Independent insurance distributor BRP Group has signed an agreement to acquire Construction Risk Partners (CRP) for an undisclosed sum.
The deal, which was made through BRP Group subsidiary Baldwin Krystyn Sherman Partners (BKS Partners), is expected to close on or around 1 December 2021.
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New Jersey-based CRP is a speciality construction brokerage firm, which caters to business owners, developers, general contractors, designers, and subcontractors across the US.
It offers a wide range of insurance coverages such as property & casualty insurance, surety, subcontractor default insurance and wrap-up services.
CRP, which has annual revenue of $32.6m, is expected to bolster BRP Group’s standing in the construction space.
BRP Group CEO Trevor Baldwin said: “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.”
CRP partner Al Marquis said: “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.”
Earlier this month, BRP Group announced plans to buy Wood Gutmann & Bogart Insurance Brokers to scale its West Coast operations.
