Baldwin Krystyn Sherman Partners (BKS Partners) and Millennial Specialty Insurance, (MSI), both of which are an indirect subsidiary of BRP Group, have entered into an agreement to acquire substantially all assets of RogersGray.
The agreement will see RogersGray, Breakwater Brokerage, and Monomoy Insurance Group (collectively called as RogersGray) being acquired for undisclosed amount.
Go deeper with GlobalData
Headquartered in South Dennis, Massachusetts, RogersGray provides commercial lines, personal lines and employee benefits insurance services to large and mid-sized firms and individuals.
BRP noted that RogersGray, with approximately $38.8m annual revenue, represents its largest announced deal in 2021.
RogersGray president and CEO David Robinson, and chairman Michael Robinson, will serve as co-regional presidents of the New England region within BRP’s middle-market operating group.
Robinson said: “We have 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.”
RogersGray’s approximately 220 employees will join BRP.
The acquisition furthers BRP’s geographic reach in key markets and industries such as real estate, construction & utilities, and coastal personal lines.
BRP CEO Trevor Baldwin said: “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.”
In December 2020, BRP announced its plan to acquire Burnham Benefits Insurance Services (BBIS) and Burnham Gibson Wealth Advisors (BGWA).
