BRP to buy Construction Risk Partners

Acquisitive brokerage BRP Group Inc. announced Tuesday that its Baldwin Krystyn Sherman Partners LLC subsidiary has agreed to buy rival broker Construction Risk Partners LLC.

Terms of the deal, which is expected to close Dec. 1, were not disclosed.

Branchburg, New Jersey-based Construction Risk Partners has annual revenue of about $32.6 million and six offices, BRP said in a statement.

The brokerage places property/casualty insurance, surety coverage, subcontractor default insurance and wrap-up coverage for construction industry companies.

About 85 Construction Risk Partners staff are expected to join BRP, including partners Joe Charczenko and Rob Rapp.

BRP has bought several rival brokerages this year. Earlier this month, it announced it was acquiring Wood Gutmann & Bogart Insurance Brokers in a deal expected to close on or around Dec. 1.