The Baldwin Insurance Group, Inc.

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

Thank you, Operator. Welcome to the BRP Group's second quarter 2022 earnings call. Today's call is being recorded. Second quarter 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 subject to various assumptions, risks, and uncertainties. The company's actual results may differ materially from those contemplated by such statements. For a more detailed discussion of these risk factors, please refer to the note regarding forward-looking statements in the company's earnings released for this quarter and to our most recent 10-K and subsequent periodic 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 turn 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 second quarter of 2022 earnings call. During the call, I will share a few brief remarks, followed by Brad, who will address select financial and business highlights in the quarter, and then Brad, Chris, and I will take questions. In short, Q2 was an excellent quarter, highlighted by organic growth of 24% and double-digit organic growth across all four segments. This sustained level of outsized organic growth is being powered by some of the strongest internal underlying fundamental growth drivers we have seen since our IPO. VMJ of the future posted its best quarter in our history as a public company with organic growth of 70%. And Main Street recorded organic growth of 33% for the quarter. Both results show that the investment initiatives we've highlighted during the last several quarters are beginning to bear fruit. We remain particularly excited about the momentum building in the MGA. As of today, we have homeowners products live in 14 states, including two admitted AM Best A-rated products in Florida, one in Massachusetts, and E&S products live in 14 states, including Florida, Texas, and California. In May, We also started managing a portion of the over $200 million premium builder-sourced admitted homeowners book from QBE, a new agreement we originally announced in March. As we previously signaled, the launch and ensuing momentum in the distribution of our proprietary homeowners products had a material positive impact on our second quarter organic growth rate in the MGA. and we expect it to continue to be a meaningful contributor to organic growth during the balance of the year and end of 2023. In April, we completed the acquisition of Westwood, our largest partnership to date. As a reminder, Westwood is a personal lines-focused insurance distribution platform that is embedded with 14 of the top 20 new home builders in the U.S. to provide purpose-built homeowner solutions to new homebuyers. Importantly, May and June saw strong revenue growth in excess of 20% at Westwood, exceeding our initial expectations. The benefit of increased client retention, meaningful rate increases, and a roughly 15% improvement in home buyer capture rates significantly outweighed any impacts to new business from a slowing home sales environment. While we expect the backdrop for new home sales to be challenged for the balance of 2022, we remain confident that continued channel partner expansion, capture rate improvements, increasing retention, and property rate tailwinds will continue to overcome any home sales headwinds and drive overall strong growth for Westwood. In closing, the outperformance in our results year to date, the strong underlying momentum and fundamentals across all of our segments, and the durability of our business model leave us confident that our strong performance will continue for the remainder of the year. I want to thank our clients, our trading partners, and our outstanding colleagues who drive our continued outperformance. As a result of our colleagues' dedication and efforts, the business is in its best position in its history. With that, I'll now turn the call over to Brad.