BRP Group’s subsidiary Baldwin Krystyn Sherman Partners (BKS Partners) has acquired all assets of Insurance Risk Partners (IRP).
IRP is an Oklahoma City-based provider of P&C insurance and additional consulting services. It generated nearly $7m in annual revenues.
Founded in 2016, IRP’s customer base includes both domestic and international private equity firms, publicly-traded utilities, independent power generation facilities, and renewable power generation companies.
IRP CEO Paul Brown said: “We chose to join BRP Group at this early stage in our firm’s history because we believe the partnership will accelerate our top-line growth by leveraging BRP’s innovative service platform and unique capital structure.
“BKS-Partners has an unparalleled track record of investing in the tools and client capabilities that will position our firm for continued success.”
As per the agreement, IRP will become a part of BKS-Partners’ operating group and brand under BRP nomenclature for a strategic acquisition.
BRP Group CEO Trevor Baldwin said: “IRP team expands our capabilities within the rapidly growing mission-critical energy and infrastructure segment while allowing us to better capitalize on upmarket opportunities throughout BRP.
“Given the current macro environment, we believe IRP’s clients and industry focus represent a unique combination of both economic defensibility as well as offering great growth prospects.
“As a result of this new partnership, we will expand our large account and technical insurance risk and placement capabilities in the US and abroad.”