BRP Group, Inc, an independent insurance distribution firm delivering tailored insurance solutions, today announced that Millennial Specialty Insurance, LLC, an indirect subsidiary of BRP Group, completed the previously announced acquisition of FounderShield LLC, AlphaRoot LLC, ReShield LLC and Scale Underwriting Services LLC (collectively, “Founder Shield”), and that the Company, through its indirect subsidiaries, completed the previously announced acquisition of TCG Financial Holding Company, LLC and certain of its subsidiaries (collectively, operating as “The Capital Group”).
In connection with the Partnerships, BRP Group’s nomenclature for strategic acquisitions, BRP Group intends to issue restricted shares of the Company’s Class A Common Stock (each, a “Grant”) to new employees that the Compensation Committee of the Board of Directors of the Company previously approved. The Grants will be issued pursuant to the Company’s Partnership Inducement Award Plan in accordance with the exemption provided by NASDAQ Listing Rule 5635(c)(4). The Grants will be formally issued on October 1, 2021.
The Compensation Committee approved the Grants to motivate and reward the recipients to perform at the highest levels and contribute significantly to the success of BRP Group and its affiliates. The previously announced upfront cash payments to Founder Shield and The Capital Group were reduced by the estimated value of the applicable Grants.
ABOUT BRP GROUP, INC.
BRP Group, Inc. is an independent insurance distribution firm delivering tailored insurance and risk management insights and solutions that give our clients the peace of mind to pursue their purpose, passion and dreams. We are innovating the industry by taking a holistic and tailored approach to risk management, insurance and employee benefits, and support our clients, Colleagues, Insurance Company Partners and communities through the deployment of vanguard resources and capital to drive our growth. BRP Group represents over 600,000 clients across the United States and internationally. For more information, please visit www.baldwinriskpartners.com.