BRP Group, an independent insurance distribution firm, has released its results for the second quarter of 2023, which included its revenue growing by 28% to $297.2 million, as well as witnessing strong organic growth of 22%.
The company also witnessed a quarterly loss of $43.7 million from a profit of $16.6 million a year ago, however, as expenses grew 51.5% to $313 million.
In addition, BRP Group’s adjusted EBITDA grew 45% to $61.6 million, compared to $42.4 million from the prior year period.
Meanwhile, for H123, BRP Group posted a 32% revenue increase as it reached $627.6 million.
The company also recorded a $69.5 million net loss for H123, compared to a $61.4 million profit from H122.
Adjusted EBITDA grew 22% to $140.6 million in H123, a big increase compared to H122’s $115.4 million.
Trevor Baldwin, Chief Executive Officer of BRP Group, commented on the results: “The strength of our colleague and client franchise was highlighted by organic growth of 22%, showcasing leading execution on behalf of our clients.
“Additionally, we made progress in de-levering our balance sheet, which further positions us to take advantage of future opportunities. The deep investments we made over the past three years to scale the business are clearly beginning to bear fruit, and we believe they will become more evident in our margin and earnings profile in the second half of the year and beyond.”
