Independent insurance distribution firm, BRP Group, Inc., has reported an impressive 106% rise in revenue for the third quarter of 2021 to $135.6 million, as well as organic revenue growth of 26%, year-on-year.
Despite the growth in revenue for the quarter, BRP Group’s net loss worsened, year-on-year, from $3.3 million in Q3 2020 to $12.8 million in Q3 2021.
For the first nine months of the year, BRP Group has reported revenue growth of 138%, year-on-year, to $408.1 million, while organic revenue climbed by 24% over the same period.
The company’s result also deteriorated for the nine month period, from a net loss of $5.4 million in 2020 to a net loss of $7.9 million in 2021.
The operating result was negative at -$16.8 million for Q3 2021 compared with a loss of $6.7 million a year earlier. For 9M 2021, operating income reached $6.3 million, against an operating loss of $8.2 million for the prior year period.
“It was another outstanding quarter for BRP in all facets of our operations, as we once again doubled our revenue on a year-over-year basis to $135.6 million, while generating another quarter of industry leading organic growth,” said Trevor Baldwin, Chief Executive Officer (CEO) of BRP Group.
“We continued to strongly execute on our deep pipeline of Partnership opportunities, completing two and announcing a third acquisition of Top 100 U.S. brokers in the past few months, further validating BRP Group as a premier destination for the top independent brokers in the industry.
“In addition, our ‘MGA of the Future’ platform continued to grow rapidly as we continue to execute in multifamily and make progress on creating and launching new products.
“2021 has been a landmark year for our Company, and we remain well-positioned to continue generating rapid, sustainable growth and stakeholder value for years to come.”