0001781755-24-000016 | 10-K | XBRL Viewer

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Stockholders' Equity and Noncontrolling Interest - Ownership Interest (Details) - shares	Dec. 31, 2023	Dec. 31, 2022
LLC Units
Interest in BRP held by BRP Group (in shares)	64,133,950	61,447,368
Noncontrolling interest in BRP held by BRP’s LLC Members (in shares)	52,422,494	54,504,918
Total (in shares)	116,556,444	115,952,286
Percentage
Total	100.00%	100.00%
BRP Group
Percentage
Interest in BRP held by BRP Group	55.00%	53.00%
BRP's LLC Members
Percentage
Noncontrolling interest in BRP held by BRP’s LLC Members	45.00%	47.00%

Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Commissions and fees	$ 1,211,828	$ 980,720	$ 567,290
Investment income	6,727	0	0
Total revenues	$ 1,218,555	980,720	567,290
Capitalized Contract Cost, Amortization Period	5 years
Commission Revenue
Disaggregation of Revenue [Line Items]
Commissions and fees	$ 967,552	786,794	472,495
Profit Sharing Revenue
Disaggregation of Revenue [Line Items]
Commissions and fees	93,437	66,091	37,392
Consulting and Service Fee Revenue
Disaggregation of Revenue [Line Items]
Commissions and fees	74,637	61,244	30,182
Policy Fee and Installment Fee Revenue
Disaggregation of Revenue [Line Items]
Commissions and fees	65,386	55,362	19,903
Other Income
Disaggregation of Revenue [Line Items]
Commissions and fees	$ 10,816	$ 11,229	$ 7,318

Variable Interest Entities (Notes)	12 Months Ended
Variable Interest Entities (Notes)	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities Topic 810 requires a reporting entity to consolidate a variable interest entity (“VIE”) when the reporting entity has a variable interest or combination of variable interests that provide the entity with a controlling financial interest in the VIE. The Company continually assesses whether it has a controlling financial interest in each of its VIEs to determine if it is the primary beneficiary of the VIE and should, therefore, consolidate each of the VIEs. A reporting entity is considered to have a controlling financial interest in a VIE if it has (i) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb the losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. The Company determined that it is the primary beneficiary of its VIEs, which include Laureate Insurance Partners, LLC, BKS Smith, LLC, BKS MS, LLC and BKS Partners Galati Marine Solutions, LLC. The Company has consolidated its VIEs into the accompanying consolidated financial statements. Total revenues and expenses of the Company’s consolidated VIEs included in the consolidated statements of comprehensive loss were $2.0 million and $1.1 million, respectively, for the year ended December 31, 2023, $1.7 million and $1.0 million, respectively, for the year ended December 31, 2022, and $1.0 million and $0.6 million, respectively, for the year ended December 31, 2021. Total assets and liabilities of the Company's consolidated VIEs included on the consolidated balance sheets were $0.8 million and $0.2 million, respectively, at December 31, 2023 and $0.4 million and $0.1 million, respectively, at December 31, 2022. The assets of the consolidated VIEs can only be used to settle the obligations of the consolidated VIEs and the creditors of the liabilities of the consolidated VIEs do not have recourse to the Company.

Significant Accounting Policies - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Entity Information [Line Items]
Allowance for estimated policy cancellations	$ 12,600,000	$ 8,400,000
Producer commissions chargeback	5,700,000	3,300,000
Capitalized software	28,500,000	10,100,000
Accumulated amortization, capitalized software	1,400,000
Amortization expense, capitalized software	1,400,000
Debt financing costs included in other assets, gross	6,400,000	6,400,000
Deferred financing costs included in other assets, accumulated amortization	3,500,000	2,800,000
Deferred financing costs included in long-term debt, gross	32,000,000	27,000,000
Deferred financing costs included in long-term debt, accumulated amortization	11,700,000	7,300,000
Amortization of deferred financing costs	5,129,000	5,120,000	$ 3,506,000
IBNR Reserve	$ 3,800,000	$ 1,800,000
Income tax benefit, percentage of benefit payable to noncontrolling owners	85.00%
Cash deposits, FDIC insured amount per account	$ 250,000
Capitalized software \| Minimum
Entity Information [Line Items]
Useful Life	3 years
Capitalized software \| Maximum
Entity Information [Line Items]
Useful Life	5 years
Acquired relationships \| Minimum
Entity Information [Line Items]
Useful Life	15 years
Acquired relationships \| Maximum
Entity Information [Line Items]
Useful Life	20 years
Trade Names \| Minimum
Entity Information [Line Items]
Useful Life	1 year
Trade Names \| Maximum
Entity Information [Line Items]
Useful Life	5 years
Software \| Minimum
Entity Information [Line Items]
Useful Life	2 years
Software \| Maximum
Entity Information [Line Items]
Useful Life	5 years

Commitments and Contingencies - Additional Information (Details) $ in Millions	Dec. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remaining commitment to USF	$ 4.2

Assets and Liabilities Held for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	$ 64,351	$ 0
Liabilities held for sale	43,931	$ 0
Specialty Wholesale Broker Business \| Disposal Group, Held-for-Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restricted cash	5,930
Premiums, commissions and fees receivable, net	36,470
Property and equipment, net	50
Right-of-use assets	310
Other assets	395
Intangible assets, net	11,716
Goodwill	9,480
Assets held for sale	64,351
Premiums payable to insurance companies	42,289
Producer commissions payable	955
Accrued expenses and other current liabilities	589
Operating lease liabilities, less current portion	98
Liabilities held for sale	$ 43,931

Earnings (Loss) Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Unvested RSAs and PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted EPS	3,874,639	3,595,303	3,119,909
Shares of Class B common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted EPS	53,132,031	54,504,918	56,338,051

Leases - Future Minimum Rental Payments for Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 21,258
2025	20,459
2026	18,973
2027	17,953
2028	14,469
Thereafter	17,744
Total future minimum lease payments	110,856
Less: amounts representing interest or imputed interest	(15,153)
Present value of lease liabilities	$ 95,703	$ 101,735

Income Taxes (Notes)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

BRP Group is the sole managing member of BRP, which is treated as a partnership for U.S. federal, state and local income tax purposes. As a partnership, BRP is not subject to U.S. federal and certain state and local income taxes. Any taxable income or loss generated by BRP is passed through to and included in the taxable income or loss of its partners, including BRP Group, on a pro rata basis. BRP Group is subject to U.S. federal income taxes, in addition to state and local income taxes, with respect to BRP Group’s allocable share of income of BRP.

Components of income tax expense include the following:


	For the Years Ended December 31,
(in thousands)	2023		2022		2021
Current
Federal	$	75	$	18	$	11
State and local	1,250		693		3
Total current income tax expense	1,325		711		14
Deferred
Federal	(40)		(2)		4
State and local	—		6		1
Total deferred income tax expense	(40)		4		5
Total income tax expense	$	1,285	$	715	$	19

Income tax expense at the Company’s effective tax rate differed from the statutory tax rate as follows:


	For the Years Ended December 31,
(in thousands)	2023		2022		2021
Loss before income taxes	$	(162,734)	$	(76,033)	$	(58,101)

Noncontrolling interest	18,357		9,415		7,072
Tax provision at statutory rate (21%)	(34,593)		(15,966)		(12,201)
Effect of:
Valuation allowance	20,574		8,787		6,942
State and local income tax	(5,799)		(2,659)		(2,403)
Meals and entertainment	1,134		291		86
IRC 162(m)	987		152		435
Share-based compensation	778		124		(467)
State rate change	(479)		824		(12)
True-up and adjustments	128		(502)		3
MIU issuance	67		187		452
Other	131		62		112
Total income tax expense	$	1,285	$	715	$	19

The following table summarizes the components of deferred tax assets and liabilities:


	December 31,
(in thousands)	2023		2022
Deferred tax assets
Investment in Partnerships	$	105,398	$	86,871
163(j) limitation carryforward	22,313		8,119
Net operating loss	9,719		6,313
Capitalized transaction costs	1,955		2,147
Charitable contributions	757		442
Total deferred tax assets	140,142		103,892
Less: valuation allowance	(140,142)		(103,892)
Net deferred tax assets	$	—	$	—

Deferred tax balances reflect the impact of temporary differences between the carrying amount of assets and liabilities and their tax basis and are stated at the tax rates in effect when the temporary differences are expected to be recovered or settled. The Company assessed the future realization of the tax benefit of its existing deferred tax assets and concluded that it is more likely than not that all of the deferred tax assets will not be realized in the future. As a result, the Company recorded a valuation allowance of $140.1 million and $103.9 million against its deferred tax assets at December 31, 2023 and 2022, respectively.

As of December 31, 2023, the Company has not recognized any uncertain tax positions, penalties, or interest as management has concluded that no such positions exist. The Company is subject to federal examination for tax years beginning with the year ended December 31, 2020 and state examination for tax years beginning with the year ended December 31, 2019. One of the Company's subsidiaries is currently under audit with the IRS for the year ended December 31, 2020. The Company is not under audit for other taxable entities, jurisdictions or tax years. In addition, all of our federal net operating losses and 163(j) interest expense limitations can be carried forward indefinitely while our state net operating losses will begin to expire in 2039.

Tax Receivable Agreement

BRP makes an election under Section 754 of the Internal Revenue Code of 1986, as amended, and the regulations thereunder (the “Code”) effective for each taxable year in which a redemption or exchange of LLC Units and corresponding Class B common stock for shares of Class A common stock occurs. Exchanges result in tax basis adjustments to the assets of BRP, which produce favorable tax attributes and reduce the amount of tax that BRP Group is required to pay. The Company has determined that it is more likely than not that these benefits will not be realized.

BRP Group is a party to the Tax Receivable Agreement with BRP’s LLC Members that provides for the payment by BRP Group to BRP’s LLC Members of 85% of the amount of cash savings, if any, in U.S. federal, state and local income tax or franchise tax that BRP Group actually realizes as a result of (i) any increase in tax basis in BRP assets resulting from (a) previous acquisitions by BRP Group of LLC Units from BRP’s LLC Members, (b) the acquisition of LLC Units from BRP’s LLC Members using the net proceeds from any future offering, (c) redemptions or exchanges by BRP’s LLC Members of LLC Units and the corresponding number of shares of Class B common stock for shares of Class A common stock or cash or (d) payments under the Tax Receivable Agreement, and (ii) tax benefits related to imputed interest resulting from payments made under the Tax Receivable Agreement.

This payment obligation is an obligation of BRP Group and not of BRP. For purposes of the Tax Receivable Agreement, the cash tax savings in income tax will be computed by comparing the actual income tax liability of BRP Group (calculated with certain assumptions) to the amount of such taxes that BRP Group would have been required to pay had there been no increase to the tax basis of the assets of BRP as a result of the redemptions or exchanges and had BRP Group not entered into the Tax Receivable Agreement. Estimating the amount of payments that may be made under the Tax Receivable Agreement is by its nature imprecise, insofar as the calculation of amounts payable depends on a variety of factors. While the actual increase in tax basis, as well as the amount and timing of any payments under the Tax Receivable Agreement, will vary depending upon a number of factors, including the timing of redemptions or exchanges, the price of shares of our Class A common stock at the time of the redemption or exchange, the extent to which such redemptions or exchanges are taxable and the amount and timing of our income. The Company accounts for the effects of these increases in tax basis and associated payments under the Tax Receivable Agreement arising from future redemptions or exchanges as follows:

•records an increase in deferred tax assets for the estimated income tax effects of the increases in tax basis based on enacted federal and state tax rates at the date of the redemption or exchange;

•to the extent it is estimated that the Company will not realize the full benefit represented by the deferred tax asset, based on an analysis that will consider, among other things, our expectation of future earnings, the Company reduces the deferred tax asset with a valuation allowance; and

•records 85% of the estimated realizable tax benefit (which is the recorded deferred tax asset less any recorded valuation allowance) as an increase to the liability due under the Tax Receivable Agreement and the remaining 15% of the estimated realizable tax benefit as an increase to additional paid-in capital.

