BRP Group, Inc., an independent insurance distribution firm providing tailored insurance solutions, announced today that Baldwin Krystyn Sherman Partners, LLC, an indirect subsidiary of BRP Group, has entered into an agreement to acquire all of Construction Risk Partners, LLC (“CRP”). CRP is a specialty construction brokerage firm based in Branchburg, New Jersey that provides risk mitigation expertise and services to business owners, developers, general contractors, designers, and subcontractors across the country. CRP (estimated as #65 in Insurance Journal’s “Top 100” list of independent property/casualty agencies) is BRP Group’s seventh “Top 100” Partnership since the beginning of the fourth quarter of 2020, with annual revenues of approximately $32.6 million.
The Partnership, as BRP Group refers to a strategic acquisition, is expected to close on or about December 1, 2021, subject to certain closing conditions.
CRP has built an impressive track record of revenue growth over its history by focusing on providing innovative, tailored solutions and thought leadership exclusively to clients in the construction industry. CRP’s breadth of product expertise, which includes property and casualty insurance, surety, subcontractor default insurance, and industry-leading wrap-up services, has positioned CRP as the go-to partner in some of the country’s most challenging risk environments, including New York. This Partnership, which includes approximately 85 colleagues, significantly strengthens BRP Group’s position and influence in the Construction market.
“We could not be more thrilled to be partnering with Joe, Rob and the entire CRP team, who have built a world-class construction specialty organization,” said Trevor Baldwin, Chief Executive Officer of BRP Group. “This is a transformative Partnership that adds invaluable intellectual capital to the BRP Group family and provides a truly differentiated level of insurance and risk management product specialization that we look forward to leveraging across our entire platform. In CRP we have found a team of passionate entrepreneurs who are aligned in building the very best brokerage firm for our clients and colleagues.”
“CRP is a special place – a unique combination of humanity, intelligence and work ethic,” commented Joe Charczenko, Partner at CRP. “I had never really experienced something like CRP until we met the team at BRP Group, and we could not be more excited to bring our businesses together. Like CRP, BRP Group has a culture that is palpable, creating an energy that’s different. In addition to making nearly 85 CRP colleagues equity owners of BRP Group, we look forward to raising the expectations of our clients, markets and our industry. The brokerage business has become stale and we are thrilled to be part of a team that wants to redefine our industry and become the broker of the future. One of our mottos at CRP is ‘Best TEAM Wins’ – this team just got a lot better.”
“We couldn’t be more excited about our Partnership with BRP Group,” said Rob Rapp, Partner at CRP. “As we assessed the future of CRP, we recognized that to continue to be one of the best insurance and surety solutions for our clients, we needed to continue to grow our business with the great thought leaders in the industry. We also recognized that to attract these leaders, we needed to be able to offer a dynamic and exciting platform that was growing and innovating, delivering industry leading client experiences and creating opportunity for our colleagues to learn and grow. It became obvious to us that a BRP Group Partnership was the best way to achieve all of these goals.”
“CRP and BRP Group are well aligned, and we believe this Partnership will be a powerhouse combination – industry leaders in organic growth, exceptionally strong client relationships, powerful carrier relationships, all further strengthened by a genuine outward thought process of bringing differentiating value to all stakeholders,” said Al Marquis, Partner at CRP.
In the transaction, MarshBerry served as CRP’s sole financial advisor.
About BRP GROUP, INC.
BRP Group, Inc. is an independent insurance distribution firm that provides tailored insurance and risk management insights and solutions that allow our clients to pursue their purpose, passion, and dreams with peace of mind. We are disrupting the industry by taking a holistic and tailored approach to risk management, insurance, and employee benefits, and we support our clients, colleagues, insurance company partners, and communities by deploying vanguard resources and capital to drive our growth. BRP Group represents over 700,000 clients in the United States and around the world. Please visit www.baldwinriskpartners.com for more information.
ABOUT CONSTRUCTION RISK PARTNERS, LLC
Headquartered in Branchburg, New Jersey, Construction Risk Partners is a leading specialty broker dedicated to the construction industry with approximately 85 colleagues across six offices throughout the country. CRP is uniquely qualified to understand the complex dynamics of today’s construction environment and have built a nimble, passionate, and highly qualified team that can address their clients’ most complex challenges. With a keen focus on providing impeccable service, CRP works with owners, developers, general contractors, designers and subcontractors to provide the support they need to succeed and reach their next level of growth. For more information, please visit www.constructionriskpartners.com.