BRP Group agrees to acquire Westwood Insurance Agency

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• BRP Group (NASDAQ:BRP) to acquire all of the outstanding equity interests of California based Westwood Insurance Agency.
• The addition brings to BRP Group (BRP) a leading personal lines agency, specializing in builder-sourced homeowners insurance. The Westwood Insurance Agency brings strong track record of growth; 10% Y/Y revenue growth YTD in 2021.
• The Westwood Insurance Agency adds ~$81.8M of revenue, representing BRP Group’s largest partnership to date.
• The Partnership, BRP Group’s nomenclature for a strategic acquisition, is expected to close on or around May 1, 2022.
• Separate from the purchase of Westwood, Millennial Specialty Insurance (MSI), BRP Group’s "MGA of the Future" platform, has entered into a program administrator agreement with a QBE affiliate to assume operations of QBE’s builder-sourced homeowners book.
• Per the agreement, MSI will assume all MGA functions associated with the book of business, for which QBE will provide balance sheet capacity for a period of 5 years.
• The program administrator agreement adds ~$200M of premium to MSI’s Homeowners MGA Platform.