BRP Group, through its subsidiary, has acquired the assets comprising the risk assessment and consulting business of Pendulum.
New Mexico-based Pendulum offers risk assessment and reduction protocols leveraging advanced software tools.
The company focuses on the long-term care and senior living markets through its consulting services suite. These include its network of risk control consultants, technological applications and training materials for risk management.
It has more than 30 consultants who cater to all healthcare settings, with emphasis on senior housing.
The business acquired from Pendulum generated annual revenues of around $2m, BRP disclosed.
Pendulum will now be a part of BRP’s Specialty Wholesale platform Connected Risk Solutions, which operates within its Specialty Operating Group.
Moreover, Pendulum will also retain its brand.
Connected Risk Solutions president Brian Daly said: “We are excited to complete our Partnership with Pendulum, which both broadens our expertise and our product offerings in the senior living market, and further expands our opportunities for growth.
“With the addition of Pendulum, we are now able to offer an entire range of healthcare services related to insurance and risk management, effectively creating a one-stop shop for our existing and prospective agents and their clients.”
Pendulum president Ric Henry said: “We are delighted to be joining with BRP Group and Connected Risk Solutions, as we believe our offerings and suite of risk solutions dovetail well with the growing platform, allowing us to provide a unique, integrated service offering for our clients.
“We expect to smoothly integrate within Connected Risk Solutions given the anticipated synergies, and look forward to being a valuable contributor to the expansion of the brand and its market share.”
Last month, BRP subsidiary Baldwin Krystyn Sherman Partners (BKS Partners) acquired all assets of Insurance Risk Partners (IRP).