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BRP CEO calls talent ‘most valuable asset’, adds 676 employees through organic hiring in Q3

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BRP Group has added 676 employees through organic hiring and 569 employees via acquisitions in the third quarter, CEO Trevor Baldwin said on the retail’s broker Q3 2021 earnings call.

The hiring spree has brought the company’s total headcount to 2,450 employees, the executive said.

“As a business whose most valuable asset is its talent, we are proud in attracting and retaining the best and the brightest in the industry,” Baldwin said.

“We are capitalizing on this momentum and pressing our advantages with deep investments into our client capabilities to continue rapidly scaling and winning market share,” he continued.

In response to an analyst question on expenses associated with the new hires, Baldwin said that “we are making meaningful investments in the business which we expect to spring load-future revenue growth and that, will lead to margin expansion in the future.”

The executive went on to say that 80% of BRP’s expenses stem from payroll, noting that the “only way” to impact margin is payroll.

BRP’s overall revenue increased by 106% year-over-year to $135.6mn, driven by growth in all operating segments, particularly the middle market, which grew 20% in 3Q. The “MGA of the Future” segment posted a 48% growth in the quarter to $25.9mn.

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