Independent insurance distribution firm BRP Group has announced that its subsidiary, Millennial Specialty Insurance (MSI), has completed its previously announced acquisitions of Founder Shield and The Capital Group.
Founder Shield collectively refers to FounderShield LLC, AlphaRoot LLC, ReShield LLC and Scale Underwriting Services LLC, while The Capital Group refers to TCG Financial Holding Company, LLC and certain of its subsidiaries.
In connection with these transactions, BRP Group intends to issue restricted shares of the Company’s Class A Common Stock to new employees that the Compensation Committee of the Board of Directors of the Company previously approved.
The Compensation Committee approved the Grants to motivate the recipients to contribute to the success of BRP Group and its affiliates.
The previously announced upfront cash payments to Founder Shield and The Capital Group were reduced by the estimated value of the applicable Grants.
