Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

BRP Group Inc (BRP) said last week that its indirect subsidiary Millennial Specialty Insurance LLC had entered into a definitive agreement to purchase all the assets of Founder Shield LLC, AlphaRoot LLC, ReShield LLC and Scale Underwriting Services LLC.

The acquisition is expected to be finalized around August 1st, subject to particular closing conditions.

“Founder Shield is the archetypal type of firm we seek to partner with, featuring a history of strong growth and innovation, and an exceptional group of talented, entrepreneurial colleagues,” Trevor Baldwin, Chief Executive Officer of BRP Group, said in a press release.

“Founder Shield greatly enhances our ability to innovate for our clients and facilitates unique early access to some of the country’s most rapidly growing businesses. Founder Shield has fostered a dynamic colleague and client-centric culture that is clearly aligned with what we are building at BRP Group, and we are thrilled to welcome the Founder Shield team to the BRP Group family,” he added.

“We strive to work and think differently at Founder Shield, which is why we have been able to successfully and rapidly grow our business,” Benji Markoff, Co-Founder and Chief Executive Officer of Founder Shield, said.

“Our team of experts leverages technology to take a hands-on approach that not only creates a fully-digital purchasing experience for our clients, but also automates many of the time-consuming, back-office aspects of insurance, allowing our advisors to be efficient and focus on what they do best and enjoy most – selling insurance. Partnering with BRP Group is a clear match; the innovative platform of capabilities, client-first approach and resources available to our team, makes combining our firms an obvious choice.”

With annual revenue of nearly $9.8 million, Founder Shield is BRP Group’s seventh announced acquisition for this year. It also brings BRP Group’s total revenue from announced acquisitions in 2021 to $57 million.

The shares of BRP Group Inc closed higher for the fourth time in the past ten trading sessions on NASDAQ on Friday. The stock went up 2.47% ($0.64) to $26.55, after touching an intraday high at $26.68. The latter has been a price level not seen since July 21st ($26.82).

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News

  • Hewlett-Packard boosts sales forecast, shares riseHewlett-Packard boosts sales forecast, shares rise Hewlett-Packard expects to end falling sales and to stabilize next year. The company is expected to return more money to shareholders, as it reaches the halfway point of its five-year turnaround plan.HP expects to generate free cash flow […]
  • Sweden’s services sector shrinks in SeptemberSweden’s services sector shrinks in September Sweden’s services sector has contracted in September, the latest data by Swedbank showed.The Services Purchasing Managers’ Index was reported at a reading of 49.1 in September, down from a revised down 52.4 in August.It pointed to […]
  • Strong UK construction activity shot GBP/USD to session highsStrong UK construction activity shot GBP/USD to session highs British pound rose sharply against the US dollar on Friday, after a report showed that construction activity in the United Kingdom increased at the fastest rate in three years in July, while focus was set on the US unemployment rate and […]
  • TSR Board of Directors to explore strategic alternativesTSR Board of Directors to explore strategic alternatives TSR Inc, which provides information technology consulting and recruiting services, said on Monday that its Board of Directors had embarked on a process to identify and evaluate potential strategic alternatives aimed to maximize shareholder […]
  • Starbucks profit jumped led by food salesStarbucks profit jumped led by food sales Starbucks Corp. Chief Executive Officer Howard Schultz’s shift into food is starting to pay off, driving traffic into U.S. stores and lifting sales and profit.Starbucks’s fiscal third-quarter net income advanced 25% to $417.8 million, or […]
  • US Blue-Chip Stocks: Pivot Levels for Thursday (December 1st 2016)US Blue-Chip Stocks: Pivot Levels for Thursday (December 1st 2016) Apple Inc, NASDAQ: AAPLR1 – $110.78 R2 – $110.95 R3 (Range Resistance - Sell) – $111.13 R4 (Long Breakout) – $111.66 R5 (Breakout Target 1) - $112.27 R6 (Breakout Target 2) - $112.53S1 – $110.42 S2 – $110.25 S3 (Range […]