All of the effects of changes in any of our estimates after the date of the redemption or exchange will be included in net income. Similarly, the effect of subsequent changes in the enacted tax rates will be included in net income.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 21
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SAB TOPIC 6.I.5.Q1)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Intangible Assets, Net and Goodwill - Schedule of Future Amortization Expense for Intangible Assets (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2024	$ 89,322
2025	89,503
2026	83,890
2027	73,616
2028	$ 67,454

Leases - Weighted Average Remaining Lease Terms and Discount Rates (Details)	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Remaining lease term	5 years 4 months 24 days	6 years 2 months 12 days
Discount rate	5.30%	5.10%

Subsequent Events (Details) - USD ($) $ in Thousands	Mar. 01, 2024	Jan. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Related party notes payable, current			$ 1,525	$ 1,525
Related Party \| Notes Payable To Brush Creek Partners' Shareholders \| Subsequent Event
Subsequent Event [Line Items]
Related party notes payable		$ 8,200
Related party notes payable, current		$ 2,050
Related party notes payable term, current		30 days
Related party notes payable, noncurrent		$ 6,150
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Specialty Wholesale Broker Business \| Forecast
Subsequent Event [Line Items]
Proceeds from divestiture of business	$ 58,900

Contract Assets and Liabilities - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Revenue recognized related to contract liabilities	$ 31.0

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Tampa, Florida
Auditor Firm ID	238

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued compensation and benefits	$ 53,728	$ 44,903
Contract liabilities	30,281	30,981
Accrued expenses	23,274	13,101
Current portion of operating lease liabilities	16,704	14,043
Current portion of long-term debt	10,243	8,509
Accrued incentive bonus	8,020	0
Other	$ 10,704	$ 14,206
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Accrued expenses and other current liabilities	$ 152,954	$ 125,743

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Assets and Liabilities Related to Operating Leases

Operating lease right-of-use assets and lease liabilities were as follows:


	December 31,
(in thousands)	2023		2022
Assets:
Right-of-use assets	$	85,473	$	96,465

Liabilities:
Operating lease liabilities, current portion	$	16,704	$	14,043
Operating lease liabilities, non-current	78,999		87,692
Total operating lease liabilities	$	95,703	$	101,735

Schedule of Lease Costs and Other Information Related to Leases

The components of the lease costs were as follows:


	For the Years Ended December 31,
(in thousands)	2023		2022		2021
Operating lease costs	$	23,195	$	19,921	$	13,086
Variable lease costs	3,677		3,073		2,853

Supplemental cash flow information relating to our leases was as follows:


	For the Years Ended December 31,
(in thousands)	2023		2022		2021
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows used in operating leases	$	19,587	$	17,125	$	11,562

Operating lease non-cash items:
Right-of-use assets obtained in exchange for operating lease liabilities	$	6,414	$	24,910	$	86,524
Right-of-use assets increased through lease modifications and reassessments	1,063		5,905		6,131

Weighted average remaining lease terms and discount rates were as follows:


	December 31,
	2023		2022
Operating leases:
Remaining lease term	5.4 years		6.2 years
Discount rate	5.3	%	5.1	%

Schedule of Future Minimum Rental Payments for Operating Leases

Future minimum lease payments under non-cancelable operating lease agreements at December 31, 2023 were as follows:


(in thousands)	Minimum Future Lease Payments
For the years ending December 31,
2024	$	21,258
2025	20,459
2026	18,973
2027	17,953
2028	14,469
Thereafter	17,744
Total minimum lease payments	110,856
Less: amounts representing interest or imputed interest	(15,153)
Present value of lease liabilities	$	95,703

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Valuation allowance	$ 140,142	$ 103,892
Income tax benefit, percentage of benefit payable to noncontrolling owners	85.00%
Income Tax Benefit, Percentage Of Benefit Payable To Controlling Owners	15.00%

Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 36,683	$ 34,067
Accumulated depreciation	(13,970)	(8,662)
Property and equipment, net	22,713	25,405
Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	17,779	19,331
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	8,400	8,072
Furniture
Property, Plant and Equipment [Line Items]
Total property and equipment	7,262	4,132
Construction in process
Property, Plant and Equipment [Line Items]
Total property and equipment	2,728	2,190
Other
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 514	$ 342

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consists of the following:


	December 31,
(in thousands)	2023		2022
Equipment	$	17,779	$	19,331
Leasehold improvements	8,400		8,072
Furniture	7,262		4,132
Construction in process	2,728		2,190
Other	514		342
Total property and equipment	36,683		34,067
Accumulated depreciation	(13,970)		(8,662)
Property and equipment, net	$	22,713	$	25,405

Significant Accounting Policies Property and Equipment Useful Life Table (Details)	Dec. 31, 2023
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	5 years
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	10 years
Furniture
Property, Plant and Equipment [Line Items]
Useful life (in years)	7 years
Equipment
Property, Plant and Equipment [Line Items]
Useful life (in years)	5 years
Other
Property, Plant and Equipment [Line Items]
Useful life (in years)	3 years

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (164,019)	$ (76,748)	$ (58,120)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	98,402	86,358	51,508
Change in fair value of contingent consideration	61,083	32,307	45,196
Share-based compensation expense	60,008	47,389	19,193
Payment of contingent earnout consideration in excess of purchase price accrual	(24,326)	(49,926)	(4,825)
Amortization of deferred financing costs	5,129	5,120	3,506
(Gain) loss on interest rate caps	1,670	(26,220)	123
Other loss	361	135	311
Changes in operating assets and liabilities, net of effect of acquisitions:
Premiums, commissions and fees receivable, net	(132,269)	(183,006)	(64,501)
Prepaid expenses and other current assets	(6,849)	(10,383)	(9,681)
Right-of-use assets	17,963	(13,492)	(81,646)
Accounts payable, accrued expenses and other current liabilities	140,675	173,362	55,188
Operating lease liabilities	(13,184)	16,531	83,877
Other liabilities	0	(3,889)	0
Net cash provided by (used in) operating activities	44,644	(2,462)	40,129
Cash flows from investing activities:
Capital expenditures	(21,376)	(21,979)	(5,321)
Proceeds from the sale of assets	3,259	0	0
Cash consideration paid for asset acquisitions	(2,118)	(3,356)	(3,212)
Investments in and loans to business ventures	(1,687)	(1,103)	(1,907)
Cash consideration paid for business combinations, net of cash received	0	(387,919)	(668,033)
Net cash used in investing activities	(21,922)	(414,357)	(678,473)
Cash flows from financing activities:
Proceeds from issuance of Class A common stock, net of underwriting discounts	0	0	269,375
Payment of common stock offering costs	0	0	(1,054)
Payment of contingent earnout consideration up to amount of purchase price accrual	(27,949)	(48,309)	(7,723)
Proceeds from revolving line of credit	111,000	512,000	420,210
Payments on revolving line of credit	(275,000)	(42,000)	(385,210)
Proceeds from long-term debt	170,000	0	441,430
Payments on long-term debt	(9,376)	(8,509)	(5,630)
Payments of debt issuance costs	(4,998)	(1,821)	(1,124)
Proceeds from the sale and settlement of interest rate caps	10,918	21,246	0
Purchase of interest rate caps	0	(3,838)	(6,461)
Tax distributions to BRP's LLC Members	(482)	(9,393)	0
Proceeds from repayment of stockholder notes receivable	42	177	246
Distributions to variable interest entities	(385)	0	0
Net cash provided by (used in) financing activities	(26,230)	419,553	724,059
Net increase (decrease) in cash and cash equivalents and restricted cash	(3,508)	2,734	85,715
Cash and cash equivalents and restricted cash at beginning of year	230,471	227,737	142,022
Cash and cash equivalents and restricted cash at end of year	226,963	230,471	227,737
Supplemental schedule of cash flow information:
Cash paid for interest	105,386	62,702	22,110
Cash paid for taxes	1,430	1,419	0
Disclosure of non-cash investing and financing activities:
Right-of-use assets obtained in exchange for operating lease liabilities	6,414	24,910	86,524
Capital expenditures incurred but not yet paid	3,583	855	350
Right-of-use assets increased through lease modifications and reassessments	1,063	5,905	6,131
Contingent earnout liabilities assumed in business combinations and asset acquisitions	723	14,918	127,420
Increase (decrease) in goodwill resulting from measurement period adjustments for prior year business combinations	(211)	5,534	(2,206)
Equity interest issued in business combinations and asset acquisitions	0	4,809	194,607
Conversion of contingent earnout liability to related party notes payable and to settle related party notes receivable	0	2,143	61,500
Equity issued in satisfaction of a liability	0	711	0
Noncash debt issuance costs incurred	0	0	11,557
Non-cash tax distributions payable	0	$ 0	$ 5,072
Cash and cash equivalents and restricted cash per consolidated balance sheet	221,033
Restricted cash included in assets held for sale	$ 5,930

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Summarized Financial Information by Operating Group

Summarized financial information regarding the Company’s Operating Groups is shown in the following tables. The Corporate and Other non-reportable segment includes any expenses not allocated to the Operating Groups and corporate-related items, including interest expense. Intersegment revenue and expenses are eliminated through Corporate and Other. Service center expenses and other overhead are allocated to the Company’s Operating Groups based on either revenue or headcount as applicable to each expense.


	For the Year Ended December 31, 2023
(in thousands)	Insurance Advisory Solutions		Underwriting, Capacity & Technology Solutions		Mainstreet Insurance Solutions		Corporate and Other		Total
Revenues:
Commissions and fees(1)	$	626,828	$	418,014	$	234,697	$	(67,711)	$	1,211,828
Investment income	3,637		2,135		—		955		6,727
Total revenues	630,465		420,149		234,697		(66,756)		1,218,555

Operating expenses:
Commissions, employee compensation and benefits(1)	433,596		311,708		148,240		17,810		911,354
Other operating expenses	79,100		44,663		31,698		34,806		190,267
Amortization expense	51,568		18,188		22,848		100		92,704
Change in fair value of contingent consideration	41,481		17,755		1,847		—		61,083
Depreciation expense	1,462		705		570		2,961		5,698
Total operating expenses	607,207		393,019		205,203		55,677		1,261,106

Operating income (loss)	23,258		27,130		29,494		(122,433)		(42,551)

Other income (expense):
Interest income (expense), net	157		—		30		(119,652)		(119,465)
Other income (expense), net	(263)		1,148		—		(1,603)		(718)
Total other income (expense)	(106)		1,148		30		(121,255)		(120,183)

Income (loss) before income taxes	23,152		28,278		29,524		(243,688)		(162,734)
Income tax expense	13		—		102		1,170		1,285
Net income (loss)	$	23,139	$	28,278	$	29,422	$	(244,858)	$	(164,019)

Capital expenditures	$	1,330	$	7,571	$	3,482	$	8,993	$	21,376
	At December 31, 2023
Total assets	$	2,250,545	$	688,588	$	518,593	$	44,211	$	3,501,937

__________

(1) During the year ended December 31, 2023, the UCTS Operating Group recorded intercompany commissions and fees of $65.9 million and the MIS Operating Group recorded intercompany commissions and fees of $1.8 million. Intercompany commissions and fees and intercompany commission expense are eliminated through Corporate and Other.


	For the Year Ended December 31, 2022
(in thousands)	Insurance Advisory Solutions		Underwriting, Capacity & Technology Solutions		Mainstreet Insurance Solutions		Corporate and Other		Total
Revenues:
Commissions and fees(1)	$	558,776	$	307,748	$	157,038	$	(42,842)	$	980,720
Total revenues	558,776		307,748		157,038		(42,842)		980,720

Operating expenses:
Commissions, employee compensation and benefits(1)	385,492		218,859		97,732		17,362		719,445
Other operating expenses	73,638		31,313		25,702		43,055		173,708
Amortization expense	50,209		16,946		14,578		5		81,738
Change in fair value of contingent consideration	26,429		5,354		524		—		32,307
Depreciation expense	1,476		615		278		2,251		4,620
Total operating expenses	537,244		273,087		138,814		62,673		1,011,818

Operating income (loss)	21,532		34,661		18,224		(105,515)		(31,098)

Other income (expense):
Interest income (expense), net	232		—		30		(71,334)		(71,072)
Other income (expense), net	265		(371)		(2)		26,245		26,137
Total other income (expense)	497		(371)		28		(45,089)		(44,935)

Income (loss) before income taxes	22,029		34,290		18,252		(150,604)		(76,033)
Income tax expense	—		—		—		715		715
Net income (loss)	$	22,029	$	34,290	$	18,252	$	(151,319)	$	(76,748)

Capital expenditures	$	1,738	$	5,655	$	3,018	$	11,568	$	21,979
	At December 31, 2022
Total assets	$	2,240,483	$	616,117	$	530,504	$	75,078	$	3,462,182

__________

(1) During the year ended December 31, 2022, the IAS Operating Group recorded intercompany commissions and fees of $1.7 million; the UCTS Operating Group recorded intercompany commissions and fees of $39.2 million; and the MIS Operating Group recorded intercompany commissions and fees of $1.9 million. Intercompany commissions and fees and intercompany commission expense are eliminated through Corporate and Other.


	For the Year Ended December 31, 2021
(in thousands)	Insurance Advisory Solutions		Underwriting, Capacity & Technology Solutions		Mainstreet Insurance Solutions		Corporate and Other		Total
Revenues:
Commissions and fees(1)	$	363,822	$	144,455	$	61,736	$	(2,723)	$	567,290
Total revenues	363,822		144,455		61,736		(2,723)		567,290

Operating expenses:
Commissions, employee compensation and benefits(1)	234,652		102,824		39,193		23,381		400,050
Other operating expenses	50,037		13,716		10,259		28,150		102,162
Amortization expense	34,056		11,326		3,333		5		48,720
Change in fair value of contingent consideration	32,735		11,881		580		—		45,196
Depreciation expense	1,483		184		345		776		2,788
Total operating expenses	352,963		139,931		53,710		52,312		598,916

Operating income (loss)	10,859		4,524		8,026		(55,035)		(31,626)

Other income (expense):
Interest income (expense), net	(150)		(2)		1		(26,748)		(26,899)
Other income (expense), net	573		(38)		(4)		(107)		424
Total other income (expense)	423		(40)		(3)		(26,855)		(26,475)

Income (loss) before taxes	11,282		4,484		8,023		(81,890)		(58,101)
Income tax expense	—		—		—		19		19
Net income (loss)	$	11,282	$	4,484	$	8,023	$	(81,909)	$	(58,120)

Capital expenditures	$	949	$	590	$	191	$	3,591	$	5,321

__________

(1) During the year ended December 31, 2021, the IAS Operating Group recorded intercompany commissions and fees of $1.5 million; the UCTS Operating Group recorded intercompany commissions and fees of $0.2 million; and the MIS Operating Group recorded intercompany commissions and fees of $1.1 million. Intercompany commissions and fees and intercompany commission expense are eliminated through Corporate and Other.

Fair Value Measurements (Notes)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

ASC Topic 820, Fair Value Measurement (“Topic 820”) established a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy under Topic 820 are described below:

Level 1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access.

Level 2: Inputs to the valuation methodology are quoted market prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.

Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The fair value measurement level for assets and liabilities within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis within each level of the fair value hierarchy:


	December 31,
(in thousands)	2023		2022
Level 2
Interest rate caps	$	2,562	$	15,150
Level 2 Assets	$	2,562	$	15,150
Level 3
Contingent earnout liabilities	$	276,467	$	266,936
Level 3 Liabilities	$	276,467	$	266,936

The fair value of interest rate caps is determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the caps are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities.

Methodologies used for liabilities measured at fair value on a recurring basis within Level 3 of the fair value hierarchy at December 31, 2023 and 2022 are based on limited unobservable inputs. These methods may produce a fair value calculation that may not be indicative of the net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The fair value of contingent earnout liabilities is based on sales projections for the acquired entities, which are reassessed each reporting period. Based on the Company’s ongoing assessment of the fair value of its contingent earnout liabilities, the Company recorded a net increase in the estimated fair value of such liabilities of $61.1 million, $32.3 million and $45.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. The Company has assessed the maximum estimated exposure to the contingent earnout liabilities to be $607.4 million at December 31, 2023.

