Independent insurance distribution firm BRP Group has reported a $6.6 million operating loss for the third quarter, having registered a $1.4 million profit in the prior year period.
The group also registered a $7.6 million net loss for the quarter, a drop from the $2.3 million loss reported during the same period in 2019.
The company’s revenue in the quarter, however, increased 72% year-over-year to $65.8 million.
“BRP delivered another quarter of tremendous performance as we sustained high levels of organic and total growth, once again firmly validating our hybrid growth strategy and differentiated business model,” said Trevor Baldwin, Chief Executive Officer of BRP Group.
“For the quarter, we generated year-over-year revenue growth of 72% to a record $65.8 million, highlighted by 20% organic revenue growth compared to the prior-year period, an impressive feat considering the ongoing challenges in the economic environment.
“Our ‘MGA of the Future’ platform also hit the 500,000 policy mark this quarter, which is an incredible milestone achieved in just four years’ time.”
