BRP Group Inc., the parent company of brokerage Baldwin Risk Partners LLC, on Wednesday reported second-quarter revenue of $297.2 million, up 28% compared with the same period last year and up 22% on an organic basis.
The broker swung to a quarterly loss of $43.7 from a profit of $16.6 million a year ago, however, as expenses grew 51.5% to $313 million.
CEO Trevor Baldwin, speaking on the company’s earning call Wednesday, said the Tampa, Florida-based brokerage has adopted “a more normalized hiring pattern,” adding fewer than 100 net new employees through July compared with more than 600 during the same period last year.
The broker’s insurance advisory solutions segment reported second-quarter organic revenue growth of 15%, Mr. Baldwin said on the call, compared with 14% in the first quarter.
The company’s underwriting, capacity and technology solutions business reported second-quarter organic growth of 36%, compared with 56% in the first quarter, and its mainstreet insurance solutions segment reported 20% organic growth, matching that of the first quarter.
For the full year 2023, the broker expects organic growth to be in the high teens, including expectations of third-quarter organic growth in the mid-teens, said Brad Hale, chief financial officer.
Mr. Hale added that the broker expects full-year revenue to be in the range of $1.18 billion to $1.2 billion, higher than the range of $1.6 billion to $1.19 billion stated in the first quarter earnings call.