The Company measures contingent earnout liabilities at fair value each reporting period using significant unobservable inputs classified within Level 3 of the fair value hierarchy. The Company uses a probability weighted value analysis as a valuation technique to convert future estimated cash flows to a single present value amount. The significant unobservable inputs used in the fair value measurements are sales projections over the earnout period, and the probability outcome percentages assigned to each scenario. Significant increases or decreases to either of these inputs would result in a significantly higher or lower liability with a higher liability capped by the contractual maximum of the contingent earnout liabilities. Ultimately, the liability will be equivalent to the amount settled, and the difference between the fair value estimate and amount settled will be recorded in earnings for business combinations, or as a change in the cost of the assets acquired for asset acquisitions.

The fair value of the contingent earnout liabilities is based on Monte Carlo simulations that measure the present value of the expected future payments to be made to Partners in accordance with the provisions outlined in the respective purchase agreements, which is a Level 3 fair value measurement. In determining fair value, the Company estimates the Partner’s future performance using financial projections developed by management for the Partner and market participant assumptions that were derived for revenue growth, the number of rental units tracked or the insured value of sourced homeowners insurance. Revenue growth rates generally ranged from 10% to 35% at December 31, 2023 and from 8% to 35% at December 31, 2022. The Company estimates future payments using the earnout formula and performance targets specified in each purchase agreement and these financial projections. These payments are discounted to present value using a risk-adjusted rate that takes into consideration market-based rates of return that reflect the ability of the Partner to achieve the targets. These discount rates generally ranged from 7.50% to 13.75% at December 31, 2023 and from 6.50% to 18.00% at December 31, 2022. Changes in financial projections, market participant assumptions for revenue growth, or the risk-adjusted discount rate, would result in a change in the fair value of contingent consideration.

The following table sets forth a summary of the changes in the fair value of the Company’s contingent earnout liabilities, which are measured at fair value on a recurring basis utilizing Level 3 assumptions in their valuation:


	For the Years Ended December 31,
(in thousands)	2023		2022
Balance at beginning of year	$	266,936	$	258,589
Change in fair value of contingent consideration(1)	61,083		32,307
Fair value of contingent consideration issuances	723		14,918
Settlement of contingent consideration(2)	(52,275)		(38,878)
Balance at end of year	$	276,467	$	266,936

__________

(1) The Company reclassified $8.5 million of its contingent earnout liabilities through the issuance of an incentive bonus during the year ended December 31, 2023, which results in a reduction to the change in fair value of contingent consideration and an increase to commissions, employee compensation and benefits expense in the consolidated statements of comprehensive loss. The incentive bonus that remains unpaid at the end of the year is reflected as an earnout incentive bonus in Note 10.

(2) The Company settled $2.1 million and $61.5 million of its contingent earnout liabilities through the issuance of related party notes payable and reduction of related party notes receivable during the years ended December 31, 2022 and 2021, respectively, the latter of which was included as payments of contingent earnout consideration in the consolidated statements of cash flows for the year ended December 31, 2022 when the related party notes payable were paid.

Fair Value of Assets and Liabilities Not Measured at Fair Value

The fair value of long-term debt and the revolving line of credit is based on an estimate using a discounted cash flow analysis and current borrowing rates for similar types of borrowing arrangements. The carrying amount and estimated fair value of long-term debt and the revolving line of credit were as follows:


	Fair Value Hierarchy	December 31, 2023				December 31, 2022
(in thousands)		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Long-term debt(1)	Level 2	$	998,737	$	997,489	$	838,114	$	816,155
Revolving line of credit	Level 2	341,000		335,963		505,000		476,304

__________

(1) The carrying amount of long-term debt reflects outstanding borrowings on the Term Loan B, which are presented net of unamortized debt discount and issuance costs of $20.3 million and $19.7 million at December 31, 2023 and 2022, respectively, on the consolidated balance sheets.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Business and Basis of Presentation (Notes)	12 Months Ended
Business and Basis of Presentation (Notes)	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Basis of Presentation	Business and Basis of Presentation BRP Group, Inc. (“BRP Group” or the “Company”) was incorporated in the state of Delaware on July 1, 2019. BRP Group is a diversified insurance agency and services organization that markets and sells insurance products and services to its Clients throughout the U.S. A significant portion of the Company’s business is concentrated in the Southeastern U.S., with several other regional concentrations. BRP Group and its subsidiaries operate through three reportable segments (“Operating Groups”), including Insurance Advisory Solutions, Underwriting, Capacity & Technology Solutions and Mainstreet Insurance Solutions, which are discussed in more detail in Note 21. Principles of Consolidation The consolidated financial statements include the accounts of BRP Group and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. As the sole manager of Baldwin Risk Partners, LLC (“BRP”), BRP Group operates and controls all the business and affairs of BRP, and has the sole voting interest in, and controls the management of, BRP. Accordingly, BRP Group consolidates BRP in its consolidated financial statements, resulting in a noncontrolling interest related to the membership interests of BRP (the “LLC Units”) held by BRP's members (“BRP's LLC Members”) in its consolidated financial statements. The Company has prepared these consolidated financial statements in accordance with Accounting Standards Codification (“ASC”) Topic 810, Consolidation (“Topic 810”). Topic 810 requires that if an enterprise is the primary beneficiary of a variable interest entity, the assets, liabilities, and results of operations of the variable interest entity should be included in the consolidated financial statements of the enterprise. The Company has recognized certain entities as variable interest entities, of which the Company is the primary beneficiary, and has included the accounts of these entities in the consolidated financial statements. Refer to Note 4 for additional information regarding the Company’s variable interest entities. Topic 810 also requires that the equity of a noncontrolling interest shall be reported on the consolidated balance sheets within total equity of the Company. Certain redeemable noncontrolling interests are reported on the consolidated balance sheets as mezzanine equity. Topic 810 also requires revenues, expenses, gains, losses, net income or loss, and other comprehensive income or loss to be reported in the consolidated financial statements at consolidated amounts, which include amounts attributable to the owners of the parent and the noncontrolling interests. Refer to the Redeemable Noncontrolling Interest and Noncontrolling Interest sections of Note 2 for additional information. Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. Significant estimates underlying the accompanying consolidated financial statements include the application of guidance for revenue recognition; impairment of intangible assets and goodwill; the valuation of contingent consideration; and the valuation allowance for deferred tax assets. Changes in Presentation Effective in January 2023, the Company’s Mainstreet and Medicare businesses were combined under one Operating Group, Mainstreet Insurance Solutions. In addition, the Middle Market and Specialty Operating Groups were rebranded as Insurance Advisory Solutions and Underwriting, Capacity & Technology Solutions, respectively. Prior year segment reporting information in Note 21 has been recast to conform to the current organizational structure. In addition, certain prior year amounts have been reclassified to conform to current year presentation. These reclassifications had no impact on the Company's previously reported consolidated financial position or results of operations. Recently Issued Accounting Standards In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (“Topic 280”)—Improvements to Reportable Segment Disclosures (“ASU 2023-07”) to enhance the disclosure requirements for reportable segments. ASU 2023-07 requires disclosure of significant segment expenses regularly provided to the chief operating decision maker (“CODM”), as well as an aggregate amount of other segment items included within segment profit or loss and a description of its composition. Additionally, ASU 2023-07 requires disclosure of the title and position of the CODM and a description of how the CODM utilizes the reported measure of segment profit or loss to assess segment performance. ASU 2023-07 requires segment disclosures under Topic 280 on an annual and interim basis. This guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company expects the adoption of this standard to expand its annual and interim segment disclosures, but otherwise have no impact on the consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures (“ASU 2023-09”) to enhance the transparency and usefulness of income tax disclosures. ASU 2023-09 requires disclosure of specific categories and disaggregation of information in the rate reconciliation table using both percentages and reporting currency amounts. ASU 2023-09 also requires disclosure of disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. This guidance is effective for fiscal years beginning after December 15, 2024. The Company expects the adoption of this standard to expand its income tax disclosures, but otherwise have no impact on the consolidated financial statements. Recently Adopted Accounting Standards In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805)—Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”) to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to (i) the recognition of an acquired contract liability and (ii) payment terms and their effect on subsequent revenue recognized by the acquirer. ASU 2021-08 requires that, at the acquisition date, an entity recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC Topic 606, Revenue from Contracts with Customers (“Topic 606”) as if it had originated the contracts, while also taking into account how the acquiree applied Topic 606. The Company adopted ASU 2021-08 effective January 1, 2023. The adoption of this guidance did not have any impact on our consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (“Topic 848”)—Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which established optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform to provide temporary relief during the transition period of Topic 848 and ease the potential burden of accounting for, or recognizing the effects of, reference rate reform on financial reporting. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 to defer the sunset date of Topic 848 from December 31, 2022 to December 31, 2024 as a result of the extension of the intended cessation of USD LIBOR to June 30, 2023. The Company has adopted the optional expedient within ASU 2020-04 to account for modifications of contracts within the scope of ASC Topic 470, Debt, including Amendment No. 6 to the JPM Credit Agreement dated June 27, 2023 discussed in Note 11. The adoption of this guidance did not have any impact on our consolidated financial statements.

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Class A Common Stock
Par value (in dollars per share)	$ 0.01	$ 0.01
Shares authorized (in shares)	300,000,000	300,000,000
Shares outstanding (in shares)	64,133,950	61,447,368
Shares issued (in shares)	64,133,950	61,447,368
Class B Common Stock
Par value (in dollars per share)	$ 0.0001	$ 0.0001
Shares authorized (in shares)	100,000,000	100,000,000
Shares outstanding (in shares)	52,422,494	54,504,918
Shares issued (in shares)	52,422,494	54,504,918

Income Taxes - Schedule of Deferred Tax assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Components of Deferred Tax Assets [Abstract]
Investment in Partnerships	$ 105,398	$ 86,871
163(j) limitation carryforward	22,313	8,119
Net operating loss	9,719	6,313
Capitalized transaction costs	1,955	2,147
Charitable contributions	757	442
Total deferred tax assets	140,142	103,892
Less: valuation allowance	(140,142)	(103,892)
Net deferred tax assets	$ 0	$ 0

Segment Reporting (Notes)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Reporting

Segment Information

The Company completed a strategic review of its organizational structure in January 2023 and determined that the chief operating decision-maker, the chief executive officer, would change the way he manages and operates the Company’s Mainstreet and Medicare businesses. Effective in the first quarter of 2023, the chief executive officer reviews the Medicare and Mainstreet businesses on a combined basis as one operating segment, also determined to be an Operating Group, Mainstreet Insurance Solutions, which is used by the chief executive officer to make decisions about the resources to be allocated to the Operating Group and to assess its performance. In addition, the Middle Market and Specialty Operating Groups were rebranded as Insurance Advisory Solutions and Underwriting, Capacity & Technology Solutions, respectively, effective in the first quarter of 2023.

Effective in the first quarter of 2023, BRP Group’s business is divided into three Operating Groups: Insurance Advisory Solutions, Underwriting, Capacity & Technology Solutions and Mainstreet Insurance Solutions.

•The Insurance Advisory Solutions (“IAS”) Operating Group provides expertly-designed commercial risk management, employee benefits and private risk management solutions for businesses and high-net-worth individuals, as well as their families, through our national footprint which has assimilated some of the highest quality independent insurance brokers in the country with vast and varied strategic capabilities and expertise.

•The Underwriting, Capacity & Technology Solutions (“UCTS”) Operating Group consists of three distinct businesses—our specialty wholesale broker business, our MGA of the Future platform and, as of the third quarter of 2023, our newly launched reinsurance brokerage business, Juniper Re. Our specialty wholesale broker business delivers professionals, individuals and niche industry businesses expanded access to exclusive specialty markets, capabilities and programs requiring complex underwriting and placement. Through its MGA of the Future platform, the Company manufactures proprietary, technology-enabled insurance products that are then distributed (in many instances via technology and/or API integrations) internally via Risk Advisors across its other Operating Groups and externally via select distribution partners, with a focus on sheltered channels where our products deliver speed, ease of use and certainty of execution, an example of which is the national embedded renters insurance product sold at point of lease via integrations with property management software providers.

•The Mainstreet Insurance Solutions (“MIS”) Operating Group offers personal insurance, commercial insurance and life and health solutions to individuals and businesses in their communities, with a focus on accessing Clients via sheltered distribution channels, which include, but are not limited to, new home builders, realtors, mortgage originators/lenders, master planned communities, and various other community centers of influence. The MIS Operating Group also offers consultation for government assistance programs and solutions, including traditional Medicare, Medicare Advantage and Affordable Care Act, to seniors and eligible individuals through a network of primarily independent contractor agents.

In all its Operating Groups, the Company generates commissions from insurance placement under both agency bill and direct bill arrangements, and profit-sharing income based on either the underlying book of business or performance, such as loss ratios. All Operating Groups also generate other ancillary income and premium financing income.

In the IAS and UCTS Operating Groups, the Company generates fees from service fee and consulting arrangements. Service fee arrangements are in place with certain Clients for providing insurance placement services.

In the UCTS Operating Group, the Company generates fees from policy fee and installment fee arrangements. Policy fee revenue is earned for acting in the capacity of an MGA and providing payment processing services and other administrative functions on behalf of Insurance Company Partners.

In the MIS Operating Group, the Company generates commissions and fees from marketing income, which is earned through co-branded Medicare marketing campaigns with the Company’s Insurance Company Partners.

In addition, the Company generates investment income in the IAS and UCTS Operating Groups and the Corporate and Other non-reportable segment.

The Company’s chief operating decision maker, the chief executive officer, uses net income (loss) and net income (loss) before interest, taxes, depreciation, amortization, and one-time transactional-related expenses or non-recurring items to manage resources and make decisions about the business.


