BRP to buy California middle-market brokerage
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Brokerage BRP Group Inc. said Thursday it has agreed to buy Tustin, California-based middle-market brokerage Wood Gutmann & Bogart Insurance Brokers and related entities, adding $29.7 million of revenue.
The purchase will be made through several of BRP’s indirect subsidiaries including Burnham Benefits Insurance Services LLC, BRP said in a statement.
WGB, with 130 staff, provides commercial, personal and employee benefits insurance coverage and services, and has expertise in various industries, including construction, real estate, technology, manufacturing, security and environmental, BRP said.
The deal is expected to close on or around Dec. 1.
WGB adds critical expertise to BRP’s West Coast operations, BRP CEO Trevor Baldwin said in the statement.
BRP unit Baldwin Risk Partners LLC ranked 19th among the top 100 U.S. brokers, according to Business Insurance’s latest ranking.
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