Benzinga | Apr 26, 2021 04:19PM EDT

BRP Group Reports Purchase Of Seniors' Insurance Services, No Terms 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 Seniors' Insurance Services of Washington, Inc. ("Seniors' Insurance Services"), a Freeland, Washington-based independent insurance agency that offers information, support and access to Medicare and other senior-related products for its clients. The Partnership, BRP Group's nomenclature for a strategic acquisition, is expected to close April 30, 2021, subject to certain closing conditions.

Seniors' Insurance Services generated annual revenues of approximately $0.9 million and is located in the metro Seattle market. Following this Partnership, Seniors' Insurance Services will be rebranded under the Company's Guided banner over a transition period.

"The addition of Seniors' Insurance Services to the BRP Group family continues to significantly strengthen and expand our Medicare presence in the Pacific Northwest region," said Chase Bedsole, President of Guided Medicare Solutions. "The Seniors' Insurance Services team is well versed and experienced in aiding clients find appropriate senior-related insurance solutions, and we expect they will add considerable value for our Guided segment."

"We're excited to join with Guided, which will enable us to expand our capabilities and services for our loyal client base and potential new clients," said Ron Sanford, President of Seniors' Insurance Services. "As Guided continues to become the preeminent provider of Medicare and senior-related insurance products and information, we are proud to become an integral contributor to Guided's ongoing growth and overall expertise."