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BRP reports a loss for the third quarter on higher costs



On Monday, BRP Group Inc. reported a net loss for the third quarter of $ 24.2 million as expenditures picked up even as revenues grew.

Organic revenues increased by 26% from the previous year, and total revenues increased by 106% to $ 135.6 million.

However, expenses weighed on earnings, as commissions, employee benefits and benefits more than doubled to $ 100.1 million from $ 48.5 million in the third quarter of last year.

said CFO Brad Hale at the company's conference call. with analysts on the Monday after the markets closed, organic growth was helped by specialty and mid-market deals, which grew by 20%.

During the first nine months of the year, revenues increased by 1

38% compared to the previous year to $ 408.1 million, while organic revenue growth was 24%.

In September, BRP announced its acquisition of Jacobson, Goldfarb & Scott Inc., a Holmdel, New Jersey-based specialty insurance broker, and MGA with annual sales of approximately $ 43.3 million. It was BRP's largest acquisition this year.

The BRP unit Baldwin Risk Partners LLC is ranked 19th among the top 100 American brokers, according to Business Insurance's latest ranking. [19] 6590 .
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