Independent insurance distribution firm BRP Group has reported a net income of $30.6 million compared to $4.7 million for the same prior-year period.
This meant that its net income margin improved to 20%, compared to 9% the year before.
The group also reported its revenue increased by 182% year-over-year to $152.8 million.
Trevor Baldwin, Chief Executive Officer of BRP Group commented: “Momentum from 2020 carried nicely into the first quarter of 2021, as we nearly tripled total revenues on a year-over-year basis to $152.8 million, while continuing to deliver double-digit organic growth.
“In the first quarter, we saw excellent performances from our late 2020 acquisitions of three of Business Insurance’s Top 100 largest U.S. brokers, as well as continued rapid expansion of our ‘MGA of the Future’ platform.
“Most importantly, March was the strongest month of the first quarter and we saw further acceleration across the business into April and early May.”