	For the Year Ended December 31, 2023
(in thousands)	Insurance Advisory Solutions		Underwriting, Capacity & Technology Solutions		Mainstreet Insurance Solutions		Corporate and Other		Total
Revenues:
Commissions and fees(1)	$	626,828	$	418,014	$	234,697	$	(67,711)	$	1,211,828
Investment income	3,637		2,135		—		955		6,727
Total revenues	630,465		420,149		234,697		(66,756)		1,218,555

Operating expenses:
Commissions, employee compensation and benefits(1)	433,596		311,708		148,240		17,810		911,354
Other operating expenses	79,100		44,663		31,698		34,806		190,267
Amortization expense	51,568		18,188		22,848		100		92,704
Change in fair value of contingent consideration	41,481		17,755		1,847		—		61,083
Depreciation expense	1,462		705		570		2,961		5,698
Total operating expenses	607,207		393,019		205,203		55,677		1,261,106

Operating income (loss)	23,258		27,130		29,494		(122,433)		(42,551)

Other income (expense):
Interest income (expense), net	157		—		30		(119,652)		(119,465)
Other income (expense), net	(263)		1,148		—		(1,603)		(718)
Total other income (expense)	(106)		1,148		30		(121,255)		(120,183)

Income (loss) before income taxes	23,152		28,278		29,524		(243,688)		(162,734)
Income tax expense	13		—		102		1,170		1,285
Net income (loss)	$	23,139	$	28,278	$	29,422	$	(244,858)	$	(164,019)

Capital expenditures	$	1,330	$	7,571	$	3,482	$	8,993	$	21,376
	At December 31, 2023
Total assets	$	2,250,545	$	688,588	$	518,593	$	44,211	$	3,501,937

__________


	For the Year Ended December 31, 2022
(in thousands)	Insurance Advisory Solutions		Underwriting, Capacity & Technology Solutions		Mainstreet Insurance Solutions		Corporate and Other		Total
Revenues:
Commissions and fees(1)	$	558,776	$	307,748	$	157,038	$	(42,842)	$	980,720
Total revenues	558,776		307,748		157,038		(42,842)		980,720

Operating expenses:
Commissions, employee compensation and benefits(1)	385,492		218,859		97,732		17,362		719,445
Other operating expenses	73,638		31,313		25,702		43,055		173,708
Amortization expense	50,209		16,946		14,578		5		81,738
Change in fair value of contingent consideration	26,429		5,354		524		—		32,307
Depreciation expense	1,476		615		278		2,251		4,620
Total operating expenses	537,244		273,087		138,814		62,673		1,011,818

Operating income (loss)	21,532		34,661		18,224		(105,515)		(31,098)

Other income (expense):
Interest income (expense), net	232		—		30		(71,334)		(71,072)
Other income (expense), net	265		(371)		(2)		26,245		26,137
Total other income (expense)	497		(371)		28		(45,089)		(44,935)

Income (loss) before income taxes	22,029		34,290		18,252		(150,604)		(76,033)
Income tax expense	—		—		—		715		715
Net income (loss)	$	22,029	$	34,290	$	18,252	$	(151,319)	$	(76,748)

Capital expenditures	$	1,738	$	5,655	$	3,018	$	11,568	$	21,979
	At December 31, 2022
Total assets	$	2,240,483	$	616,117	$	530,504	$	75,078	$	3,462,182

__________


	For the Year Ended December 31, 2021
(in thousands)	Insurance Advisory Solutions		Underwriting, Capacity & Technology Solutions		Mainstreet Insurance Solutions		Corporate and Other		Total
Revenues:
Commissions and fees(1)	$	363,822	$	144,455	$	61,736	$	(2,723)	$	567,290
Total revenues	363,822		144,455		61,736		(2,723)		567,290

Operating expenses:
Commissions, employee compensation and benefits(1)	234,652		102,824		39,193		23,381		400,050
Other operating expenses	50,037		13,716		10,259		28,150		102,162
Amortization expense	34,056		11,326		3,333		5		48,720
Change in fair value of contingent consideration	32,735		11,881		580		—		45,196
Depreciation expense	1,483		184		345		776		2,788
Total operating expenses	352,963		139,931		53,710		52,312		598,916

Operating income (loss)	10,859		4,524		8,026		(55,035)		(31,626)

Other income (expense):
Interest income (expense), net	(150)		(2)		1		(26,748)		(26,899)
Other income (expense), net	573		(38)		(4)		(107)		424
Total other income (expense)	423		(40)		(3)		(26,855)		(26,475)

Income (loss) before taxes	11,282		4,484		8,023		(81,890)		(58,101)
Income tax expense	—		—		—		19		19
Net income (loss)	$	11,282	$	4,484	$	8,023	$	(81,909)	$	(58,120)

Capital expenditures	$	949	$	590	$	191	$	3,591	$	5,321

__________

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 15
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 32
-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Significant Accounting Policies (Notes)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Significant Accounting Policies

Revenue Recognition

The Company recognizes revenue in accordance with Topic 606.

The Company earns commission revenue by providing insurance placement services to insureds (“Clients”) under direct bill and agency bill arrangements with Insurance Company Partners for private risk management, commercial risk management, wealth management, employee benefits and Medicare insurance types. Commission revenues are usually a percentage of the premium paid by Clients and generally depend upon the type of insurance, the Insurance Company Partner and the nature of the services provided. In some limited cases, the Company shares commissions with other agents or brokers who have acted jointly with the Company in a transaction. The Company controls the fulfillment of the performance obligation and its relationship with its Insurance Company Partners and the outside agents. Commissions shared with downstream agents or brokers are recorded in commission, employee compensation and benefits expense in the consolidated statements of comprehensive loss.

Commission revenue is recorded net of allowances for estimated policy cancellations, which are determined based on an evaluation of historical and current cancellation data.

Commissions for brokerage services may be invoiced near the effective date of the underlying policy or over the term of the arrangement in installments during the policy period. However, regardless of the payment terms, commissions are recognized at a point in time upon the effective date of bound insurance coverage, as no performance obligation exists after coverage is bound.

The Company earns service fee revenue for providing insurance placement services to Clients for a negotiated fee and consulting revenue is earned by providing specialty insurance consulting. Service fee and consulting revenues from certain agreements are recognized over time depending on when the services within the contract are satisfied and when the Company has transferred control of the related services to the customer.

Profit-sharing commissions represent bonus-type revenue that is earned by the Company as a sales incentive provided by certain Insurance Company Partners. The Company receives profit-sharing commissions based primarily on underwriting results, but may also contain considerations for volume, growth, loss performance or retention. Profit-sharing commissions associated with relatively predictable measures are estimated and recognized over time. The profit-sharing commissions are recorded as the underlying policies that contribute to the achievement of the metric are placed with any adjustments recognized when payments are received or as additional information that affects the estimate becomes available. Profit-sharing commissions associated with loss performance are uncertain, and therefore, are subject to significant reversal as loss data remains subject to material change. Management estimates profit-sharing commissions using historical outcomes and known trends impacting premium volume or loss ratios, subject to a constraint. The constraint is relieved when management estimates the revenue is not subject to significant reversal, which often coincides with the earlier of written notice from the Insurance Company Partner that the target has been achieved, or cash collection. Year-end amounts incorporate estimates subject to a constraint or where applicable, are based on confirmation from Insurance Company Partners after calculation of premium volume or loss ratios that are impacted by catastrophic losses.

The Company earns policy fee revenue for acting in its capacity as a managing general agent (“MGA”) on behalf of the Insurance Company Partner and fulfilling certain services including delivery of policy documents, processing payments and other administrative functions during the term of the insurance policy. Policy fee revenue is deferred and recognized over the life of the policy. These deferred amounts are recognized as contract liabilities, which are included as a component of accrued expenses and other current liabilities on the consolidated balance sheets. The Company earns installment fee revenue for payment processing services performed on behalf of the Insurance Company Partner related to policy premiums paid on an installment basis. The Company recognizes installment fee revenue in the period the services are performed.

The Company also earns investment income, which primarily consists of interest earnings on available cash invested in treasury money market funds. The Company recognizes investment income in the period the revenue is earned.

The Company pays an incremental amount of compensation in the form of producer commissions on new business. These incremental costs are capitalized as deferred commission expense and amortized over five years, which represents management’s estimate of the average benefit period for new business. The Company has concluded that this period is consistent with the transfer to the Client of the services to which the asset relates.

Due to the relatively short time period between the information gathering phase and binding insurance coverage, the Company has determined that costs to fulfill contracts are not significant. Therefore, costs to fulfill a contract are expensed as incurred.

Cash Equivalents

The Company considers all highly liquid short-term instruments with original maturities of three months or less to be cash equivalents.

Restricted Cash

Restricted cash includes amounts that are legally restricted as to use or withdrawal. Restricted cash represents cash collected from Clients that is payable to Insurance Company Partners and for which segregation of this cash is required by contract with the relevant insurance company providing coverage or by law within the state. The Company also holds restricted cash specifically in its role as an MGA.

Premiums, Commissions and Fees Receivable, Net

Premiums receivable represent premiums due from Clients when the Company acts in its capacity as insurance agent or broker on behalf of the Insurance Company Partner. In an agency bill contract, the Company typically collects premiums from Clients and, after deducting its authorized commissions, remits the net premiums to the appropriate Insurance Company Partners. Commissions receivable reflect commissions due from Insurance Company Partners. In a direct bill contract, the Insurance Company Partners collect the premiums directly from Clients and remit the applicable commissions to the Company. Fees receivable represent policy fees, consulting fees, service fees and other related amounts due from Clients in service transactions.

Premiums, commissions and fees receivable are reported net of allowances for estimated policy cancellations. The allowance for estimated policy cancellations was $12.6 million and $8.4 million at December 31, 2023 and 2022, respectively, which represents a reserve for future reversals in commission and fee revenues related to the potential cancellation of Client insurance policies that were in force as of each year end. The allowance for estimated policy cancellations is established through a charge to revenues. The allowance for estimated policy cancellations is offset in part by a producer commissions chargeback of $5.7 million and $3.3 million at December 31, 2023 and 2022, respectively. The producer commissions chargeback is established through a charge to commissions, employee compensation and benefits expense and is netted against producer commissions payable on the consolidated balance sheets.

The Company recognizes an allowance for credit losses that reflects the Company's estimate of expected credit losses for its premiums, commissions and fees receivable. This allowance is not significant during any periods presented.

Property and Equipment, Net

Property and equipment is stated at cost. For financial reporting purposes, depreciation of property and equipment is calculated using the straight-line method over the estimated useful lives of the assets as follows:


						Useful Life (in Years)
Leasehold improvements						5 - 10
Furniture						7
Equipment						5
Other						3

Leasehold improvements are amortized on a straight-line basis over the shorter of their estimated useful life or the reasonably assured lease term at inception of the lease. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts. The difference between the net book value of the assets and proceeds from disposal is recognized as a gain or loss on disposal, which is included in other income (expense), net in the consolidated statements of comprehensive loss. Routine maintenance and repairs are charged to expense as incurred, while costs of improvements and renewals are capitalized.

Property and equipment is evaluated for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. An asset is considered to be impaired when the sum of the undiscounted future net cash flows expected to result from the use of the asset and its eventual disposition does not exceed its carrying amount. The amount of the impairment loss, if any, is measured as the amount by which the carrying value of the asset exceeds its fair value.

Capitalized Software

The Company capitalizes certain costs to develop software for internal use as capitalized software in accordance with ASC Topic 350-40, Internal-Use Software. Costs incurred during the preliminary project stage and post-implementation stage of an internal-use software project are expensed as incurred while costs incurred during the application development stage of an internal-use software project are capitalized. Costs related to updates and enhancements to the software are only capitalized if they result in additional functionality to the Company. Capitalized software was $28.5 million and $10.1 million at December 31, 2023 and 2022, respectfully, which is presented net of accumulated amortization of $1.4 million at December 31, 2023 on the consolidated balance sheets. Capitalized software is included as a component of software under intangible assets, net on the consolidated balance sheets. The Company amortizes capitalized software on the straight-line basis over estimated useful lives of three to five years. Amortization expense recorded for capitalized software was $1.4 million for the year ended December 31, 2023.

Intangible Assets, Net and Goodwill

The Company has recognized separately identifiable intangible assets in connection with strategic acquisitions made by the Company (“Partnerships”), as well as those related to software purchased and developed for internal use. Intangible assets identified in a Partnership are recorded at fair value on the acquisition date. The excess of the purchase price in a business combination over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed is assigned to goodwill.

Intangible assets are stated at cost, less accumulated amortization, and consist of acquired relationships, software and trade names acquired in connection with business combinations. Acquired relationships and trade names are being amortized based on a pattern of economic benefit over estimated useful lives of 15 to 20 years and one to five years, respectively. Software is amortized on the straight-line basis over estimated useful lives of two to five years.

Management assesses the fair value of acquired relationships, software and trade names by considering the estimated future cash flow benefits associated with ownership of the assets through the use of recognized income approach valuation methods. The valuation of these intangible assets involves significant assumptions concerning matters such as revenue and expense growth rates, customer attrition rates, obsolescence rates, royalty rates and discount rates.

The Company reviews its definite-lived intangible assets and other long-lived assets for impairment whenever an event occurs that indicates the carrying amount of an asset may not be recoverable. No impairment was recorded for the years ended December 31, 2023, 2022 or 2021.

Goodwill is subject to an impairment assessment on an annual basis or whenever indicators of impairment are present. The Company generally performs a qualitative assessment to determine whether a quantitative impairment test is necessary. On October 1, 2023, the Company elected to perform the quantitative test in lieu of the optional qualitative assessment. In a quantitative assessment, the Company compares the fair value of each reporting unit with its carrying amount to determine if there is potential impairment of goodwill. If the carrying value of a reporting unit is greater than the fair value, an impairment charge is recorded for the amount that the carrying amount of the reporting unit, including goodwill, exceeds its fair value, limited to the amount of goodwill of the reporting unit. No impairment was recorded for the years ended December 31, 2023, 2022 or 2021.

