BRP GROUP, INC. ANNOUNCES NEW BIOTECH PANEL COUNSEL FOR NASDAQ COMPANIES
TAMPA, Fla., April 6, 2022 /PRNewswire/ — BRP Group, Inc. (“BRP Group” or the “Company”) (NASDAQ: BRP), an independent insurance distribution firm delivering tailored insurance solutions, today announced an additional benefit as part of its collaboration with Nasdaq, Inc. (“Nasdaq”): the availability to Nasdaq-listed biotech companies of a new Panel Counsel offering a reduced retention option.
“The premiums and retentions for early-stage and pre-revenue biotech firms, especially IPOs, have skyrocketed in the past three years,” said Mike Tomasulo, Managing Partner and BRP National Practice Leader. “Understanding that the dismissal rates and settlement data are more favorable than the retentions being offered, we worked with some of the best securities attorneys in the country to create a capped fee model that would enable carriers to offer a 25% reduction to their retentions when a panel attorney is selected.”
The Panel Counsel, includes attorneys from nationally recognized firms such as BakerHostetler, Katten, King & Spalding, and WilmerHale and will focus on pre-commercial biotechs under $1B in market cap, predicated on a pre-determined capped fee structure.
“I was honored to help Mike design this pioneering product and am grateful to be part of a panel with fellow defense lawyers I hold in high regard,” said Doug Greene, National Practice Leader of BakerHostetler’s Securities and Governance Litigation Team. “The last thing development-stage biotechnology company directors and officers need is a securities class action that distracts them and drains company resources better spent on drug and device development. BRP’s solution provides a superior defense at a predictable price, enabling biotech companies to maintain focus on their important missions.”
Several prominent carriers, including ARCH Insurance, have agreed to add this endorsement to their primary policies, giving participating biotech companies an entirely elective option to choose one of the participating Panel Firms that have agreed, in return, to a 25% reduction on their retention. Given that such retentions can currently average between $5M and $10M, this benefit can result in a material reduction.
“Arch has a large book of biotech clients and is committed to providing solutions to our insureds. This program will assist our insureds in identifying top-notch defense attorneys specializing in the biotech sector,” said Stephen Swartley, Chief Underwriting Officer of Arch’s Executive Assurance Business Unit.
ABOUT BRP GROUP, INC.
BRP Group, Inc. (NASDAQ: BRP) is an independent insurance distribution firm delivering tailored insurance and risk management insights and solutions that give our clients the peace of mind to pursue their purpose, passion and dreams. We are innovating the industry by taking a holistic and tailored approach to risk management, insurance and employee benefits, and support our clients, Colleagues, Insurance Company Partners and communities through the deployment of vanguard resources and capital to drive our growth. BRP Group represents over 900,000 clients across the United States and internationally. For more information, please visit www.baldwinriskpartners.com.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release may contain various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which represent BRP Group’s expectations or beliefs concerning future events. Forward-looking statements are statements other than historical facts and may include statements that address future operating, financial or business performance or BRP Group’s strategies or expectations. In some cases, you can identify these statements by forward-looking words such as “may”, “might”, “will”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, “outlook” or “continue”, or the negative of these terms or other comparable terminology. Forward-looking statements are based on management’s current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements.
Factors that could cause actual results or performance to differ from the expectations expressed or implied in such forward-looking statements include, but are not limited to, those described under the caption “Risk Factors” in BRP Group’s Annual Report on Form 10-K for the year ended December 31, 2021 and in BRP Group’s other filings with the SEC, which are available free of charge on the Securities and Exchange Commission’s website at: www.sec.gov, including those risks and other factors relevant to the business, financial condition and results of operations of BRP Group and factors related to the potential effects of the COVID-19 pandemic on BRP Group’s business, financial condition and results of operations. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All forward-looking statements and all subsequent written and oral forward-looking statements attributable to BRP Group or to persons acting on behalf of BRP Group are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and BRP Group does not undertake any obligation to update them in light of new information, future developments or otherwise, except as may be required under applicable law.
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SOURCE Baldwin Risk Partners