BRP Group, Inc. Announces the Launch of a $ 100 Million Term Loan

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TAMPA, FL, May 24, 2021 (GLOBE NEWSWIRE) – BRP Group, Inc. (“BRP Group” or “Company”) (NASDAQ: BRP), a fast-growing independent insurance distribution company providing customized insurance solutions, today announced that its subsidiary Baldwin Risk Partners, LLC (“BRP LLC”) is seeking to amend its existing loan agreement (the “Loan Agreement”), which requires BRP LLC to borrow $ 100 million of new term B loans (“New Term B loan”) under the Loan Agreement, which will increase the aggregate principal amount of the existing senior secured loan from the first collateral maturing in 2027 (“Existing Term Loan B”) of $ 400 million. up to $ 500 million.

BRP LLC intends to use the net proceeds from the New Term Loan B for general corporate purposes, including acquisitions and investments permitted under the Loan Agreement.

The above transaction is subject to market and other conditions. Therefore, there can be no guarantee that BRP LLC will be able to successfully complete a transaction on the terms described above, or at all.

ABOUT BRP GROUP, INC.

BRP Group, Inc. (NASDAQ: BRP) is a fast growing independent insurance distribution company offering personalized insurance and risk management ideas and solutions that give our clients the peace of mind to pursue their goals, passions and dreams. We innovate in the industry with a holistic and personalized approach to risk management, insurance and employee benefits, and support our clients, colleagues, insurance partners and the community by deploying vanguard resources and capital to drive our growth. BRP represents over 600,000 clients in the United States and abroad. For more information please visit www.baldwinriskpartners.com

NOTE ON FORWARD-LOOKING STATEMENTS

This press release may contain various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act 1995, which reflect BRP Group’s expectations or beliefs regarding future events. Forward-looking statements are statements other than historical facts and may include statements regarding future operating, financial or business performance and the strategies or expectations of BRP Group. In some cases, you may identify these statements by forward-looking words such as “may,” “might,” “would,” “should,” “expects,” “plans,” “expects,” “believes,” “estimates” … ”,“ Forecasts ”,“ projects ”,“ potential ”,“ prospects ”or“ continuation ”, or negative meanings of these terms or other comparable terminology. Forward-looking statements are based on management’s current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those anticipated in these statements.

Factors that could cause actual results or performance to differ from the expectations expressed or implied in such forward-looking statements include, but are not limited to, the factors described under the heading “Risk Factors” in BRP Group’s 10-K Annual Report for the year ended December 31, 2020, BRP Group’s quarterly reports on Form 10-Q for the three months ended March 31, 2021, and other BRP Group documents to the SEC, which are available free of charge on the SEC website by the address: www.sec.gov… Should one or more of these risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results could differ materially from those stated. All forward-looking statements and all subsequent written and oral forward-looking statements attributed to BRP Group or to persons acting on behalf of BRP Group are expressly qualified in their entirety with reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Forward-looking statements are valid only as of the date they are made and BRP Group assumes no obligation to update them in light of new information, future events or otherwise, except as required by applicable law.

CONTACTS

RELATIONS WITH INVESTORS
Bonnie Bishop
Investor relations
(813) 259-8032
IR@baldwinriskpartners.com

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Rachel Carr
Baldwin risk partners
(813) 418-5166
Rachel.Carr@baldwinriskpartners.com

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