Deferred Financing Costs, Net

Deferred financing costs consist of origination fees and debt issuance costs related to obtaining and amending credit facilities. The Company has recorded these costs as an asset and liability on the consolidated balance sheets in accordance with ASC Topic 835-30, Interest. Deferred financing costs associated with revolving credit facilities are included in other assets on the consolidated balance sheets while those related to term loans are recorded as an offset to long-term debt. At December 31, 2023 and 2022, deferred financing costs included in other assets were $6.4 million each, net of accumulated amortization of $3.5 million and $2.8 million, respectively. Deferred financing costs and original issue discount included in long-term debt totaled $32.0 million and $27.0 million, net of accumulated amortization of $11.7 million and $7.3 million, at December 31, 2023 and 2022, respectively. Such costs are amortized using the effective interest method over the terms of the respective debt. Amortization of deferred financing costs, which is included in interest expense, net in the accompanying consolidated statements of comprehensive loss, was approximately $5.1 million for each of the years ended December 31, 2023 and 2022 and $3.5 million for the year ended December 31, 2021.

Derivative Instruments

The Company utilizes derivative financial instruments, consisting of interest rate caps, to manage the Company’s interest rate exposure. Derivative instruments are recognized as assets or liabilities at fair value on the consolidated balance sheets. The Company has not designated these derivatives as hedging instruments for accounting purposes and, accordingly, the changes in fair value of these derivatives are recognized in earnings. Cash payments and receipts under the derivative instruments are classified within cash flows from financing activities in the accompanying consolidated statements of cash flows. The Company does not use derivative instruments for trading or speculative purposes.

Self-Insurance Reserve

The Company has a self-insured health insurance plan for which it carries an insurance program with specific retention levels or high per-claim deductibles for expected losses. The Company records a liability for all unresolved claims and for an estimate of incurred but not reported (“IBNR”) claims at the anticipated cost that falls below its specified retention levels or per-claim deductible amounts. In establishing reserves, the Company considers actuarial assumptions and judgments regarding economic conditions and the frequency and severity of claims. The Company had an IBNR reserve of $3.8 million and $1.8 million at December 31, 2023 and 2022, respectively, which is included in accrued expenses and other current liabilities on the consolidated balance sheets.

Leases

The Company accounts for leases under ASC Topic 842, Leases (“Topic 842”). A lease is an agreement between two or more parties that creates enforceable rights and obligations that conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Topic 842 requires an entity to determine whether a contract is a lease or contains a lease at the inception of the contract, considering all relevant facts and circumstances. There are two main components in determining if a contract is a lease: (i) a right to use an identified asset and (ii) control over the use of the identified asset. A customer does not have the right to use an identified asset if, at inception of the contract, a supplier has the substantive right to substitute the asset throughout the period of use. Control over the use of the identified asset requires a customer to obtain “substantially all the economic benefits” and to have the “ability to direct the use of the asset.”

Topic 842 requires the recognition of right-of-use assets and lease liabilities on the balance sheet. Leases are classified at their commencement date, which is defined as the date on which the lessor makes the underlying asset available for use by the lessee, as either operating or finance leases based on the economic substance of the agreement. The Company recognizes right-of-use assets and lease liabilities on its consolidated balance sheets for operating leases. Lease liabilities are measured at the lease commencement date as the present value of the future lease payments determined using either (i) the interest rate implicit in the lease, if readily determinable, or (ii) the Company's incremental borrowing rate on the lease commencement date. Right-of-use assets are measured as the lease liability plus initial direct costs and prepaid lease payments less lease incentives. The lease term is the non-cancelable period of the lease and includes options to extend or terminate the lease when it is reasonably certain that an option will be exercised.

The Company elected to not separate lease and non-lease components and instead accounts for them as a single lease component for all classes of underlying assets. The Company does not include variable payments that are not based on an index or rate in the single lease component, regardless of whether they are related to the lease or non-lease component.

The Company elected to not recognize a lease liability or right-of-use asset on the consolidated balance sheets for leases with an initial term of 12 months or less. Operating lease expenses on capitalized leases and short-term leases are recognized on a straight-line basis over the respective lease term, inclusive of rent escalation provisions and rent holidays, as a component of other operating expense in the consolidated statements of comprehensive loss.

Contingent Earnout Liabilities

The Company accounts for contingent consideration relating to business combinations as a contingent earnout liability and an increase to goodwill at the date of acquisition and continually remeasures the liability at each balance sheet date by recording changes in fair value through change in fair value of contingent consideration in the consolidated statements of comprehensive loss. The ultimate settlement of contingent earnout liabilities relating to business combinations may be for amounts that are materially different from the amounts initially recorded and may cause volatility in the Company’s results of operations.

The Company accounts for contingent consideration relating to asset acquisitions as a contingent earnout liability and an increase to the cost of the acquired assets on a relative fair value basis at the date of acquisition. Once recognized, the contingent earnout liability is not derecognized until the contingency is resolved and the consideration is issued or becomes issuable. If the amount initially recognized as a liability exceeds the fair value of the contingent consideration issued or issuable, the entity recognizes that amount as a reduction to the cost of the acquired assets. The ultimate settlement of contingent earnout liabilities relating to asset acquisitions may be for amounts that are materially different from the amounts initially recorded.

The Company determines the fair value of contingent earnout liabilities based on future cash flow projections under various potential scenarios and weighs the probability of these outcomes as discussed further in Note 19.

Assets and Liabilities Held for Sale

The Company classifies assets and related liabilities as held for sale (the “disposal group”) when: (i) management has committed to a plan to sell the disposal group, (ii) the disposal group is available for immediate sale, (iii) there is an active program to locate a buyer, (iv) the sale and transfer of the disposal group is probable within one year, (v) the disposal group is being actively marketed for sale at price that is reasonable in relation to its current fair value, and (vi) it is unlikely that significant changes will be made to the plan to sell the disposal group.

Assets and liabilities held for sale are presented separately within the consolidated balance sheets with any adjustments necessary to measure the disposal group at the lower of its carrying value or fair value less costs to sell. Goodwill is allocated to the disposal group based on the relative fair value of the disposal group and the portion of the reporting unit to be retained. Any gain or loss on held for sale assets and liabilities is included as a component of other income (expense), net in the consolidated statements of comprehensive loss. Depreciation of property and equipment and amortization of intangible and right-of-use assets are not recorded while these assets are classified as held for sale. For each period the disposal group remains classified as held for sale, its recoverability is reassessed and any necessary adjustments are made to its carrying value. Refer to Note 3 for a discussion of assets and liabilities held for sale at December 31, 2023.

Redeemable Noncontrolling Interest

ASC Topic 480, Distinguishing Liabilities from Equity, requires noncontrolling interests that are redeemable for cash or other assets to be classified outside of permanent equity if they are redeemable (i) at a fixed or determinable price on a fixed or determinable date, (ii) at the option of the holder, or (iii) upon the occurrence of an event that is not solely within the control of the issuer.

Redeemable noncontrolling interests are reported at estimated redemption value measured as the greater of estimated fair value at the end of each reporting period or the historical cost basis of the redeemable noncontrolling interest adjusted for cumulative earnings or loss allocations. The resulting increases or decreases to redemption value, if applicable, are recognized as adjustments to retained earnings.

Noncontrolling Interest

Noncontrolling interests are reported at historical cost basis adjusted for cumulative earnings or loss allocations and classified as a component of stockholders’ equity on the consolidated balance sheets.

Income Taxes

BRP is treated as a partnership for U.S. federal, state and local income tax purposes. As a partnership, BRP’s taxable income or loss is included in the taxable income of its members. BRP Group and BRP Colleague Inc., an indirect subsidiary of BRP Group, are both C corporations and taxable entities.

The Company accounts for income taxes pursuant to the asset and liability method, which requires the recognition of deferred income tax assets and liabilities related to the expected future tax consequences arising from temporary differences between the carrying amounts and tax bases of assets and liabilities based on enacted statutory tax rates applicable to the periods in which the temporary differences are expected to reverse. Any effects of changes in income tax rates or laws are included in income tax expense in the period of enactment.

The Company and its subsidiaries follow ASC Topic 740, Income Taxes. A component of this standard prescribes a recognition and measurement threshold of uncertain tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. Management has evaluated the Company’s tax positions and concluded that the Company has taken no uncertain tax positions that require adjustment to the financial statements to comply with the provisions of this guidance. The Company does not expect any of its tax positions to change significantly in the near term.

Tax Receivable Agreement

The Company’s future exchanges of LLC Units from BRP’s LLC Members and the corresponding number of shares of Class B common stock for shares of Class A common stock, is expected to result in increases in its share of the tax basis of the tangible and intangible assets of BRP, which will increase the tax depreciation and amortization deductions that otherwise would not have been available to BRP Group. These increases in tax basis and tax depreciation and amortization deductions are expected to reduce the amount of cash taxes that BRP Group would otherwise be required to pay in the future. BRP Group has entered into a Tax Receivable Agreement with the other members of BRP that requires it to pay them 85% of the amount of cash savings, if any, in U.S. federal, state, and local income tax that BRP Group actually realizes (or, under certain circumstances, is deemed to realize) as a result of the increases in tax basis in connection with exchanges by the recipients described above and certain other tax benefits attributable to payments under the Tax Receivable Agreement.

Share-Based Compensation

Share-based payments to directors, officers, Colleagues and consultants are measured based on the estimated grant-date fair value. The grant-date fair value of restricted and unrestricted stock awards is equal to the market value of BRP Group’s Class A common stock on the date of grant. The Company also issues stock awards that vest based on service conditions, performance conditions, or market conditions. The Company applies the Black-Scholes option-pricing model, a Monte Carlo Simulation, or a lattice model, depending on the vesting conditions, in determining the fair value of performance-based restricted stock unit awards to Colleagues. The Company recognizes share-based compensation expense over the requisite service period for awards expected to ultimately vest. The Company recognizes forfeitures as they occur. Refer to Note 15 for additional information regarding our share-based compensation plans.

Fair Value of Financial Instruments

The carrying values of the Company’s financial assets and liabilities, including cash and cash equivalents, restricted cash, premiums, commissions and fees receivable, premiums payable to insurance companies, producer commissions payable and accrued expenses and other current liabilities, approximate their fair values because of the short maturity and liquidity of those instruments.

Contingencies

The Company accounts for contingencies in accordance with ASC Topic 450-20, Loss Contingencies. Liabilities for loss contingencies arising from various claims and legal actions are recorded when it is probable that a liability has been incurred and the amount is reasonably estimable. In certain cases, where a range of loss exists, the Company accrues the minimum amount in the range if no amount within the range is a better estimate than any other amount. Refer to Note 20 for additional information regarding the Company's contingencies.

Concentrations

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents and restricted cash. The Company manages this risk by using high credit worthy financial institutions. Interest-bearing accounts and noninterest-bearing accounts are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. Deposits exceed amounts insured by the FDIC. The Company has not experienced any losses from its deposits.

Long-term Debt - Additional Information (Details) - USD ($)					12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jul. 01, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Sep. 15, 2023	Nov. 30, 2022	Mar. 08, 2021
Debt Instrument [Line Items]
Debt issuance costs recorded					$ 0	$ 0	$ 11,557,000
Outstanding borrowings	$ 998,737,000				998,737,000
Unamortized debt issuance costs, offset to outstanding borrowings	20,300,000			$ 19,700,000	20,300,000	19,700,000
Gain (loss) on interest rate caps					(1,670,000)	26,220,000	$ (123,000)
Interest Rate Cap, Expiration March 2024
Debt Instrument [Line Items]
Derivative notional amount										$ 300,000,000
Interest Rate Cap, Expiration November 2025
Debt Instrument [Line Items]
Derivative notional amount									$ 600,000,000
Interest Rate Cap, Expiration November 2025 - WF
Debt Instrument [Line Items]
Derivative notional amount									$ 600,000,000
Interest Rate Cap
Debt Instrument [Line Items]
Interest rate caps	2,600,000			15,200,000	2,600,000	15,200,000
Gain (loss) on interest rate caps					(1,700,000)	26,200,000
Loss on interest rate caps					12,600,000
Settlements received on interest rate caps					10,900,000
Secured Overnight Financing Rate (SOFR) \| Interest Rate Cap, Expiration March 2024
Debt Instrument [Line Items]
Derivative interest rate										1.50%
Secured Overnight Financing Rate (SOFR) \| Interest Rate Cap, Expiration November 2025
Debt Instrument [Line Items]
Derivative interest rate									7.00%
Secured Overnight Financing Rate (SOFR) \| Interest Rate Cap, Expiration November 2025 - WF
Debt Instrument [Line Items]
Derivative interest rate									7.00%
Credit Agreement, As Amended Through Amendment No. 5 March 2022 \| JPMorgan Chase Bank, N.A. [Member]
Debt Instrument [Line Items]
Maximum borrowing amount				1,450,000,000		1,450,000,000
Credit Agreement Amendment No. 7 September 2023 \| JPMorgan Chase Bank, N.A. [Member]
Debt Instrument [Line Items]
Debt issuance costs recorded					5,000,000	1,800,000
JPMorgan Credit Agreement \| Credit Agreement, As Amended Through Amendment No. 5 March 2022 \| JPMorgan Chase Bank, N.A. [Member] \| Line of Credit [Member]
Debt Instrument [Line Items]
Maximum borrowing amount				$ 600,000,000		600,000,000
Interest rate				7.41%
Outstanding borrowings on Revolving Facility				$ 505,000,000		505,000,000
Commitment fee on unused capacity				0.40%
JPMorgan Credit Agreement \| Credit Agreement, As Amended Through Amendment No. 7 June 2023 \| JPMorgan Chase Bank, N.A. [Member] \| Line of Credit [Member]
Debt Instrument [Line Items]
Variable Rate Basis		SOFR
Interest rate		8.46%
Outstanding borrowings on Revolving Facility	$ 341,000,000				341,000,000
Commitment fee on unused capacity	0.40%
JPMorgan Credit Agreement \| Credit Agreement, As Amended Through Amendment No. 7 June 2023 \| JPMorgan Chase Bank, N.A. [Member] \| Line of Credit [Member] \| Minimum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate (in basis points)		2.10%
JPMorgan Credit Agreement \| Credit Agreement, As Amended Through Amendment No. 7 June 2023 \| JPMorgan Chase Bank, N.A. [Member] \| Line of Credit [Member] \| Maximum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate (in basis points)		3.10%
Secured Debt [Member] \| Credit Agreement, As Amended Through Amendment No. 5 March 2022 \| JPMorgan Chase Bank, N.A. [Member] \| Medium-term Notes [Member]
Debt Instrument [Line Items]
Maximum borrowing amount				$ 850,000,000		850,000,000
Variable Rate Basis				LIBOR
Outstanding borrowings				$ 838,100,000		$ 838,100,000
Interest rate				7.79%
Secured Debt [Member] \| Credit Agreement, As Amended Through Amendment No. 5 March 2022 \| JPMorgan Chase Bank, N.A. [Member] \| Medium-term Notes [Member] \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate (in basis points)				3.50%
Variable Rate, Floor				0.50%
Secured Debt [Member] \| Credit Agreement Amendment No. 6 June 2023 \| JPMorgan Chase Bank, N.A. [Member] \| Medium-term Notes [Member]
Debt Instrument [Line Items]
Variable Rate Basis			SOFR
Secured Debt [Member] \| Credit Agreement Amendment No. 6 June 2023 \| JPMorgan Chase Bank, N.A. [Member] \| Medium-term Notes [Member] \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate (in basis points)			3.50%
Variable Rate, Floor			5000.00%
Secured Debt [Member] \| Credit Agreement Amendment No. 6 June 2023 \| JPMorgan Chase Bank, N.A. [Member] \| Medium-term Notes [Member] \| Minimum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Credit spread adjustment (in basis points)			0.11%
Secured Debt [Member] \| Credit Agreement Amendment No. 6 June 2023 \| JPMorgan Chase Bank, N.A. [Member] \| Medium-term Notes [Member] \| Maximum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Credit spread adjustment (in basis points)			0.43%
Secured Debt [Member] \| Credit Agreement, As Amended Through Amendment No. 7 June 2023 \| JPMorgan Chase Bank, N.A. [Member] \| Medium-term Notes [Member]
Debt Instrument [Line Items]
Outstanding borrowings	$ 998,700,000				$ 998,700,000
Interest rate		8.97%
Secured Debt [Member] \| Credit Agreement Amendment No. 7 September 2023 \| JPMorgan Chase Bank, N.A. [Member] \| Medium-term Notes [Member]
Debt Instrument [Line Items]
Maximum borrowing amount								$ 1,020,000,000.00
Incremental term loan								$ 170,000,000

