BRP Group to acquire Insgroup

BRP Group, Inc., Inc. BRP Group's middle-market subsidiary Baldwin Krystyn Sherman Partners has entered into an agreement to acquire all of the outstanding equity interests of Insgroup, a Houston, Texas based provider of commercial P&C insurance, employee benefits, private risk services and surety to middle-market companies and individuals. With annual revenues of approximately $38.5 1M, Insgroup represents the largest new Partnership in BRP Group's history. Insgroup President and CEO Brian Kapiloff will serve as a Regional President within BRP Group's middle market operating group. Insgroup's 2019 revenue increased by 31% versus 2018 and includes approximately 160 colleagues across 4 offices in Houston, Dallas, Addison and Austin. The strategic acquisition is expected to close November 30, subject to certain closing conditions. BRP Group expects to fund the cash consideration payable at the closing from a portion of the net proceeds of BRP Group's recently completed Term Loan B loan facility.