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Florida-based insurance distribution firm BRP files for IPO

Tampa, Fla.-based independent insurance distribution firm BRP Group Inc. has filed for an IPO of its common shares.

The IPO's proposed maximum aggregate price is $100 million, estimated solely to calculate the registration fee.

BRP currently conducts its business through Baldwin Risk Partners LLC. After the offering, BRP will be a holding company and its sole asset will be a controlling equity interest in Baldwin Risk Partners. As sole managing member of Baldwin Risk Partners, BRP will manage and operate the business and day-to-day operations of the insurance broker.

The company intends to use the net proceeds from the offering to purchase new membership interests in Baldwin Risk Partners from Baldwin Risk Partners, its chairman, Lowry Baldwin, and its shareholder, The Villages Invesco LLC.

Baldwin Risk Partners will use the net proceeds from the sale of membership interests to pay fees and expenses related to the offering and for its intended series of transactions related to its reorganization. The net proceeds will also be used to repay outstanding borrowings under its credit agreements with Cadence Bank NA and Villages, and for general corporate purposes, such as for working capital and for potential strategic acquisitions and investments.

Upon completion of the offering, BRP will have two classes of common shares. BRP applied to list its class A common shares on the Nasdaq Global Select Market under the symbol BRP, but has no plans to list its class B common shares on any exchange.

J.P. Morgan Securities LLC, BofA Securities Inc., Jefferies LLC, Wells Fargo Securities LLC, Raymond James & Associates Inc. and Keefe Bruyette & Woods Inc. were listed as underwriters for the offering.