TAMPA, Fla., July 23, 2021 (GLOBE NEWSWIRE) — BRP Group, Inc. (NASDAQ: BRP), an independent insurance distribution firm delivering tailored insurance solutions, today announced that Millennial Specialty Insurance, LLC, an indirect subsidiary of BRP Group, has entered into a definitive agreement to acquire substantially all the assets of FounderShield LLC, AlphaRoot LLC, ReShield LLC and Scale Underwriting Services LLC, a New York-based, tech-enabled insurance distribution platform with a specialized focus on providing commercial insurance services for clients in various high growth industries. With annual revenue of approximately $9.8 million1, Founder Shield represents BRP Group’s seventh announced Partnership in 2021.
The Partnership, BRP Group’s nomenclature for a strategic acquisition, is expected to close on or around August 1, 2021, subject to certain closing conditions.
Over its history, Founder Shield has delivered an impressive track record of profitable growth by offering a seamless, intuitive and responsive digital experience for purchasing and administering insurance for high-growth companies. This Partnership, which brings with it approximately 50 colleagues, brings to BRP Group unique expertise for rapidly-scaling companies in numerous high-growth industry verticals across the Technology & Fintech, Life Sciences and Emerging Markets sectors. Founder Shield’s technology platform significantly enhances BRP Group’s small commercial capabilities and provides operational efficiency and superior customer experience to the broader BRP organization.
“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,” said Trevor Baldwin, Chief Executive Officer of BRP Group. “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.”
“We strive to work and think differently at Founder Shield, which is why we have been able to successfully and rapidly grow our business,” said Benji Markoff, Co-Founder and Chief Executive Officer of Founder Shield. “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. We could not be more excited to take Founder Shield to the next level.”
“Joining BRP Group is a natural next step for us. We’re incredibly proud of our team’s collective accomplishments, and we believe joining the BRP Group team presents a meaningful opportunity to grow faster and more efficiently together,” said Carl Niedbala, Co-Founder and Chief Operating Officer of FounderShield. “We look forward to supercharging BRP Group’s long-term vision with technology while leveraging the additional tools, resources and capabilities gained by coming on board to the BRP Group platform.”
Oppenheimer & Co. Inc. acted as exclusive financial advisor to Founder Shield in the transaction.
ABOUT BRP GROUP, INC.
BRP Group, Inc. (NASDAQ: BRP) is an independent insurance distribution firm delivering tailored insurance and risk management insights and solutions that give our clients the peace of mind to pursue their purpose, passion and dreams. We are innovating the industry by taking a holistic and tailored approach to risk management, insurance and employee benefits, and support our clients, Colleagues, Insurance Company Partners and communities through the deployment of vanguard resources and capital to drive our growth. BRP Group represents over 600,000 clients across the United States and internationally. For more information, please visit www.baldwinriskpartners.com. Learn more about MSI at www.msimga.com.
ABOUT FOUNDERSHIELD LLC
Headquartered in New York, New York, Founder Shield is a tech-enabled, digital insurance platform dedicated to creating the most seamless, intuitive and responsive experience to protect clients’ growth at every stage. Founder Shield has a passion for creating and developing innovative risk management products across multiple industries and works hand in hand with its clients and underwriters to ensure transparency, efficiency and reliability every step of the way. By combining the best aspects of traditional brokers and its digital-first and client centric model, Founder Shield has positioned itself as the go-to risk management provider for innovative companies. For more information, please visit https://foundershield.com/.
