Updated:
BRP Inc.
Orlando Bravo's permanent-capital vehicle for insurance distribution roll-ups. BRP Inc.
BRP Inc.
BRP Inc. launched in 2019 as a publicly traded vehicle (NYSE: BRP) by Orlando Bravo, the billionaire co-founder of software-focused private equity giant Thoma Bravo. The firm was structured as a special purpose acquisition company (SPAC) that ultimately merged with and took public a collection of insurance brokerage and services businesses. Unlike Thoma Bravo's traditional buyout funds, BRP was conceived as a permanent capital base for long-duration holdings. The firm's investment strategy centers on acquiring and operating businesses within the insurance distribution and services sector. Its primary platform, BRP Group (now The Baldwin Group), consolidates independent insurance brokerages across commercial risk, employee benefits, and private risk management lines. The portfolio spans multiple US regions including the Southeast, Midwest, and Mid-Atlantic. Although originally structured as a SPAC, BRP Inc. now functions as a holding company for the operating entity, which completed a rebrand to The Baldwin Group in 2023 (per the firm's SEC filings, 2023). As of the most recent public filings, the operating company generates over $1 billion in annual revenue with thousands of employees across dozens of offices in the United States. The Baldwin Group partnership model retains local agency founders as equity-holding partners post-acquisition, creating an aligned operator network. Trevor Baldwin, grandson of the agency's founder, serves as CEO of the operating company — maintaining a multi-generational family presence alongside Bravo's institutional capital. BRP Inc.'s structural differentiator lies in its hybrid origin: a private equity titan using a permanent-capital public vehicle to consolidate a fragmented, relationship-driven industry. This architecture bridges the long-hold preferences of insurance distribution with the liquidity demands that traditional private equity funds avoid — a design rare among insurance roll-up strategies.
General information
Firm type
Asset Manager
Year founded
2019
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Miami Beach
Corporate office
Miami Beach, FL, United States
Principals
Orlando Bravo
Co-Founder and Managing Partner
Sector focus
Frequently asked questions
What is the relationship between BRP Inc. and Thoma Bravo?
BRP Inc. was co-founded by Orlando Bravo, the Managing Partner of Thoma Bravo, but operates as an entirely separate entity. Thoma Bravo is a private equity firm managing over $130 billion focused on software buyouts through traditional closed-end funds. BRP Inc. is a publicly traded holding company (NYSE: BRP) designed for permanent capital deployment into insurance services — it does not co-invest alongside Thoma Bravo funds and maintains its own management team and board.
Why did BRP Group rebrand to The Baldwin Group in 2023?
The October 2023 rebrand reflected a strategic effort to unify dozens of independently acquired insurance agencies under a single client-facing identity. The Baldwin name — drawn from the Florida-based founding agency led by CEO Trevor Baldwin — reinforces the multi-generational operating heritage that underpins the roll-up strategy. The ticker symbol BRP remained unchanged post-rebrand.
How does BRP Inc. generate returns compared to Thoma Bravo's traditional buyout funds?
BRP Inc. does not operate on a 3-5 year fund cycle with defined exit horizons. As a permanent-capital vehicle, it generates returns through long-term equity appreciation, dividend income from operating subsidiaries, and accretion from continued acquisitions. The Baldwin Group's revenue reached approximately $1.2 billion in 2024 (per the firm's earnings reports), with growth driven by both organic expansion and M&A.
Who runs day-to-day operations at the portfolio company level?
Trevor Baldwin serves as CEO of The Baldwin Group, the operating subsidiary. He represents the third generation of a family insurance business originally founded in Florida. Local agency founders and principals typically retain significant equity and operational roles post-acquisition through a partnership model — a structure designed to preserve entrepreneurial incentives while providing institutional capital and back-office scale.
Is BRP Inc. actively acquiring new agencies?
Yes. The Baldwin Group continues to pursue acquisitions across commercial risk, employee benefits, and private client insurance lines. The firm targets independent agencies with strong regional footprints and owner-operators willing to participate in the partnership model. Public filings indicate a steady pace of tuck-in acquisitions alongside organic growth, with a particular focus on the US Southeast, Sunbelt, and Mountain West markets.
What sectors does BRP Inc. avoid?
BRP Inc. operates exclusively in insurance distribution and services — it does not invest in software, healthcare delivery, or other sectors that characterize Thoma Bravo's portfolio. Within insurance, the firm avoids underwriting risk, remaining focused purely on brokerage and advisory revenue rather than balance-sheet exposure to claims.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
Need institutional-grade insight on asset managers?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: