DENNIS – RogersGray Inc., Cape Town’s largest independent insurance agency – and the state – was acquired by Baldwin Risk Partners, also known as BRP Group Inc.
RogersGray, which was founded on Cape Cod in 1906, offers property and casualty insurance and employee benefit programs to individuals, families and businesses. They have about 40,000 customers.
The Cape Town-based company has 220 employees in 11 offices on the Massachusetts coast. Everything will remain after the merger.
RogersGray Co-Chairman and CEO David Robinson and Co-Chairman and Chairman of the Board Michael Robinson will also remain Regional Co-Chairs for the New England region within the BRP Group’s Mid-Market Operations Group, according to an announcement regarding the Acquisition of BRP.
Terms of the deal were not made public.
RogersGray “will all remain intact”
âThe people, the brand, the offices will all remain intact,â said Senior Vice President Lynn Mason-Small. âAs we continue to grow, whether through organic growth or acquisition, this growth will be under the umbrella of RogersGray. ”
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BRP Group, which describes the acquisition of RogersGray as a partnership, offers a range of personal and professional insurance options, risk management services and employee benefits through its base of 450 insurance companies. BRP has 600,000 customers in the United States. The Tampa-based company is one of the nation’s top 50 insurance brokers, according to Agency Checklist, an insurance industry website.
The partnership with RogersGray, which was finalized in July1, will expand the geographic reach and product offerings of the BRP Group, including a niche market for coastal homeowners, Mason-Small said.
FAIR plans for high risk areas
In 2018, RogersGray began offering coverage through the Monomoy Insurance Group to help Cape Cod homeowners obtain home insurance. It was modeled after the Massachusetts FAIR Plan (Fair Access to Insurance Requirements), the state’s last resort insurance plan for homeowners who have been unable to obtain basic home insurance for reasons such as living. in an area at high risk for storm damage.
About 65,000 homes are insured through the FAIR plan, according to the agency’s checklist.
Insurance companies began to withdraw from the home insurance market for coastal communities over a decade ago due to the inherent risks associated with protecting homes in coastal areas.
RogersGray intervened with a niche product in its home territory. Monomoy rates have remained competitive with coverages and deductibles similar to the FAIR plan, Mason-Small said.
Beyond products for coastal homeowners, the company looks forward to providing additional tools, resources and capabilities to its customers by joining BRP, David Robinson wrote in an email to The Times.
âConsolidation in the industry is happening quickly and technology is changing rapidly,â Mason-Small said. âIt made sense to partner with a larger organization so that we could accelerate technological change and give customers better access to products. ”
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RogersGray was named one of the Insurance Journal’s Top 100 P&C Agencies for 2020. It ranked 80th, with total P&C revenues of $ 23,780,000 in 2019.
Groupe BRP was number 11 out of the top 100 agencies for 2021, with total revenue of $ 426,249,000 in 2020.
The addition of RogersGray will add $ 38.8 million in revenue to BRP and bring the brokerage company’s total announced partnerships for 2021 to around $ 47 million in revenue, according to a company statement.
BRP’s announcement underscored RogersGray’s track record of double-digit growth and mid-market expertise in real estate, property management, construction and utilities.
In 2021, RogersGray was named one of the “Best Places to Work” as well as “Best Place to Work: Mid-Size Businesses” by the Boston Business Journal.
âOur customers and colleagues will ultimately benefit from our scale and our combined capabilities,â wrote Michael Robinson in an email.
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The partnership will help RogersGray customers by leveraging the work of adjusters, underwriters, actuaries, loss prevention and data analytics capabilities of 450 insurance companies.
The average owner won’t see a huge difference with the partnership according to Mason-Small.
âNothing changes from a service point of view,â she said. âIt’s really about the people. We have very knowledgeable and friendly service people working from our Cape Cod offices. This is not going to change. ”
Contact Denise Coffey at [email protected] Follow her on Twitter: @DeniseCoffeyCCT.