192.89 million |
| Stockholders’ Equity | $206.38 million | $174.76 million |
Acquisition Strategy
BRP Group actively pursues acquisitions as a means to expand its market share and service offerings. The company’s acquisition strategy has resulted in significant growth:
- Acquisitions completed in 2021: 11
- Acquisitions completed in 2022: 9
- Investment in technology to enhance service delivery
Market Position
BRP Group has positioned itself as a key player in the insurance brokerage sector, providing tailored solutions to a diverse client base.
- Rank in U.S. insurance brokers: Top 50
- Number of offices: 35+
- Total employees: Approximately 600
Growth Projections
BRP has set ambitious growth targets as part of its strategic plan:
- Anticipated revenue growth (CAGR) over the next five years: 15%
- Projected net income growth (CAGR): 20%
- Expansion into new geographic markets: Midwestern and Southeastern regions of the U.S.
Industry Trends
The insurance brokerage industry is experiencing several trends that impact BRP Group’s operations:
- Digital transformation leading to automation
- Increased demand for personalized insurance solutions
- Focus on sustainability and environmental risk
Conclusion
The diverse operations of BRP Group, Inc. contribute to its ongoing success in the insurance brokerage market.
How BRP Group, Inc. (BRP) Makes Money
Insurance Brokerage Services
BRP Group, Inc. generates a significant portion of its revenue through its insurance brokerage services. As of the end of 2022, BRP reported total revenues of approximately $215 million, with insurance brokerage accounting for a majority of this figure. The company operates through various segments including property and casualty insurance, employee benefits, and risk management services.
Revenue Breakdown
The following table illustrates the revenue breakdown by segment for BRP Group, Inc. in 2022:
| Segment | Revenue (in millions) | Percentage of Total Revenue |
|---|---|---|
| Property and Casualty Insurance | $140 | 65% |
| Employee Benefits | $45 | 21% |
| Risk Management Services | $30 | 14% |
Acquisition Strategy
BRP Group has actively pursued an acquisition strategy to increase its market share and revenue. Since its IPO in 2019, BRP has made over 20 acquisitions. In 2022 alone, the company completed 6 acquisitions, adding approximately $31 million in annual revenue.
Client Base and Retention Rate
The company's strong client base plays a vital role in its revenue generation. BRP Group serves more than 15,000 clients across various industries including construction, healthcare, and transportation. The client retention rate stands at an impressive 95%.
Geographical Diversification
BRP Group has strategically expanded into various geographical markets, enhancing its revenue streams. The following table shows the revenue contribution by geographic region in 2022:
| Region | Revenue (in millions) | Percentage of Total Revenue |
|---|---|---|
| United States | $180 | 84% |
| International | $35 | 16% |
Technology and Innovation
BRP Group invests in technology to improve its operational efficiency and service delivery. The company has allocated approximately $5 million in 2022 towards technology enhancements aimed at streamlining processes and improving client engagement.
Financial Performance Metrics
BRP Group's financial performance metrics indicate a robust growth trajectory. The following table summarizes key financial metrics for 2022:
| Metric | Value |
|---|---|
| Total Revenue | $215 million |
| Net Income | $20 million |
| EBITDA | $40 million |
| Gross Margin | 45% |
| Net Margin | 9.3% |
Continuous Growth in Revenue
BRP Group has experienced continuous revenue growth, with a year-over-year increase of 25% in 2022 compared to 2021. This growth has been fueled by both organic growth and acquisitions.
Future Outlook
Looking forward, BRP Group aims to maintain its growth trajectory, targeting a revenue goal of $300 million by 2025, driven by further acquisitions and expansion into new markets.
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