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BRP Group Inc., the parent company of broker Baldwin Risk Partners LLC, reported first-quarter revenue of $330.4 million, a 36% year-over-year increase, in its earnings statement after markets Monday.
The Tampa, Florida-based brokerage said organic growth for the quarter totaled 23% compared with 16% in first-quarter 2022 as it posted a net loss for the first quarter of $25.9 million compared with a profit of $44.8 million in first-quarter 2022.
CEO Trevor Baldwin, speaking on the company’s earning call Tuesday night, said it was the highest first-quarter growth since the company’s initial public offering in 2019.
Expenses grew 60.9% to $326.8 million, including a 50.2% increase in commissions, employee compensation and benefits to $230.9 million.
Executive Director of Investor Relations Bonnie Bishop, speaking on the call, said effective Jan. 23, 2023, Baldwin had moved to three operating segments from four. The legacy Medicaid segment was merged into the Mainstreet segment, while the legacy middle-market segment was rebranded Insurance Advisory Solutions and the legacy specialties segment rebranded Underwriting, Capacity & Technology Solutions.
The broker’s Insurance Advisory Solutions segment had first-quarter organic revenue growth of 14% while the Underwriting, Capacity & Technology Solutions business had first-quarter organic growth of 56% and the Mainstreet Insurance Solutions segment had 20% organic growth for first-quarter 2023, all according to figures in the company’s earnings presentation.
Mr. Baldwin, speaking of mergers and acquisitions, said the broker “does not currently expect to execute any material partnerships in 2023” as it focuses on de-leveraging and paying down debt.
Chief Financial Officer Brad Hale said on the call that expectations for second-quarter organic growth are now in the mid-teens compared with previous guidance of 10% to 15%. He also said the broker now expects full-year revenue in the range of $1.16 billion to $1.19 billion, up from previous guidance of $1.14 billion to $1.17 billion.