BRP Group to acquire Construction Risk Partners
BRP Group is buying Construction Risk Partners (CRP), a specialty construction brokerage firm, the Nasdaq-listed broker said on Tuesday.
Baldwin Krystyn Sherman (BKS) Partners, an indirect subsidiary of BRP, entered an agreement to acquire all of CRP’s outstanding equity interests, in a transaction that is expected to close around December 1, subject to closing conditions.
Terms of the deal were not disclosed.
After the transaction is sealed, 85 CRP employees will join BRP, the company said.
CRP offers product expertise in P&C insurance, surety, subcontractor default insurance and wrap-up services.
BRP CEO Trevor Baldwin said: “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,” he continued.
CRP partner Joe Charczenko said: “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”.
Al Marquis, partner at CRP, added: “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.”
Earlier in July, BRP announced that it was acquiring FounderShield, a digital broker and MGA business.
In June, the broker said it had acquired Cape Cod-based RogersGray, a $40mn agency that provides commercial lines, personal lines, and employee benefits insurance.