Benzinga | Mar 23, 2021 04:17PM EDT

BRP Group To Acquire Only Medicare Solutions; Financial Details Not Disclosed

BRP Group, Inc. ("BRP Group" or the "Company") (NASDAQ:BRP), a rapidly growing independent insurance distribution firm delivering tailored insurance solutions, today announced that BRP Medicare Insurance III, LLC, an indirect subsidiary of BRP Group operating as Guided Medicare Solutions ("Guided"), has entered into a definitive agreement to acquire substantially all assets of Tim Altman, Inc. (operating as "Only Medicare Solutions"), an Issaquah, Washington-based independent insurance agency that offers information, support and access to Medicare products for its clients. The Partnership, BRP Group's nomenclature for a strategic acquisition, is expected to close April 1, 2021, subject to certain closing conditions.



Only Medicare Solutions generated annual revenues of approximately $1.0 million and has a presence in the Pacific Northwest and Southern California (Coachella Valley / greater Palm Springs) markets. Following this Partnership, Only Medicare Solutions will be rebranded under the Company's Guided banner over a transition period.

"We have built a significant Medicare presence in the Pacific Northwest, and the addition of Only Medicare Solutions to the BRP Group family will serve to further strengthen our brand and capabilities," said Chase Bedsole, President of Guided Medicare Solutions. "We welcome the Only Medicare Solutions team and believe their wealth of experience and client-centric focus will add significant value and generate new growth opportunities for our Guided segment."

"Joining with Guided is the natural next step for our business, as we will be able to better serve our client base with a myriad of new opportunities and services," said Tim Altman, President of Only Medicare Solutions. "We are excited to become an integral part of Guided's expanding Pacific Northwest Medicare Advantage presence, and we are eager to avail ourselves of BRP Group's substantial resources to continue expanding our business."