Independent insurance distribution firm BRP Group’s subsidiary Millennial Specialty Insurance is to acquire a New York-based tech-enabled insurance distribution platform focused on providing commercial insurance services for clients in various high growth industries.
The platform consists of FounderShield, AlphaRoot, ReShield and Scale Underwriting Services; collectively, Founder Shield.
With annual revenue of approximately $9.8 million, Founder Shield represents BRP Group’s seventh acquisition in 2021.
The transaction includes the addition of 50 staff and expertise for rapidly-scaling companies in numerous high-growth industry verticals.
“Founder Shield is the archetypal type of firm we seek to partner with, featuring a history of strong growth and innovation, and an exceptional group of talented, entrepreneurial colleagues,” said Trevor Baldwin, Chief Executive Officer of BRP Group.
“Founder Shield greatly enhances our ability to innovate for our clients and facilitates unique early access to some of the country’s most rapidly growing businesses.
Founder Shield has fostered a dynamic colleague and client-centric culture that is clearly aligned with what we are building at BRP Group, and we are thrilled to welcome the Founder Shield team to the BRP Group family.”
“We strive to work and think differently at Founder Shield, which is why we have been able to successfully and rapidly grow our business,” said Benji Markoff, Co-Founder and Chief Executive Officer of Founder Shield.
“Our team of experts leverages technology to take a hands-on approach that not only creates a fully-digital purchasing experience for our clients, but also automates many of the time-consuming, back-office aspects of insurance, allowing our advisors to be efficient and focus on what they do best and enjoy most – selling insurance.
Partnering with BRP Group is a clear match; the innovative platform of capabilities, client-first approach and resources available to our team, makes combining our firms an obvious choice. We could not be more excited to take Founder Shield to the next level.”
“Joining BRP Group is a natural next step for us. We’re incredibly proud of our team’s collective accomplishments, and we believe joining the BRP Group team presents a meaningful opportunity to grow faster and more efficiently together,” said Carl Niedbala, Co-Founder and Chief Operating Officer.