BRP Group, Inc. Announces Expansion Through Acquisition
- May 05, 2020
BRP Group, Inc. Announces Acquisition of Pendulum
Expands New Connected Risk Solutions Brand
TAMPA, FL -- BRP Group, Inc. (“BRP Group” or the “Company”) (NASDAQ: BRP), a rapidly growing independent insurance distribution firm delivering tailored insurance solutions, announced that a subsidiary of BRP Group has acquired the assets comprising the risk assessment and consulting business of Pendulum, LLC (“Pendulum”), an Albuquerque, New Mexico-based firm that provides innovative risk assessment and reduction protocols utilizing advanced software tools. The business acquired from Pendulum generated annual revenues of approximately $2.0 million.
Pendulum offers expertise in the long-term care and senior living markets through a full range of consulting services, including its network of highly skilled risk control consultants, its technological applications and its training materials, to manage risk and strengthen defensibility. Its 30+ consultants service all healthcare settings, with a specialized focus on senior housing. Following this Partnership, Pendulum will continue operating under its current brand and will become part of Connected Risk Solutions, BRP’s Specialty Wholesale platform within its Specialty Operating Group.
“We are excited to complete our Partnership with Pendulum, which both broadens our expertise and our product offerings in the senior living market, and further expands our opportunities for growth,” said Brian Daly, President of Connected Risk Solutions. “With the addition of Pendulum, we are now able to offer an entire range of healthcare services related to insurance and risk management, effectively creating a one-stop shop for our existing and prospective agents and their clients.”
“We are delighted to be joining with BRP Group and Connected Risk Solutions, as we believe our offerings and suite of risk solutions dovetail well with the growing platform, allowing us to provide a unique, integrated service offering for our clients,” said Ric Henry, President of Pendulum. “We expect to smoothly integrate within Connected Risk Solutions given the anticipated synergies, and look forward to being a valuable contributor to the expansion of the brand and its market share.”