Independent insurance distribution firm, BRP Group, Inc., has reported a net loss of $58.1 million for 2021 despite increasing its revenue by 135% over the year.
The result follows a loss of $29.9 million in 2020, and is mainly attributable to the company’s Q4 performance, which resulted in a $44.4 million for this three-month period alone.
In contrast revenues grew from $240.9 million to $567.3 million for the year, and from $69.6 million to $159.2 million for the quarter.
Organic revenue growth for the year was 22%, while for the quarter it was 18%.
“We had an excellent close to an outstanding year for BRP Group, as we more than doubled our quarterly revenue year-over-year to $159.2 million, driven by our recent Partnerships, our ‘MGA of the Future’ platform and another quarter of strong organic growth, as highlighted by double-digit organic growth across all four operating groups in the fourth quarter,” said Trevor Baldwin, Chief Executive Officer of BRP Group.
“Along with our rapid top-line growth, we were very active in completing six new Partnerships (including three Top 100 U.S. brokers) while maintaining a robust pipeline of additional opportunities,” Baldwin continued.
“We are thrilled with our performance in 2021, having firmly established BRP Group as the premier destination for our industry’s top talent and independent brokers, remaining well-positioned to continue delivering sustainable growth and creating stakeholder value in 2022 and beyond.”
