The Baldwin Insurance Group, Inc.

And welcome to the BRP Group, Inc. Third Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. A formal question and answer session will follow the 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 would now like to turn the conference over to your host, Bonnie Bishop, Executive Director, Investor Relations. Please go ahead.

Thank you, Operator. Welcome to the BRP Group's third quarter 2022 earnings call. Today's call is being recorded. Third 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, please refer to the note regarding forward-looking statements and 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 more detailed discussion of these non-GAAP financial measures and historical reconciliations 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. I will now turn the call over to Trevor Baldwin, Chief Executive Officer of BRP Group.

Thank you, Bonnie. Good afternoon, everyone, and thank you for joining us on our third quarter of 2022 earnings call. I will start with a few remarks, followed by Brad, who will address select financial and business highlights from the quarter. Then Brad, Chris, and I will take questions. Before I get into our results, I would like to take a moment to talk about Hurricane Ian, a storm of significant proportion and impact to a number of the communities in which we live and work. The Category 4 strength, slow pace of movement, and sheer scale of the storm led to a severity of loss that will likely make Hurricane Ian the costliest insured loss event in Florida history and among the costliest our industry has seen. I'm incredibly proud of the response from our colleagues across the country who have been working tirelessly with our clients, insurers, and community stakeholders to facilitate much-needed support for the recovery and rebuilding. Beyond the obvious and severe impacts to individuals, families, and communities, there will be meaningful reverberations across our industry relative to availability, cost, and terms of insurance capacity. This is the type of market in which we excel, where a depth of expertise, breadth of market access, and innovative solutions can solve real challenges for prospects and clients, positioning us to take share. This was demonstrated in our third quarter results with accelerating financial performance on top of exceptionally strong prior year results, highlighted by organic growth of 28%. with all four of our segments achieving record or near-record organic growth, including 80% organic growth in the MGA, its best quarter ever. Adjusted EBITDA for the quarter was up 118% compared to the third quarter of 2021 as a result of our strong top-line growth and margin expansion of nearly 200 basis points, evidencing early signs that the investments we have made in our business are beginning to show a return. In addition to the outsized financial performance we've generated during the quarter and year to date, we continue to be even more encouraged by the positive underlying momentum we're seeing across all segments of the business. In middle market, sales execution and new client wins continue to accelerate as a result of our investments in advisor talent and deployment of go-to-market capabilities and expertise across our national footprint. In the MGA, Our pipeline of new distribution partners remains incredibly strong. Our home insurance product rollout continues to meaningfully impact our organic growth results, and we're seeing solid results from our newer MGA partner firms that have started to roll into our organic growth numbers and will fully be in our results in the fourth quarter and over the course of 2023. In Main Street, the early success of our national rollout has been a driving factor of two consecutive quarters of organic growth in excess of 20%. In Westwood, while not yet in our organic results, grew revenue over 20% during the quarter, despite a meaningful erosion in housing market fundamentals. In Medicare, we've seen a solid start to the annual enrollment period as a result of growth in agent count and increased efficiency being driven by an improved digital enrollment platform we launched in early October. The prudent investments we've made into the business and the overall durability of our business model should result in strong organic growth through the fourth quarter and into 2023. While global economic conditions are certainly challenged and are likely to continue to be so for the foreseeable future, our business remains incredibly resilient and well-positioned. especially given the mandatory nature of insurance purchasing and largely domestic footprint of our client base. As I mentioned earlier, we believe our unique approach and breadth of solutions positions us well to take share during times of insurance market stress and economic volatility. Our colleagues have been delivering exceptional value to our clients with advice, counsel, and purpose-built solutions to help navigate the growing complexities an ever-changing risk environment of today's world. I want to thank our clients, our trading partners, and in particular, our outstanding colleagues who propel our continued outperformance. And with that, I'll now turn the call over to Brad.