Cape's largest insurance company RogersGray acquired by BRP Group

Aug. 6—DENNIS — RogersGray Inc., the largest independently owned insurance agency on the Cape — and in the state — has been acquired by Baldwin Risk Partners also knows as BRP Group Inc.

RogersGray, which was founded on Cape Cod in 1906, offers property and casualty insurance and employee benefits programs for individuals, families and businesses. They have approximately 40,000 clients.

The Cape-based company has 220 employees in 11 offices in coastal Massachusetts. All will remain after the merger.

RogersGray Co-President and Chief Executive Officer, David Robinson, and Co-President and Chairman, Michael Robinson, will also continue as co-regional presidents of the New England Region within BRP Group's middle-market operating group, according to an announcement about the BRP acquisition.

Terms of the agreement were not made public.

RogersGray 'will all remain intact'

"The staff, the brand, the offices will all remain intact," Senior Vice President Lynn Mason-Small said. "As we continue to grow, whether through organic growth or through acquisition, that growth will all be under the RogersGray umbrella."

BRP Group, which describes the RogersGray acquisition as a partnership, provides a range of personal and business insurance options, risk management services and employee benefit packages through its base of 450 insurance carriers. BRP has 600,000 clients across the United States. The Tampa-based company is one of the top 50 largest insurance brokers in the country, according to Agency Checklist, an insurance industry trade website.

The partnership with RogersGray, which was finalized July 1, will expand BRP Group's geographic reach and product offerings 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 as a way to help Cape Cod homeowners get property insurance. It was modeled after the Massachusetts FAIR Plan (Fair Access to Insurance Requirements) the state's insurance plan of last resort for homeowners who were unable to get basic property insurance for reasons such as living in an area that has a high risk of storm damage.

About 65,000 homes are insured through the FAIR Plan, according to Agency Checklist.

Insurance carriers started pulling out of the homeowner insurance market for coastal communities more than a decade ago because of the inherent risks associated with protecting homes in coastal areas.

RogersGray stepped in with a niche product in its home territory. Monomoy rates were kept competitive with coverages and deductibles similar to the FAIR plan, Mason-Small said.

Beyond the coastal homeowner products, the company is looking forward to providing additional tools, resources and capabilities to its clients by joining BRP, David Robinson, wrote in an email to the Times.

"Consolidation in the industry is happening rapidly, and the technology is changing rapidly," Mason-Small said. "It made sense to partner with a larger organization so we would be able to accelerate technology changes and give clients more access to products."

RogersGray was named a top 100 Property and Casualty Agency by the Insurance Journal in 2020. It was ranked number 80, with total property and casualty revenue of $23,780,000 in 2019.

BRP Group was number 11 out of the top 100 agencies for 2021, with Total Property Casualty revenue of $426,249,000 in 2020.

RogersGray's track record

The addition of RogersGray will add $38.8 million in revenue to BRP and brings the brokerage firm's total for 2021 announced partnerships to approximately $47 million in revenue, according to a statement from the company.

The BRP announcement highlighted RogersGray's track record of double-digit growth, and its middle-market expertise in real estate, property management and construction and utilities.

In 2021 RogersGray was named to the "Best Places to Work," as well as "Best Place to Work: Midsize Companies," by the Boston Business Journal.

"Our clients and colleagues will ultimately benefit from our combined scale and capabilities," Michael Robinson wrote in an email.

The partnership will help RogersGray clients by leveraging the work of adjusters, underwriters, actuaries, loss prevention and data analytics capabilities across 450 insurance carriers.

The average homeowner won't see a huge difference with the partnership according to Mason-Small.

"Nothing is changing from a service perspective," she said. "It's really about the people. We have some really knowledgeable friendly, service people who work out of our Cape Cod offices. That's not going to change."

Contact Denise Coffey at [email protected]. Follow her on Twitter: @DeniseCoffeyCCT.

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