BRP Group, Inc., an independent insurance distribution firm, has entered into an agreement to acquire Highland Risk Services LLC, a Chicago-based insurance company.
The company will carry out the acquisition via its subsidiary, BRP Insurance Intermediary Holdings, LLC, with the transaction set to close on January 1, 2020.
Highland Risk is focused on providing insurance information and programs to those who serve the healthcare industry, the professional liability needs of real estate firms, and cyber insurance needs across a range of industries.
In connection with the acquisition, BRP Group is branding the Specialty Wholesale platform within its Specialty Operating Group as Connected Risk Solutions.
Connected Risk Solutions will include AB Risk and KB Risk, both existing BRP Specialty Wholesale Partnerships with expertise in healthcare, managed care, life sciences and social services.
“Joining the Connected Risk Solutions group is a win for everyone with whom we work,” said Brian Daly, President of Highland Risk, who will become President of Connected Risk Solutions following the acquisition.
“Not only will we be positioned to grow our business through access to expanded resources, expertise and industry relationships, we will be uniquely positioned to help our agent partners succeed and better serve their clients,” he explained.
Prior to founding Highland Risk and assuming his new leadership role at Connected Risk Solutions, Daly was Chief Underwriting Officer at Allianz Insurance Company (US).
Trevor Baldwin, Chief Executive Officer of BRP Group, also commented on the announcement: “The Highland Risk Partnership further bolsters our recognized expertise in the healthcare industry, expands our capabilities in cyber insurance, and opens a new avenue of growth with their real estate practice.”
“We are excited to accelerate the expansion of our Specialty Wholesale business under Brian’s leadership,” Baldwin added. “As President of our newly-branded Connected Risk Solutions, he will be focused on building a specialty wholesale brokerage platform dedicated to providing agents and brokers with recognized expertise across industries and product lines for complex risk issues.”
