BRP GROUP, INC.’S AHT INSURANCE LAUNCHES FIRST-EVER PSYCHEDELIC THERAPY MALPRACTICE INSURANCE PROGRAM
Program offers previously unavailable, critical insurance coverage for lawful therapeutic uses of psychedelics to key players in the sector including doctors, psychiatrists, clinicians, therapists, physician assistants, nurses and facilitators
Tampa, Fla. – December 12, 2023 – Armfield, Harrison & Thomas, LLC (“AHT Insurance”), an indirect subsidiary of BRP Group, Inc. (NASDAQ: BRP) (“BRP Group”), today announced the launch of TheraCover™ Psychedelics Insurance (“TheraCover™”). TheraCover™ provides insurance coverage to protect professionals and companies involved in bringing lawful uses of psychedelic medical therapies to market. The program is modern insurance for modern medicine in an emergent life sciences space.
“The increased and rapid acceptance of psychedelic treatments as an alternative in treating a range of mental health issues – including post-traumatic stress disorder (PTSD) and depression – has created a strong demand from patients and therapists alike, and has focused attention on the psychedelics industry at large,” said Dan Galbraith, BRP Group’s Chief Operating Officer.
“Based on our work with professionals and groups providing a range of medical therapies, we identified a gap in the insurance marketplace and, as a result, we launched TheraCover™ to provide comprehensive insurance solutions for providers of psychedelic-assisted therapy. TheraCover™ fills a need in the market by providing insurance coverage for a cohort of licensed mental health and medical professionals including medical doctors, psychotherapists, psychiatrists, psychiatric nurses, medical facilitators, clinicians, and therapists,” emphasized Leslie Nylund, National Managing Director, Strategic Growth Initiatives, BRP Group.
The risks and emerging exposures facing the companies and professionals involved in psychedelics research are some of the most challenging in the marketplace, and TheraCover™ is designed to provide essential risk transfer, leveraging BRP Group’s full suite of solutions. Casualty insurance coverages – such as medical professional liability, general liability, and cyber liability – can protect firms, leaders, and professionals from third-party claims.
The program has been launched with the support of the Multidisciplinary Association for Psychedelic Studies (“MAPS”).
“We are extremely pleased with the launch of TheraCover™, created by BRP Group, which provides the first-of-its-kind offering for malpractice/professional liability and ancillary coverages in a distinctive insurance program for qualifying practitioners in legal uses of Psychedelic-Assisted Therapy,” said Ray Allen, General Counsel for MAPS. “This is a critical initiative to help the continuing advancement of care for the millions of people affected by PTSD worldwide, as well as other mental health issues.”
Nylund added, “We are pleased to support MAPS in their mission to provide the research and education necessary to make these therapies accessible for all, and now, TheraCover is available to provide an insurance and risk management solution to those professionals looking to treat their patients.”
Learn more about TheraCover™ and apply for coverage at the TheraCover™ Psychedelics Insurance website: https://www.ahtins.com/psychedelics-theracover/
ABOUT BRP GROUP
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 and 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 two million clients across the United States and internationally. For more information, please visit www.baldwinriskpartners.com.
ABOUT MAPS
Founded in 1986, Multidisciplinary Association for Psychedelic Studies (MAPS) is a 501(c)(3) non-profit research and educational organization that develops medical, legal, and cultural contexts for people to benefit from the careful uses of psychedelics and marijuana. MAPS has sponsored the most advanced psychedelic therapy research in the world through its subsidiaries MAPS PBC and MAPS EU. MAPS has earned both the Guidestar Platinum Seal of Transparency and a 4-Star Rating from Charity Navigator.
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, 2022 and in BRP Group’s other filings with the SEC, which are available free of charge on the SEC’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. 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.
BRP MEDIA RELATIONS
Anna Rozenich, Sr. Director of Enterprise Communications
Baldwin Risk Partners
630.561.5907 | anna.rozenich@baldwinriskpartners.com
BRP INVESTOR RELATIONS
Bonnie Bishop, Executive Director, Investor Relations
Baldwin Risk Partners
813.259.8032 | IR@baldwinriskpartners.com
MAPS MEDIA CONTACT
Ray Allen, General Counsel for MAPS
ray@maps.org
Source: BRP Group, Inc.
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