Independent insurance distribution firm BRP Group has reported a net loss of $20.1 million for the second quarter of 2021, following a loss of $7.9 million in the same period last year.
BRP turned a loss despite increasing its revenue by 133% year-over-year to $119.7 million, including organic revenue growth of 32%.
Looking at the first six months of the year, net income amounted to $10.5 million, versus a loss of $3.2 million for the H1 period last year.
“The power of our business model and overall growth strategy was evident in the second quarter, as we more than doubled revenue on a year-over-year basis to $119.7 million, while we generated our best quarterly organic growth as a public company,” said Trevor Baldwin, Chief Executive Officer of BRP Group.
“Our excellent performance was widespread across our company, including another quarter of strong growth from our ‘MGA of the Future’ platform as it climbed over the 600,000 mark in policies in force, and valuable contributions from our recent large Partnership acquisitions,” Baldwin continued.
“We also made significant progress in strengthening our balance sheet and executing on our deep pipeline of Partnership opportunities, including the acquisition of RogersGray on July 1, 2021, another of Business Insurance’s Top 100 largest U.S. brokers. We believe we remain in prime position to generate rapid and sustainable growth and deliver additional long-term shareholder value.”
