One of the largest independent insurance agencies in Massachusetts, New England, and the U.S. has been acquired
RogersGray, one of the largest independently-owned insurance agencies in Massachusetts as well as nationally, has been acquired. Baldwin Risk Partners (“BRP Group”) has announced that Baldwin Krystyn Sherman Partners, LLC (“BKS Partners”) and Millennial Specialty Insurance, LLC (“MSI”), each an indirect subsidiary of BRP Group, have entered into an agreement to acquire substantially all assets of RogersGray Inc., Breakwater Brokerage, LLC (“Breakwater”) and Monomoy Insurance Group, LLC (“Monomoy”). The Tampa-based BRP Group is one of the top 50 largest brokers in the country according to various insurance publication rankings.
“RogersGray is one of the top independent firms in the Northeast, featuring a history of growth and an exceptional group of talent led by an accomplished management team buying into BRP Group’s long-term vision. RogersGray will significantly bolster our geographic footprint and product offerings in New England and the broader Northeast region, and we are particularly excited about adding Monomoy to our MGA of the Future platform,” said Trevor Baldwin, Chief Executive Officer of BRP Group.
“David, Michael and their incredibly talented team have prioritized client service above all else, while also fostering a dynamic colleague-centric culture that is clearly aligned with what we are building at BRP Group, and we are thrilled to welcome the RogersGray team to the BRP family.”
According to the terms of the transaction, all 220 employees continue on after the merger with the BRP Group. RogersGray President and Chief Executive Officer, David Robinson, and RogersGray Chairman, Michael Robinson, will also continue on after the sale serving as Co-Regional Presidents of the New England Region within BRP Group’s middle-market operating group.
The transaction or “The Partnership”, BRP Group’s nomenclature for a strategic acquisition, is slated to close on July 1, 2020 pending certain closing conditions. No further terms were disclosed.
The acquisition will greatly expand the BRP Group’s presence in New England
The addition of RogersGray will add $38.8 Million in revenue and represents BRG Group’s largest partnership announcement to date in 2021 and its fourth “Top 100” partnership since the Fourth Quarter of 2020. As a result, the addition of RogersGray brings the brokerage firm’s total for 2021 announced partnerships to approximately $47 Million. In addition to increasing revenues, the acquisition of one of Massachusetts’ largest agencies also significantly expands the BRP Group’s presence throughout Massachusetts, as well as giving it a foothold for the rest of New England.
A major acquisition in the Massachusetts insurance industry
The sale of RogersGray, one of the Commonwealth’s largest independently-owned insurance agencies confirms the continued consolidation of the independent agency marketplace. Founded on Cape Cod in 1906, over the past 115 years the company has grown into a regional powerhouse, even creating its own homeowner’s product tailored to its many coastal insureds.
In commenting on the sale of their agency, David and Michael Robinson reflected on what their agency has achieved so far and what the futures holds for them as a part of The BRP Group.
“We’ve built a tremendously successful business, and we believe joining the BRP Group team presents a meaningful opportunity to take our growth to the next level. This is a natural next step for our stakeholders, and we expect the combination will create considerable value over the long term,” said Dave Robinson, President and Chief Executive Officer of RogersGray. “By partnering with BRP Group, we look forward to providing our clients with the level of service they are accustomed to while providing additional tools, resources and capabilities gained by coming on board to the BRP platform.”
“We are thrilled to be joining the BRP Group team and believe the Partnership aligns us with a Partner who shares and supports our long-term goals and vision,” said Michael Robinson, Chairman of RogersGray. “We are truly proud of our team’s collective accomplishments, and as we join the BRP Group family, we could not be more excited to take RogersGray to the next level for our clients and colleagues who will ultimately benefit from our combined scale and capabilities.”
For those interested in learning more about the sale
The BRP Group announced that it will be holding a webcast and conference call to discuss the RogersGray Partnership on Tuesday, June 15, 2021 at 8:30 AM ET. A live webcast and a slide presentation will be available on BRP Group’s investor relations website at ir.baldwinriskpartners.com. The dial-in number for the conference call is (877) 451-6152 (toll-free) or (201) 389-0879 (international). Please dial the number 10 minutes prior to the scheduled start time.
A replay will be available following the end of the call through Tuesday, June 29, 2021, by telephone at (844) 512-2921 (toll-free) or (412) 317-6671 (international), passcode 13720515. A webcast replay of the call will be available at ir.baldwinriskpartners.com for one year following the call.
More about the BRP Group
BRP Group, Inc. (NASDAQ: BRP) is an independent insurance distribution firm delivering tailored insurance and risk management insights and solutions that give their clients the peace of mind to pursue their purpose, passion and dreams. It currently represents over 600,000 clients across the United States and internationally.