BRP Group, Inc. (NASDAQ: BRP), a prominent independent insurance distribution firm, has announced a significant expansion of its specialty services through the acquisition of Construction Risk Partners, LLC (“CRP”). This strategic partnership, executed through BRP Group’s indirect subsidiary, Baldwin Krystyn Sherman Partners, LLC (“BKS Partners”), marks a pivotal move to bolster BRP Group’s expertise and market presence within the construction industry.
Construction Risk Partners, headquartered in Branchburg, New Jersey, is a nationally recognized specialty construction brokerage. The firm is lauded for its deep expertise in risk mitigation, catering to a diverse clientele including business owners, developers, general contractors, designers, and subcontractors across the United States. Boasting annual revenues of approximately $32.6 million, CRP’s strong market position is further underscored by its ranking among the top independent property/casualty agencies, estimated at #65 by Insurance Journal. This acquisition represents BRP Group’s seventh partnership with a “Top 100” firm since the fourth quarter of 2020, signaling a period of robust growth and strategic expansion. The deal, termed a “Partnership” by BRP Group to denote its strategic acquisition approach, is anticipated to finalize around December 1, 2021, pending standard closing conditions.
What sets Construction Risk Partners apart is its demonstrated history of impressive revenue growth, achieved through a dedicated focus on delivering innovative and tailored solutions to the construction sector. CRP’s comprehensive suite of services encompasses property & casualty insurance, surety bonds, subcontractor default insurance, and industry-leading wrap-up services. This broad expertise has solidified CRP’s reputation as a preferred partner, particularly in complex and high-risk environments, including the demanding New York construction market. The integration of CRP, bringing approximately 85 experienced professionals into the fold, significantly amplifies BRP Group’s influence and capabilities within the construction insurance landscape.
Trevor Baldwin, Chief Executive Officer of BRP Group, conveyed his enthusiasm about the partnership, stating, “We could not be more thrilled to be partnering with Joe, Rob and the entire CRP team, who have built a world-class construction specialty organization. This is a transformative Partnership that adds invaluable intellectual capital to the BRP Group family and provides a truly differentiated level of insurance and risk management product specialization that we look forward to leveraging across our entire platform. In CRP we have found a team of passionate entrepreneurs who are aligned in building the very best brokerage firm for our clients and colleagues.”
Joe Charczenko, Partner at CRP, echoed this sentiment, highlighting the cultural alignment between the two firms. “CRP is a special place – a unique combination of humanity, intelligence and work ethic,” commented Charczenko. “I had never really experienced something like CRP until we met the team at BRP Group, and we could not be more excited to bring our businesses together. Like CRP, BRP Group has a culture that is palpable, creating an energy that’s different. In addition to making nearly 85 CRP colleagues equity owners of BRP Group, we look forward to raising the expectations of our clients, markets and our industry. The brokerage business has become stale and we are thrilled to be part of a team that wants to redefine our industry and become the broker of the future. One of our mottos at CRP is ‘Best TEAM Wins’ – this team just got a lot better.”
Rob Rapp, also a Partner at CRP, emphasized the strategic foresight behind the partnership. “As we assessed the future of CRP, we recognized that to continue to be one of the best insurance and surety solutions for our clients, we needed to continue to grow our business with the great thought leaders in the industry. We also recognized that to attract these leaders, we needed to be able to offer a dynamic and exciting platform that was growing and innovating, delivering industry leading client experiences and creating opportunity for our colleagues to learn and grow. It became obvious to us that a BRP Group Partnership was the best way to achieve all of these goals.”
Al Marquis, Partner at CRP, further elaborated on the synergistic potential of the merger. “CRP and BRP Group are well aligned and we believe this Partnership will be a powerhouse combination – industry leaders in organic growth, exceptionally strong client relationships, powerful carrier relationships, all further strengthened by a genuine outward thought process of bringing differentiating value to all stakeholders.”
The acquisition of Construction Risk Partners by BRP Group signifies a powerful alignment of two industry leaders, poised to deliver enhanced value and expertise to the construction insurance market. By integrating CRP’s specialized knowledge and dedicated team, BRP Group reinforces its commitment to providing tailored insurance and risk management solutions, further solidifying its position as a leading independent insurance distribution firm. This partnership not only expands BRP Group’s footprint in the construction sector but also enriches its overall service offering, promising continued innovation and client-centric solutions in the dynamic landscape of insurance brokerage.
About BRP Group, Inc.
BRP Group, Inc. (NASDAQ: BRP) is an independent insurance distribution firm committed to delivering customized insurance and risk management insights and solutions. The company aims to provide clients with the confidence to pursue their objectives by offering holistic and tailored approaches to risk management, insurance, and employee benefits. BRP Group supports its clients, colleagues, insurance company partners, and communities through advanced resources and capital deployment to foster growth. Representing over 700,000 clients across the United States and internationally, BRP Group continues to innovate within the insurance industry. For additional information, please visit www.baldwinriskpartners.com.
About Construction Risk Partners, LLC
Construction Risk Partners, LLC, based in Branchburg, New Jersey, is a leading specialty broker focused exclusively on the construction industry. With approximately 85 professionals across six offices nationwide, CRP possesses a unique understanding of the complexities within today’s construction environment. The firm is known for its agile, passionate, and highly skilled team dedicated to addressing clients’ most challenging needs. CRP provides exceptional service to owners, developers, general contractors, designers, and subcontractors, facilitating their success and growth within the construction sector. For more information, please visit www.constructionriskpartners.com.
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