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BRP Group Inc., the parent company of broker Baldwin Risk Partners LLC, reported third-quarter 2022 organic revenue growth of 28% and revenue for the quarter of $259.4 million, up 91% from third-quarter 2021.
Losses increased, however, 89.9% to $46.7 million from third-quarter 2021.
Commissions, employee compensation and benefits rose 95.8% to $195.9 million while total operating expenses jumped 89.4% to $289.2 million from third-quarter 2021.
The broker’s middle-market segment had organic growth of 17% compared with 11% in the second quarter; the specialty segment had organic growth of 53%, flat with the second quarter; the Mainstreet segment 23% compared with 33% in the second quarter; and the Medicare segment 11%, down from 23% in the second quarter, according to the broker’s financials.
Speaking on the BRP earnings call Monday after the close of markets, BRP CEO Trevor Baldwin said the organic growth figures show “the investments we have made in our business are beginning to show a return.
“We continue to be encouraged by the positive underlying momentum we’re seeing across all segments of the business.”
Chief Financial Officer Brad Hale said on the call that expectations for fourth-quarter organic growth are in the high teens, which should equate to annual organic growth of approximately 20%.
Mr. Hale added that while BRP does not plan to issue regular guidance going forward, the broker’s “preview” of 2023 “at this time” included a forecast of organic growth at the high end of the broker’s 10% to 15% range and expectations of $1.14 billion to $1.17 billion of annual revenue.
Baldwin Risk Partners is 19th among the top 100 U.S. brokers, according to Business Insurance’s latest ranking.