Property and Equipment, Net (Notes)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net consists of the following:


	December 31,
(in thousands)	2023		2022
Equipment	$	17,779	$	19,331
Leasehold improvements	8,400		8,072
Furniture	7,262		4,132
Construction in process	2,728		2,190
Other	514		342
Total property and equipment	36,683		34,067
Accumulated depreciation	(13,970)		(8,662)
Property and equipment, net	$	22,713	$	25,405

Depreciation expense recorded for property and equipment was $5.7 million, $4.6 million and $2.8 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Subsequent Events (Notes)	12 Months Ended
Subsequent Events (Notes)	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 26, 2024, the Company signed a definitive agreement for the sale of its specialty wholesale broker business for proceeds of approximately $58.9 million. The transaction is expected to close on March 1, 2024, subject to customary closing conditions. The Company has not yet completed a determination of the gain or loss to be recognized from this transaction. Refer to Note 3 for additional information on the specialty wholesale broker business, the assets and liabilities of which were classified as held for sale as of December 31, 2023. On January 30, 2024, the Company accelerated settlement of Brush Creek Partners' contingent earnout and entered into notes payable agreements with each of Brush Creek Partners' stockholders for a combined principal amount of $8.2 million. The related party notes are payable as follows: (i) $2.05 million is payable within 30 days of the date of the agreement, and (ii) $6.15 million is payable on February 28, 2025. On January 1, 2024, the Company's FounderShield Partner moved from the UCTS Operating Group to the IAS Operating Group. As of December 31, 2023, this realignment has not yet been reflected within the Company's financial statements. Quarterly reports on Form 10-Q for the 2024 periods will include a revision of the UCTS and IAS Operating Groups and corresponding information for prior periods will be retrospectively revised to reflect this change.

Share-Based Compensation - Activity for Non-Vested Awards Granted under the Plans (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Shares
Outstanding at beginning of period (in shares)	3,595,303	3,215,731	826,027
Granted (in shares)	1,855,051	1,258,300	2,758,207
Vested and settled (in shares)	(1,541,042)	(756,655)	(279,494)
Forfeited (in shares)	(387,722)	(122,073)	(89,009)
Outstanding at end of period (in shares)	3,521,590	3,595,303	3,215,731
Non-vested shares expected to vest (in shares)	2,888,235
Weighted-Average Grant-Date Fair Value Per Share
Outstanding at beginning of period (in dollars per share)	$ 28.26	$ 28.83	$ 15.92
Granted (in dollars per share)	28.97	26.58	31.72
Vested and settled (in dollars per share)	25.93	28.24	21.33
Forfeited (in dollars per share)	32.17	26.75	22.25
Outstanding at beginning of period (in dollars per share)	29.22	$ 28.26	$ 28.83
Non-vested shares expected to vest (in dollars per share)	$ 29.68

Deferred Commission Expense (Tables)

12 Months Ended

Dec. 31, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Deferred Commission Expense

The table below provides a rollforward of deferred commission expense:


	For the Years Ended December 31,
(in thousands)	2023		2022
Balance at beginning of year	$	21,669	$	11,336
Costs capitalized	12,032		14,967
Amortization	(7,145)		(4,634)
Deferred commission expense classified as held for sale	(351)		—
Balance at end of year	$	26,205	$	21,669

Income Taxes - Schedule of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current Federal, State and Local, Tax Expense (Benefit) [Abstract]
Federal	$ 75	$ 18	$ 11
State and local	1,250	693	3
Total current income tax expense	1,325	711	14
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract]
Federal	(40)	(2)	4
State and local	0	6	1
Total deferred income tax expense	(40)	4	5
Total income tax expense	$ 1,285	$ 715	$ 19

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Long-term Debt (Notes)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Long-term Debt

Long-Term Debt

On October 14, 2020, the Company entered into a credit agreement with JPMorgan Chase Bank, N.A (the “JPM Credit Agreement”). As of December 31, 2022, the JPM Credit Agreement, as amended, provided for senior secured credit facilities in an aggregate principal amount of $1.45 billion, which consisted of (i) a term loan facility in the principal amount of $850.0 million maturing October 14, 2027 (the “Term Loan B”) and (ii) a revolving credit facility with commitments in an aggregate principal amount of $600.0 million maturing April 1, 2027 (the “Revolving Facility”). The JPM Credit Agreement is secured by substantially all assets of the Company.

Through June 30, 2023, the Term Loan B bore interest at LIBOR plus 350 bps, subject to a LIBOR floor of 50 bps. On June 27, 2023, the Company entered into Amendment No. 6 to the JPM Credit Agreement, under which, effective July 1, 2023, the interest rate on the Term Loan B changed to term SOFR plus a credit spread adjustment between 11 bps and 43 bps based on the term SOFR rate plus an applicable margin of 350 bps, subject to a term SOFR floor of 50 bps. The other terms of the Term Loan B and the terms of the Revolving Facility remained unchanged.

On September 15, 2023, the Company entered into Amendment No. 7 to the JPM Credit Agreement to provide for a new senior secured first lien incremental term loan facility in an aggregate principal amount of $170.0 million (the “Incremental Term Loan B”), which represents an increase in the aggregate principal amount of the Term Loan B from $850.0 million to $1.02 billion. The Company used a portion of the proceeds from the Incremental Term Loan B to partially repay outstanding amounts under the Revolving Facility.

The Company capitalized debt issuance costs related to the JPM Credit Agreement of $5.0 million and $1.8 million during the years ended December 31, 2023 and 2022, respectively.

At December 31, 2023, the outstanding borrowings on the Term Loan B of $998.7 million had an applicable interest rate of 8.97%. Comparatively, at December 31, 2022, the outstanding borrowings on the Term Loan B of $838.1 million had an applicable interest rate of 7.79%. The outstanding borrowings on the Term Loan B are presented net of unamortized debt issuance costs of $20.3 million and $19.7 million on the consolidated balance sheets at December 31, 2023 and 2022, respectively.

Future annual maturities of the Term Loan B are as follows as of December 31, 2023:


(in thousands)	Amount
Payments for the years ending December 31,
2024	$	10,243
2025	10,243
2026	10,243
2027	968,008
Total long-term debt	998,737
Less: unamortized debt discount and issuance costs	(20,311)
Net long-term debt	$	978,426

Borrowings under the Revolving Facility accrue interest at SOFR plus 210 bps to SOFR plus 310 bps based on total net leverage ratio. The outstanding borrowings on the Revolving Facility of $341.0 million at December 31, 2023 had an applicable interest rate of 8.46%. Comparatively, the outstanding borrowings on the Revolving Facility of $505.0 million at December 31, 2022 had an applicable interest rate of 7.41%. The Revolving Facility is also subject to a commitment fee of 0.40% on the unused capacity at December 31, 2023.

The JPM Credit Agreement requires the Company to meet certain financial covenants and comply with customary affirmative and negative covenants as listed in the underlying agreement. The Company was in compliance with these covenants at December 31, 2023.

Interest Rate Caps

The Company uses interest rate caps to mitigate its exposure to interest rate risk on its debt by limiting the impact of interest rate changes on cash flows. The interest rate caps limit the variability of the applicable base rate to the amount of the cap. At December 31, 2023, the Company held three interest rate caps; one interest rate cap with a notional amount of $300.0 million and interest rate cap of 1.50% expiring on March 10, 2024 and two interest rate caps each with a notional amount of $600.0 million and interest rate cap of 7.00% expiring on November 30, 2025. The interest rate caps, which are included as a component of other assets on the consolidated balance sheets, are recorded at an aggregate fair value of $2.6 million and $15.2 million at December 31, 2023 and 2022, respectively.

The Company recognized a loss on interest rate caps of $1.7 million for the year ended December 31, 2023, which included an unrealized fair value loss of $12.6 million, offset in part by a realized gain related to settlements received of $10.9 million. The unrealized fair value loss for 2023 relates to changes in the interest rate curve and our March 10, 2024 interest rate cap approaching maturity. Comparatively, the Company recognized and a gain on interest rate caps of $26.2 million for the year ended December 31, 2022 in connection with rising interest rates and market estimates for future rate increases. The gain or loss on interest rate caps is included as a component of other income (expense), net in the consolidated statements of comprehensive loss.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of December 31, 2023, BRP has a remaining commitment to USF to donate $4.2 million through October 2028. The gift will provide support for the School of Risk Management and Insurance in the USF Muma College of Business. It is currently anticipated that Lowry Baldwin, the Company's Chairman, will fund half of the amounts to be donated by BRP. Legal The Company is involved in various claims and legal actions arising in the ordinary course of business. A liability is recorded when a loss is considered probable and is reasonably estimable in accordance with GAAP. In the opinion of management, the ultimate resolution of these matters will not have a material adverse effect on the Company’s consolidated financial position, results of operations or liquidity.

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Level 2 Assets	$ 3,501,937	$ 3,462,182
Level 3 Liabilities	$ 2,483,055	$ 2,322,143
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate caps	$ 2,562	$ 15,150
Level 2 Assets	2,562	15,150
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent earnout liabilities	276,467	266,936
Level 3 Liabilities	$ 276,467	$ 266,936

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease costs	$ 23,195	$ 19,921	$ 13,086
Variable lease costs	$ 3,677	$ 3,073	$ 2,853

Retirement Plan (Notes)	12 Months Ended
Retirement Plan (Notes)	Dec. 31, 2023
Retirement Benefits [Abstract]
Retirement Plan	Retirement Plan The Company sponsors a 401(k) retirement plan for Colleagues who meet specific age and service requirements. This plan allows for participants to make salary deferral contributions. Employer matching and profit-sharing contributions to this plan are discretionary. Company contributions were $16.9 million, $11.4 million and $5.1 million for the years ended December 31, 2023, 2022 and 2021, respectively.

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The entire disclosure for retirement benefits.

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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Share-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands			12 Months Ended
	Jan. 01, 2024	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares that vested and settled			$ 40,000	$ 21,400	$ 6,000
Non-vested shares expected to vest (in shares)			2,888,235
Share based compensation expense			$ 56,200	$ 47,400	$ 19,200
Total unrecognized compensation cost related to unvested shares of restricted stock			$ 64,000
Total unrecognized compensation cost related to unvested shares of restricted stock, weighted average period of recognition			2 years
Vested in period (in shares)			1,541,042	756,655	279,494
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares expected to vest (in shares)			596,272
Non-vested shares expected to vest at end of period, aggregate intrinsic value			$ 14,300
Non-vested shares expected to vest, weighted-average contractual term			1 year 7 months 6 days
Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance, annual increase based on percentage of outstanding stock			2.00%
Maximum annual compensation payable to administrators of plan		$ 250
Number of shares available for grant (in shares)			1,385,732
Aggregate maximum value			$ 25,900	$ 14,200	$ 8,800
Omnibus Incentive Plan \| RSAs \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			5 years
Aggregate grant date value			$ 400	1,500	1,000
Omnibus Incentive Plan \| PSUs \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award performance period			3 years
Aggregate grant date value			$ 7,600	$ 5,100	$ 3,100
Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)			1,626,454
Vesting period			1 year
Class A Common Stock \| Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)			8,461,907
Class A Common Stock \| Omnibus Incentive Plan \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional shares authorized (in shares)	2,331,128
Class A Common Stock \| Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)			3,000,000
Class B Common Stock \| MIUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)			429,747	450,744	467,237
Cliff Vesting \| The Plans \| RSAs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Cliff Vesting \| The Plans \| RSAs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
Ratable Vesting \| The Plans \| RSAs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Ratable Vesting \| The Plans \| RSAs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			5 years

Intangible Assets, Net and Goodwill (Notes)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net and Goodwill

Intangible assets consist of the following:


	December 31, 2023						December 31, 2022
(in thousands)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Acquired relationships(1)	$	1,135,834	$	(186,487)	$	949,347	$	1,153,031	$	(124,228)	$	1,028,803
Software	99,733		(46,543)		53,190		81,392		(30,790)		50,602
Trade names	27,924		(13,118)		14,806		28,623		(8,110)		20,513
Total intangible assets	$	1,263,491	$	(246,148)	$	1,017,343	$	1,263,046	$	(163,128)	$	1,099,918

__________

(1) Acquired relationships exclude $20.7 million of gross carrying value and $9.4 million of accumulated amortization classified as held for sale at December 31, 2023.

