BRP Group Inc., the parent company of the broker Baldwin Risk Partners LLC, reported in the first quarter of 2022 an organic revenue growth of 16% and a turnover for the quarter of USD 242.8 million, an increase of 59% from the first quarter of 2021.
Net profit for the first quarter of 2022 of $ 44.8 million increased by 43.1% from the first quarter of 2021.
Commissions, employee benefits and benefits increased by 72.2% to $ 153.8 million from the first quarter of 2021.
The broker’s mid-market segment had organic growth of 13%, the specialty segment had organic growth of 31%, the Mainstreet segment 12% and the Medicare segment 26%, according to the presentation.
BRP̵7;s CEO Trevor Baldwin spoke about BRP’s profit talks on Tuesday after the markets closed, and said that the broker’s organic growth was the highest level for the first quarter achieved since BRP’s IPO.
However, he added that the broker “is now preparing for a recession later this year.”
BRP completed an acquisition in the first quarter with acquired revenues of $ 81.8 million, with a target on acquired revenues between $ 100 million and $ 150 million for the year, Baldwin said.
BRP also added more than 370 employees through organic employment, bringing the total number of employees to more than 3,300, Baldwin said.
On April 29, BRP completed the acquisition of Westwood Insurance Agency, its largest acquisition to date, which will more than double BRP’s Mainstreet segment, Baldwin said.
Chief Financial Officer Brad Hale said in the interview that expectations for the second quarter are revenues of about $ 220 million and organic growth in high teens. Throughout 2022, organic growth is expected to be in the mid to high teens, Hale said.
The BRP unit Baldwin Risk Partners LLC is 19th among the top 100 US brokers, according to Business insurances latest ranking.