Independent insurance distribution firm, BRP Group, Inc., has reported a net loss of $3.6 million for the second-quarter of 2020, while revenue jumped 55% year-on-year to $51.3 million.
The company’s Q2 2020 performance also includes 19% of organic revenue growth, while “MGA of the Future” revenue increased 39% from Q2 2019 to $13.1 million.
Alongside the $3.6 million net loss, the company has also reported an operating loss of $6.8 million for the second-quarter of 2020, compared with operating income of $0.664 million a year earlier.
However, revenue improved significantly for the firm in Q2, reaching $51.3 million as the distribution entity recorded adjusted net income of $6.5 million for the quarter.
Trevor Baldwin, the company’s Chief Executive Officer (CEO), commented: “We are very proud of our second quarter performance, which is a testament to the power and resiliency of our differentiated business model and hybrid growth strategy to thrive in the face of the unprecedented economic headwinds.
“The strength of the company we are building at BRP Group is clearly evidenced by our 19% organic growth. I want to offer a huge thank you to all of our Colleagues, who have executed tremendously for our clients during this challenging period, and without whom these results would not have been possible.”
For the first six months of the year, BRP Group’s revenue improved by 68% when compared with the same period in 2019 to $105.4 million, while organic revenue jumped 12% year-on-year.
For H1 2020, the company’s “MGA of the Future” revenue increased 40% to $24.2 million, against $17.3 million H1 2019.
Despite the growth in revenue for the period, BRP Group has reported a net loss of $2.1 million for the first half of the year, and an operating loss of $1.5 million, against operating income of $11.9 million in H1 2019. At the same time, adjusted net income reached $18.5 million for the first half of the year.