The Company had several asset acquisitions during each of the years ended December 31, 2023 and 2022, which resulted in the addition of acquired relationships of $3.5 million and $3.4 million, respectively, with estimated weighted-average useful lives of 15 years and 18.7 years, respectively. The Company also had several business combinations during the year ended December 31, 2022, which resulted in the addition of acquired relationships of $189.8 million, software of $29.5 million and trade names of $4.4 million with estimated weighted-average useful lives of 20 years, 5 years and 4.9 years, respectively.

Amortization expense recorded for intangible assets was $92.7 million, $81.7 million and $48.7 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Future annual estimated amortization expense over the next five years for intangible assets is as follows (in thousands):


For the Years Ending December 31,	Amortization
2024	$	89,322
2025	89,503
2026	83,890
2027	73,616
2028	67,454

The changes in carrying value of goodwill by Operating Group are as follows:


(in thousands)	Insurance Advisory Solutions		Underwriting, Capacity & Technology Solutions		Mainstreet Insurance Solutions		Total
Balance at December 31, 2021	$	901,127	$	264,018	$	63,596	$	1,228,741
Goodwill of acquired businesses	—		6,877		180,908		187,785
Measurement period adjustments(1)	5,018		516		—		5,534
Balance at December 31, 2022	906,145		271,411		244,504		1,422,060
Measurement period adjustments(2)	—		—		(211)		(211)
Goodwill classified as held for sale(3)	—		(9,480)		—		(9,480)
Balance at December 31, 2023	$	906,145	$	261,931	$	244,293	$	1,412,369

__________

(1) Measurement period adjustments recorded during 2022 relating to businesses acquired in 2021 increased premiums, commissions and fees receivable by $3.8 million, increased current liabilities by $9.1 million, and increased consideration by $0.2 million.

(2) Measurement period adjustments recorded during 2023 relating to businesses acquired in 2022 decreased current liabilities by $0.2 million.

(3) Refer to Note 3 for additional information regarding goodwill classified as held for sale.

Segment Reporting - Additional Information (Details)	12 Months Ended
Segment Reporting - Additional Information (Details)	Dec. 31, 2023 segment
Segment Reporting [Abstract]
Number of Reportable Segments	3

Stockholders' Equity and Noncontrolling Interest (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Rollforward of Common Stock Outstanding

The following table shows a rollforward of our common stock outstanding for the prior three years:


	Class A Common Stock	Class B Common Stock
Shares issued at December 31, 2020	44,953,166	49,828,383
Shares issued to the public in follow-on offerings	9,200,000	—
Shares issued in connection with Partnerships	1,053,190	7,441,139
Common stock and restricted stock grants under Partnership Inducement Award Plan, net of forfeitures and shares withheld for taxes	1,558,694	—
Common stock and restricted stock grants under Omnibus Incentive Plan, net of forfeitures and shares withheld for taxes	906,338	—
Redemption of Class B shares of common stock for Class A shares	931,471	(931,471)
Shares issued at December 31, 2021	58,602,859	56,338,051
Shares issued in connection with Partnerships	226,338	—
Common stock and restricted stock grants under Partnership Inducement Award Plan, net of forfeitures and shares withheld for taxes	(7,593)	—
Common stock and restricted stock grants under Omnibus Incentive Plan, net of forfeitures and shares withheld for taxes	784,630	—
Redemption of Class B shares of common stock for Class A shares	1,841,134	(1,841,134)
Equity issued in satisfaction of a liability	—	29,430
Forfeiture of unvested Class B shares	—	(21,429)
Shares issued at December 31, 2022	61,447,368	54,504,918
Common stock and restricted stock grants under Partnership Inducement Award Plan, net of forfeitures and shares withheld for taxes	(177,555)	—
Common stock and restricted stock grants under Omnibus Incentive Plan, net of forfeitures and shares withheld for taxes	854,067	—
Redemption of Class B shares of common stock for Class A shares	2,082,424	(2,082,424)
Cancellation of Class A shares to settle obligation from Partner	(72,354)	—
Shares issued at December 31, 2023	64,133,950	52,422,494

Schedule of Ownership Interest

The following table summarizes the ownership interest in BRP:


	December 31, 2023			December 31, 2022
	LLC Units	Percentage		LLC Units	Percentage
Interest in BRP held by BRP Group	64,133,950	55	%	61,447,368	53	%
Noncontrolling interest in BRP held by BRP’s LLC Members	52,422,494	45	%	54,504,918	47	%
Total	116,556,444	100	%	115,952,286	100	%

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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+ Details

Consolidated Statements of Stockholders' Equity and Mezzanine Equity - USD ($) $ in Thousands	Total	Additional Paid-in Capital	Retained Earnings	Receivables from Stockholder	Noncontrolling Interest	Redeemable Noncontrolling Interest	Class A Common Stock Common Stock	Class B Common Stock Common Stock
Balance at beginning of period (in shares) at Dec. 31, 2020							44,953,166	49,828,383
Balance at beginning of period, stockholders' equity at Dec. 31, 2020	$ 769,870	$ 392,139	$ (24,346)	$ (465)	$ 402,087		$ 450	$ 5
Balance at beginning of period, mezzanine equity at Dec. 31, 2020						$ 98
Increase (Decrease) in Stockholders' Equity and Mezzanine Equity [Roll Forward]
Net income (loss)	(58,291)		(30,646)		(27,645)	171
Issuances of Class A common stock, net of underwriting discounts and offering costs and redemption of Class B common stock for Class A common stock (in shares)							9,200,000
Issuances of Class A common stock, net of underwriting discounts and offering costs	268,321	159,101			109,128		$ 92
Equity issued in business combinations (in shares)							1,053,190	7,441,139
Equity issued in business combinations	194,607	86,606			107,990		$ 10	$ 1
Share-based compensation, net of forfeitures (in shares)							2,465,032
Share-based compensation, net of forfeitures	17,606	16,621			960		$ 25
Redemption of Class B common stock (in shares)							931,471	(931,471)
Redemption of Class B common stock	0	8,535			(8,544)		$ 9
Distributions	(5,072)				(5,072)
Repayment of stockholder notes receivable	246			246
Balance of end of period (in shares) at Dec. 31, 2021							58,602,859	56,338,051
Balance of end of period, stockholders' equity at Dec. 31, 2021	1,187,287	663,002	(54,992)	(219)	578,904		$ 586	$ 6
Balance at end of period, mezzanine equity at Dec. 31, 2021						269
Increase (Decrease) in Stockholders' Equity and Mezzanine Equity [Roll Forward]
Net income (loss)	(76,966)		(41,772)		(35,194)	218
Equity issued in business combinations (in shares)							226,338
Equity issued in business combinations	4,809	2,525			2,282		$ 2
Share-based compensation, net of forfeitures (in shares)							777,037	29,430
Share-based compensation, net of forfeitures	28,566	30,658			(2,100)		$ 8
Redemption of Class B common stock (in shares)							1,841,134	(1,862,563)
Redemption of Class B common stock	0	8,106			(8,123)		$ 18	$ (1)
Distributions	(4,321)				(4,321)
Repayment of stockholder notes receivable	177			177
Balance of end of period (in shares) at Dec. 31, 2022							61,447,368	54,504,918
Balance of end of period, stockholders' equity at Dec. 31, 2022	1,139,552	704,291	(96,764)	(42)	531,448		$ 614	$ 5
Balance at end of period, mezzanine equity at Dec. 31, 2022						487
Increase (Decrease) in Stockholders' Equity and Mezzanine Equity [Roll Forward]
Net income (loss)	(164,311)		(90,141)		(74,170)	292
Share-based compensation, net of forfeitures (in shares)							676,512
Share-based compensation, net of forfeitures	43,687	23,685			19,995		$ 7
Redemption of Class B common stock (in shares)							2,082,424	(2,082,424)
Redemption of Class B common stock	0	19,975			(19,996)		$ 21
Cancellation of Class A common stock (in shares)							(72,354)
Cancellation of Class A common stock	0	(1,280)			1,281		$ (1)
Distributions	(482)				(482)	(385)
Repayment of stockholder notes receivable	42			42
Balance of end of period (in shares) at Dec. 31, 2023							64,133,950	52,422,494
Balance of end of period, stockholders' equity at Dec. 31, 2023	$ 1,018,488	$ 746,671	$ (186,905)	$ 0	$ 458,076		$ 641	$ 5
Balance at end of period, mezzanine equity at Dec. 31, 2023						$ 394

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Commissions and fees	$ 1,211,828	$ 980,720	$ 567,290
Investment income	6,727	0	0
Total revenues	1,218,555	980,720	567,290
Operating Expenses
Commissions, employee compensation and benefits	911,354	719,445	400,050
Other operating expenses	190,267	173,708	102,162
Amortization expense	92,704	81,738	48,720
Change in fair value of contingent consideration	61,083	32,307	45,196
Depreciation expense	5,698	4,620	2,788
Total operating expenses	1,261,106	1,011,818	598,916
Operating loss	(42,551)	(31,098)	(31,626)
Other Income (Expense)
Interest expense, net	(119,465)	(71,072)	(26,899)
Other income (expense), net	(718)	26,137	424
Total other expense	(120,183)	(44,935)	(26,475)
Loss before income taxes	(162,734)	(76,033)	(58,101)
Income tax expense	1,285	715	19
Net loss	(164,019)	(76,748)	(58,120)
Less: net loss attributable to noncontrolling interests	(73,878)	(34,976)	(27,474)
Net loss attributable to BRP Group	(90,141)	(41,772)	(30,646)
Comprehensive loss	(164,019)	(76,748)	(58,120)
Comprehensive loss attributable to noncontrolling interests	(73,878)	(34,976)	(27,474)
Comprehensive loss attributable to BRP Group	$ (90,141)	$ (41,772)	$ (30,646)
Basic loss per share (in dollars per share)	$ (1.50)	$ (0.74)	$ (0.64)
Diluted loss per share (in dollars per share)	$ (1.50)	$ (0.74)	$ (0.64)
Weighted-average shares of Class A common stock outstanding, basic	60,134,776	56,825,348	47,587,866
Weighted-average shares of Class A common stock outstanding, Diluted	60,134,776	56,825,348	47,587,866

Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract assets	$ 342,692	$ 278,023
Contract liabilities	$ 30,281	$ 30,981

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 116,209	$ 118,090
Restricted cash	104,824	112,381
Premiums, commissions and fees receivable, net	627,791	531,992
Prepaid expenses and other current assets	12,730	9,936
Assets held for sale	64,351	0
Total current assets	925,905	772,399
Property and equipment, net	22,713	25,405
Right-of-use assets	85,473	96,465
Other assets	38,134	45,935
Intangible assets, net	1,017,343	1,099,918
Goodwill	1,412,369	1,422,060
Total assets	3,501,937	3,462,182
Current liabilities:
Premiums payable to insurance companies	555,569	471,294
Producer commissions payable	64,304	53,927
Accrued expenses and other current liabilities	152,954	125,743
Related party notes payable	1,525	1,525
Current portion of contingent earnout liabilities	215,157	46,717
Liabilities held for sale	43,931	0
Total current liabilities	1,033,440	699,206
Revolving line of credit	341,000	505,000
Long-term debt, less current portion	968,183	809,862
Contingent earnout liabilities, less current portion	61,310	220,219
Operating lease liabilities, less current portion	78,999	87,692
Other liabilities	123	164
Total liabilities	2,483,055	2,322,143
Commitments and contingencies (Note 20)
Mezzanine equity:
Redeemable noncontrolling interest	394	487
Stockholders’ equity:
Additional paid-in capital	746,671	704,291
Accumulated deficit	(186,905)	(96,764)
Stockholder notes receivable	0	(42)
Total stockholders’ equity attributable to BRP Group	560,412	608,104
Noncontrolling interest	458,076	531,448
Total stockholders’ equity	1,018,488	1,139,552
Total liabilities, mezzanine equity and stockholders’ equity	3,501,937	3,462,182
Class A Common Stock
Stockholders’ equity:
Common stock	641	614
Class B Common Stock
Stockholders’ equity:
Common stock	$ 5	$ 5

Contract Assets and Liabilities (Notes)

12 Months Ended

Dec. 31, 2023

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]

Contract Assets and Liabilities

Contract assets arise when the Company recognizes (i) revenue for amounts which have not yet been billed and (ii) receivables for premiums to be collected on behalf of Insurance Company Partners. Contract liabilities relate to payments received in advance of performance under the contract before the transfer of a good or service to the customer. Contract assets are included in premiums, commissions and fees receivable, net and contract liabilities are included in accrued expenses and other current liabilities on the consolidated balance sheets. The balances of contract assets and liabilities arising from contracts with customers were as follows:


	December 31,
(in thousands)	2023		2022
Contract assets	$	342,692	$	278,023
Contract liabilities	30,281		30,981

During the year ended December 31, 2023, the Company recognized revenue of $31.0 million related to the contract liabilities balance at December 31, 2022.

