Broker BRP Makes Acquisitions in N.Y., Maryland

BI - July 29, 2021 - Broker BRP Group Inc. said Friday that its Millennial Specialty Insurance LLC unit had acquired FounderShield LLC, AlphaRoot LLC, ReShield LLC and Scale Underwriting Services LLC, collectively known as Founder Shield, a New York-based insurtech company.

Terms of the transaction, expected to close on or around Aug. 1, 2021, were not disclosed.

Founder Shield has annual revenue of approximately $9.8 million and is BRP Group’s seventh deal in 2021, the statement said Friday.

Founder Shield focuses on the online purchasing and administering insurance for high-growth companies. The company’s approximately 50 colleagues will join BRP.

In a separate statement Friday, BRP Group said it had acquired TCG Financial Holding Co. LLC, a Bethesda, Maryland-based broker for small and mid-sized groups including government contracting, technology and nonprofit organizations.

Terms of the transaction, expected to close on or around Aug. 1, 2021, were not disclosed.

The deal, under which more than 50 employees will join BRP, “adds scale and density in the critical D.C. Metro region,” BRP said in its statement.