BRP Group has agreed to acquire all of the outstanding equity interests of Westwood Insurance Agency, an insurer based in California, and owned by QBE Holdings.
The company is a full-service personal lines agency specialising in builder-sourced homeowner’s insurance, which has established itself as a premier partner with some of the largest homebuilders in the United States.
With annual revenues of approximately $81.8 million, Westwood represents BRP Group’s largest Partnership to date.
The Partnership, BRP Group’s nomenclature for a strategic acquisition, is expected to close on or around May 1, 2022, subject to certain closing conditions.
Trevor Baldwin, Chief Executive Officer of BRP Group said: “Alan and his team at Westwood have built a world-class organization, and we could not be more excited to be Partnering together.
“Representing the largest Partnership to date in BRP Group’s history, Westwood’s embedded business model and proprietary technology add invaluable expertise to the BRP Group family. We welcome Alan and the entire Westwood team to BRP Group.”
Jim Roche, Chief Insurance Innovation Officer of BRP Group, who prior to founding MSI, spent four years leading strategy for QBE North America Personal Lines, which included involvement in the strategic direction of Westwood.commented: “We know, first-hand, what a unique and strategic asset Westwood represents, and we are thrilled to partner with the Westwood team.
“We believe there is a tremendous opportunity to leverage our collective relationships, proprietary technology and product offerings for future growth.”
Alan Umaly, President of Westwood said: “This opportunity could not have come at a better time as Westwood celebrates our 70th anniversary this year. I’m truly excited to join the BRP Group family and for this new chapter in Westwood’s history.
Todd Jones, Chief Executive Officer of QBE North America, added: “A really pleasing outcome for all parties involved – especially the Westwood Insurance Agency team. The process gives us confidence that this is the beginning of an encouraging partnership with BRP Group.”
