Brokerage BRP begins rebrand, unites acquisitions
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BRP Group Inc. said Wednesday it will change its name to The Baldwin Group and reduce its about 40 regional brand names to fewer than five.
The move comes 13 years after the Tampa, Florida-based brokerage was founded and five-and-a-half years after its initial public offering in October 2019.
Baldwin, the 18th largest brokerage of U.S. business, according to Business Insurance’s most recent ranking, reported $1.2 billion in revenue in 2023, with 19% organic revenue growth. Since its founding, the company has made 53 acquisitions, many of which retained their names while being integrated into Baldwin’s operations. The brokerage operates in five regions and various specialty practices.
“We felt that now is the time to bring that together under a common brand umbrella, which will enable us to go to market seamlessly,” said Trevor Baldwin, CEO.
The rebrand will begin with the holding company and then focus on its retail operations, he said.
Millennial Specialty Insurance LLC, which does business as MGA of the Future, and Juniper Re LLC, the reinsurance brokerage Baldwin launched last year, will retain their identities.
“That’s just because of the way they go to market and the channels they operate in,” Mr. Baldwin said. “All of our direct retail businesses will be going to market as Baldwin.”
Future acquisitions will also transition to the Baldwin name, he said.
Baldwin has made few deals over the past 18 months but expects to resume acquisitions next year, Mr. Baldwin said.
“The cost-of-capital environment, certainly as a public company, has incentivized us to focus on deleveraging our business,” he said.
