The Baldwin Insurance Group, Inc.

Greetings and welcome to the BRP Group Inc. first quarter 2022 earnings conference call. At this time, all participants are in a list-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star then zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host Bonnie Bishop, Executive Director of Investor Relations. Please go ahead.

Thank you, Operator. Welcome to the BRP Group's first quarter 2022 earnings call. Today's call is being recorded. First quarter 2022 financial results, supplemental information, and Form 10-Q were issued earlier this afternoon and are available on the company's website at ir.baldwinriskpartners.com. Please note that remarks made today may include forward-looking statements which are based on the expectations, estimates, and projections of management as of today, including certain expectations related to COVID-19 and other matters. Forward-looking statements are subject to various assumptions, risks, and uncertainties, and a variety of factors that are difficult to predict and which may cause actual results to differ materially from those contemplated by such statements. For a more detailed discussion of those factors, please refer to the company's earnings release for this quarter and to our most recent SEC filings, including our most recent Form 10-Q, all of which are available on the BRP website. During the call today, the company may also discuss certain non-GAAP financial measures. For a reconciliation of these measures to the most closely comparable GAAP measures, please refer to the company's earnings announcement and supplemental information. both of which have been posted on the company's website at ir.baldwinriskpartners.com and can be found in the company's SEC filings. I will now hand the call over to Trevor Baldwin, Chief Executive Officer of BRP Group.

Thank you, Bonnie, and good afternoon, everyone, and thank you for joining us for our first quarter of 2022 earnings call. I will share brief remarks, followed by Brad, who will cover select financial and business highlights from the quarter, and then Brad, Chris, and I will take questions. I want to start by thanking the amazing colleagues and partners at BRP. Q1 was a record quarter with broad-based performance across our business, highlighted by organic growth of 16%, the highest first quarter organic growth rate we have achieved since our IPO, supported by double-digit organic growth across all four segments and total revenue growth of 59%. We generated these results while investing significantly in the people and technology that we expect will drive accelerating innovation, growth, and profitability through 2022 and beyond. To highlight the growth and transformation we have achieved in recent years, in the first quarter of 2022 alone, we delivered more than 175% of the revenue we generated as a firm for all of 2019, the year we went public. Adjusted EBITDA for this quarter was more than 150% greater than the adjusted EBITDA we earned in all of 2019. The MGA of the future demonstrated strong growth of 42% during the quarter. We continue to execute multifamily, now with over 1 million renter's policies and master certificates in force, while also making continued progress in new products with our de novo homeowner's product now live in six states. On April 29th, We closed on the Westwood Insurance Agency transaction, a strategic partnership we announced in the first quarter. Westwood represents our largest partnership to date and more than doubles our Main Street segment by adding embedded distribution and a team dedicated to serving new home buyers across America through our relationships with many of the top home builders across the country. Separately, through our MGA the Future platform, we entered into a program administrator agreement with QBE the seller of Westwood, to assume operation of QV's roughly $200 million builder-sourced homeowner's book of business. This agreement fast-tracks MGA the future's homeowner's growth with a preferred, outperforming book of business. In summary, we believe BRP is now one of the industry's leading tech-enabled personal lines brokerage and MGA businesses as measured in aggregate by policies in force, revenue, profitability, and loss ratio performance. Looking to 2022, our reputation as a destination employer is also being validated on the organic hiring front. During the quarter, organic hiring continued to accelerate, evidenced by our welcoming of more than 370 new colleagues. Our total headcount now stands at over 3,300, up from over 2,800 at the end of 2021 when including new colleagues from Westwood. On the partnership front, We have added approximately $82 million of annualized revenue against our 2022 goal of $100 to $150 million of acquired revenue. Our partnership team continues to pursue partnerships that closely align with BRP's culture, enhance our go-to-market capabilities, and elevate our reputation as the premier home for our industry's top professionals. On that topic, we are excited to announce the addition of Rich Tallow as our Chief Marketing Officer Rich brings over 20 years of insurance industry experience, most recently as the Executive Vice President, Marketing and Communications for Chubb, where he deployed world-class marketing and communications programs. Rich will lead our marketing and communications strategy across the firm, delivering programs designed to drive profitable growth and long-term recognition for BRP. There has certainly been some volatility in the world and broader financial markets since our last call took place in early March. Against this backdrop, we are fortunate to be in the enviable position of having a growing and diversified business and an extremely resilient industry. And while we are now currently prepared for a recessionary economic environment later this year, the strength of our franchise and underlying performance of our business has informed our increased outlook for 2022 organic growth, which Brad will detail. With that, I will now turn the call over to Brad.