Independent insurance distribution firm BRP Group has reported a net loss of $46.7 million for the third quarter of 2022, worsening nearly twofold from the loss of $24.6 million that it reported for the same period last year.
This includes an operating loss of $29.9 million, versus a loss of $6.9 million previously.
But the company did post strong revenue growth for the quarter, with overall revenues up 91% year-over-year to $259.4 million, including organic revenue growth of 28%.
“For the third quarter, we generated exceptional results as evidenced by accelerating double-digit organic growth across our platform, which showcases the continued client demand for our innovative solutions at a time of growing uncertainty in the business and economic environment,” said Trevor Baldwin, Chief Executive Officer of BRP Group.
“Our performance on the top line enabled us to more than double our adjusted EBITDA and significantly grow our adjusted net income,” he continued.
“These results highlight the resiliency of our go-to-market approach and business model that uniquely positions us to profitably grow throughout market and economic cycles.”
For the first nine months of the year, BRP posted net income of $14.7 million compared with a net loss of $13.7 million for the same period last year, and its operating income was $35.3 million, versus $6.2 million previously.
Revenue for the 9M period was up 80% year-over-year to $734.7 million, including organic revenue growth of 22%.
