Independent insurance distribution firm BRP Group has agreed to buy all of the outstanding equity interests of California’s Westwood Insurance Agency for an undisclosed amount.
The deal is said to be BRP Group’s largest alliance so far.
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Owned by QBE Holdings, Westwood offers builder-sourced homeowners insurance.
The personal lines agency represents more than 400,000 homeowners through tie-ups with homebuilders and insurance companies in the US.
It generated revenues of around $81.8m last year.
BRP Group CEO Trevor Baldwin said: “Representing the largest Partnership to date in BRP Group’s history, Westwood’s embedded business model and proprietary technology add invaluable expertise to the BRP Group family. We welcome Alan and the entire Westwood team to BRP Group.”
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By GlobalDataThe transaction is planned to complete on or around 1 May 2022.
BRP Group chief insurance innovation officer Jim Roche said: “We know, first-hand, what a unique and strategic asset Westwood represents, and we are thrilled to partner with the Westwood team.
“We believe there is a tremendous opportunity to leverage our collective relationships, proprietary technology and product offerings for future growth.”
Morgan Stanley was QBE’s exclusive financial adviser in the deal.
Separately, BRP Group’s “MGA of the Future” platform Millennial Specialty Insurance (MSI) signed a programme administrator agreement with a QBE affiliate.
The deal allows Millennial Specialty to take on operations of QBE’s builder-sourced homeowners book.
This is projected to add premium of $200m to MSI’s homeowners MGA platform.
MSI, however, will not assume related balance sheet risk.