Related Party Transactions (Notes)	12 Months Ended
Related Party Transactions (Notes)	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Due to/from Related Parties The Company has $1.5 million due from related parties at December 31, 2023, which includes amounts due from Partners for post-closing cash requirements in accordance with Partnership agreements. This receivable also includes $0.8 million for a loan made to an entity formed for the benefit of MSI and with which BRP, Lowry Baldwin, the Company's Chairman, and members of the Company's executive management team have made capital commitments. Due from related parties is included in prepaid expenses and other current assets on the consolidated balance sheets. Related party notes payable of $1.5 million at December 31, 2023 and 2022 relate to the settlement of contingent earnout consideration for one of the Company's Partners. Commission Revenue The Company serves as a broker for Holding Company of the Villages, Inc. (“The Villages”), a significant shareholder, and certain affiliated entities. Commission revenue recorded from transactions with The Villages and affiliated entities was $2.1 million for each of the years ended December 31, 2023 and 2022 and $1.8 million for the year ended December 31, 2021. The Company serves as a broker for certain entities in which a member of our board of directors has a material interest. Commission revenue recorded from transactions with these entities was $0.3 million for each of the years ended December 31, 2023, 2022 and 2021. Commissions and Consulting Expense Two brothers of Lowry Baldwin, the Company's Chairman, collectively received producer commissions from the Company comprising approximately $0.6 million during each of the years ended December 31, 2023, 2022 and 2021. The Company had a consulting agreement with Accenture, with which an independent member of our board of directors holds an executive leadership position. Consulting expense recorded as a result of this transaction was $0.4 million and $1.2 million for the years ended December 31, 2023 and 2022, respectively. Rent Expense The Company has various agreements to lease office space from wholly-owned subsidiaries of The Villages. Rent expense ranges from approximately $3,000 to $12,000 per month, per lease. Lease agreements expire on various dates through December 2027. Total rent expense incurred with respect to The Villages and its wholly-owned subsidiaries was approximately $0.4 million for each of the years ended December 31, 2023 and 2022 and $0.5 million for the year ended December 31, 2021. Total right-of-use assets and operating lease liabilities included on the Company's balance sheets relating to these lease agreements were $1.4 million each at December 31, 2023 and $1.7 million each at December 31, 2022. The Company has various agreements to lease office space from other related parties. Rent expense ranges from approximately $1,000 to $59,000 per month, per lease. Lease agreements expire on various dates through December 2030. Total rent expense incurred with respect to other related parties was approximately $3.9 million, $3.8 million and $2.5 million for the years ended December 31, 2023, 2022 and 2021, respectively. Total right-of-use assets and operating lease liabilities included on the Company's balance sheets relating to these lease agreements were $12.9 million and $13.4 million, respectively, at December 31, 2023 and $15.0 million and $15.4 million, respectively, at December 31, 2022. Other Lowry Baldwin, the Company's Chairman, paid $0.3 million of BRP's commitment to the University of South Florida (“USF”) during each of the years ended December 31, 2023 and 2022. Refer to Note 20 for additional information regarding this commitment.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Leases - Schedule of Assets and Liabilities Related to Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets:
Right-of-use assets	$ 85,473	$ 96,465
Liabilities:
Operating lease liabilities, current portion	16,704	14,043
Operating lease liabilities, less current portion	78,999	87,692
Total operating lease liabilities	$ 95,703	$ 101,735

DEI Statement - USD ($)	12 Months Ended
DEI Statement - USD ($)	Dec. 31, 2023	Feb. 20, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Document Transition Report	false
Entity File Number	001-39095
Entity Registrant Name	BRP GROUP, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	61-1937225
Entity Central Index Key	0001781755
Entity Address, Address Line One	4211 W. Boy Scout Blvd.
Entity Address, City or Town	Tampa,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33607
City Area Code	866
Local Phone Number	279-0698
Title of 12(b) Security	Class A Common Stock, par value $0.01 per share
Trading Symbol	BRP
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1,468,831,948
Entity Address, Address Line Two	Suite 800
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		64,738,058
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		51,933,957

Intangible Assets, Net and Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Balance at beginning of year	$ 1,422,060	$ 1,228,741
Goodwill of acquired businesses		187,785
Measurement period adjustments	(211)	5,534	$ (2,206)
Goodwill classified as held for sale	(9,480)
Balance at end of year	1,412,369	1,422,060	1,228,741
Measurement period adjustment, assets other than goodwill		(3,800)
Measurement period adjustment, liabilities	(200)	9,100
Measurement period adjustment, cash consideration transferred		200
Insurance Advisory Solutions
Goodwill [Roll Forward]
Balance at beginning of year	906,145	901,127
Goodwill of acquired businesses		0
Measurement period adjustments	0	5,018
Goodwill classified as held for sale	0
Balance at end of year	906,145	906,145	901,127
Underwriting, Capacity & Technology Solutions
Goodwill [Roll Forward]
Balance at beginning of year	271,411	264,018
Goodwill of acquired businesses		6,877
Measurement period adjustments	0	516
Goodwill classified as held for sale	(9,480)
Balance at end of year	261,931	271,411	264,018
Mainstreet Insurance Solutions
Goodwill [Roll Forward]
Balance at beginning of year	244,504	63,596
Goodwill of acquired businesses		180,908
Measurement period adjustments	(211)	0
Goodwill classified as held for sale	0
Balance at end of year	$ 244,293	$ 244,504	$ 63,596

Leases - Supplemental Cash Flow Information for Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows used in operating leases	$ 19,587	$ 17,125	$ 11,562
Operating lease non-cash items:
Right-of-use assets obtained in exchange for operating lease liabilities	6,414	24,910	86,524
Right-of-use assets increased through lease modifications and reassessments	$ 1,063	$ 5,905	$ 6,131

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Components of income tax expense include the following:


	For the Years Ended December 31,
(in thousands)	2023		2022		2021
Current
Federal	$	75	$	18	$	11
State and local	1,250		693		3
Total current income tax expense	1,325		711		14
Deferred
Federal	(40)		(2)		4
State and local	—		6		1
Total deferred income tax expense	(40)		4		5
Total income tax expense	$	1,285	$	715	$	19

Schedule of Effective Income Tax Rate Reconciliation

Income tax expense at the Company’s effective tax rate differed from the statutory tax rate as follows:


	For the Years Ended December 31,
(in thousands)	2023		2022		2021
Loss before income taxes	$	(162,734)	$	(76,033)	$	(58,101)

Noncontrolling interest	18,357		9,415		7,072
Tax provision at statutory rate (21%)	(34,593)		(15,966)		(12,201)
Effect of:
Valuation allowance	20,574		8,787		6,942
State and local income tax	(5,799)		(2,659)		(2,403)
Meals and entertainment	1,134		291		86
IRC 162(m)	987		152		435
Share-based compensation	778		124		(467)
State rate change	(479)		824		(12)
True-up and adjustments	128		(502)		3
MIU issuance	67		187		452
Other	131		62		112
Total income tax expense	$	1,285	$	715	$	19

Schedule of Deferred Tax Assets and Liabilities

The following table summarizes the components of deferred tax assets and liabilities:


	December 31,
(in thousands)	2023		2022
Deferred tax assets
Investment in Partnerships	$	105,398	$	86,871
163(j) limitation carryforward	22,313		8,119
Net operating loss	9,719		6,313
Capitalized transaction costs	1,955		2,147
Charitable contributions	757		442
Total deferred tax assets	140,142		103,892
Less: valuation allowance	(140,142)		(103,892)
Net deferred tax assets	$	—	$	—

Retirement Plan (Details) - USD ($) $ in Millions	12 Months Ended
Retirement Plan (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Company Contribution Amount	$ 16.9	$ 11.4	$ 5.1

Fair Value Measurements - Schedule of Changes in Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Contingent Earnout Liabilities - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Liabilities:
Balance at beginning of year	$ 266,936	$ 258,589
Change in fair value of contingent consideration(1)	61,083	32,307
Fair value of contingent consideration issuances	723	14,918
Settlement of contingent consideration(2)	(52,275)	(38,878)
Balance at end of year	276,467	266,936	$ 258,589
Contingent earnout liabilities reclassified	$ 8,500
Liability settlement through issuance of notes payable		2,100	$ 61,500
Payments of contingent earnout consideration		$ 61,500

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Principles of Consolidation

The consolidated financial statements include the accounts of BRP Group and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

As the sole manager of Baldwin Risk Partners, LLC (“BRP”), BRP Group operates and controls all the business and affairs of BRP, and has the sole voting interest in, and controls the management of, BRP. Accordingly, BRP Group consolidates BRP in its consolidated financial statements, resulting in a noncontrolling interest related to the membership interests of BRP (the “LLC Units”) held by BRP's members (“BRP's LLC Members”) in its consolidated financial statements.

The Company has prepared these consolidated financial statements in accordance with Accounting Standards Codification (“ASC”) Topic 810, Consolidation (“Topic 810”). Topic 810 requires that if an enterprise is the primary beneficiary of a variable interest entity, the assets, liabilities, and results of operations of the variable interest entity should be included in the consolidated financial statements of the enterprise. The Company has recognized certain entities as variable interest entities, of which the Company is the primary beneficiary, and has included the accounts of these entities in the consolidated financial statements. Refer to Note 4 for additional information regarding the Company’s variable interest entities.

Topic 810 also requires that the equity of a noncontrolling interest shall be reported on the consolidated balance sheets within total equity of the Company. Certain redeemable noncontrolling interests are reported on the consolidated balance sheets as mezzanine equity. Topic 810 also requires revenues, expenses, gains, losses, net income or loss, and other comprehensive income or loss to be reported in the consolidated financial statements at consolidated amounts, which include amounts attributable to the owners of the parent and the noncontrolling interests. Refer to the Redeemable Noncontrolling Interest and Noncontrolling Interest sections of Note 2 for additional information.

Use of Estimates

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. Significant estimates underlying the accompanying consolidated financial statements include the application of guidance for revenue recognition; impairment of intangible assets and goodwill; the valuation of contingent consideration; and the valuation allowance for deferred tax assets.

Recently Issued and Recently Adopted Accounting Standards

Recently Issued Accounting Standards

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (“Topic 280”)—Improvements to Reportable Segment Disclosures (“ASU 2023-07”) to enhance the disclosure requirements for reportable segments. ASU 2023-07 requires disclosure of significant segment expenses regularly provided to the chief operating decision maker (“CODM”), as well as an aggregate amount of other segment items included within segment profit or loss and a description of its composition. Additionally, ASU 2023-07 requires disclosure of the title and position of the CODM and a description of how the CODM utilizes the reported measure of segment profit or loss to assess segment performance. ASU 2023-07 requires segment disclosures under Topic 280 on an annual and interim basis. This guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company expects the adoption of this standard to expand its annual and interim segment disclosures, but otherwise have no impact on the consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures (“ASU 2023-09”) to enhance the transparency and usefulness of income tax disclosures. ASU 2023-09 requires disclosure of specific categories and disaggregation of information in the rate reconciliation table using both percentages and reporting currency amounts. ASU 2023-09 also requires disclosure of disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. This guidance is effective for fiscal years beginning after December 15, 2024. The Company expects the adoption of this standard to expand its income tax disclosures, but otherwise have no impact on the consolidated financial statements.

Recently Adopted Accounting Standards

In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805)—Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”) to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to (i) the recognition of an acquired contract liability and (ii) payment terms and their effect on subsequent revenue recognized by the acquirer. ASU 2021-08 requires that, at the acquisition date, an entity recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC Topic 606, Revenue from Contracts with Customers (“Topic 606”) as if it had originated the contracts, while also taking into account how the acquiree applied Topic 606. The Company adopted ASU 2021-08 effective January 1, 2023. The adoption of this guidance did not have any impact on our consolidated financial statements.

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (“Topic 848”)—Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which established optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform to provide temporary relief during the transition period of Topic 848 and ease the potential burden of accounting for, or recognizing the effects of, reference rate reform on financial reporting. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 to defer the sunset date of Topic 848 from December 31, 2022 to December 31, 2024 as a result of the extension of the intended cessation of USD LIBOR to June 30, 2023. The Company has adopted the optional expedient within ASU 2020-04 to account for modifications of contracts within the scope of ASC Topic 470, Debt, including Amendment No. 6 to the JPM Credit Agreement dated June 27, 2023 discussed in Note 11. The adoption of this guidance did not have any impact on our consolidated financial statements.

Revenue Recognition

The Company recognizes revenue in accordance with Topic 606.

Commission revenue is recorded net of allowances for estimated policy cancellations, which are determined based on an evaluation of historical and current cancellation data.

Cash and Cash Equivalents

Cash Equivalents

The Company considers all highly liquid short-term instruments with original maturities of three months or less to be cash equivalents.

Restricted Cash

Premiums, Commissions and Fees Receivable, Net

Property and Equipment, Net


						Useful Life (in Years)
Leasehold improvements						5 - 10
Furniture						7
Equipment						5
Other						3

Capitalized Software

Intangible Assets, Net and Goodwill

Deferred Financing Costs, Net

Derivative Instruments

Self Insurance Reserve

Self-Insurance Reserve

Leases

Contingent Earnout Liabilities

Assets and Liabilities Held for Sale

Redeemable Noncontrolling Interest

Noncontrolling Interest

Income Taxes

Tax Receivable Agreement

Share-based Compensation

Share-Based Compensation

Fair Value of Financial Instruments

Contingencies

Concentrations

Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Maturities of Long-term Debt

Future annual maturities of the Term Loan B are as follows as of December 31, 2023:


(in thousands)	Amount
Payments for the years ending December 31,
2024	$	10,243
2025	10,243
2026	10,243
2027	968,008
Total long-term debt	998,737
Less: unamortized debt discount and issuance costs	(20,311)
Net long-term debt	$	978,426

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis within each level of the fair value hierarchy:


	December 31,
(in thousands)	2023		2022
Level 2
Interest rate caps	$	2,562	$	15,150
Level 2 Assets	$	2,562	$	15,150
Level 3
Contingent earnout liabilities	$	276,467	$	266,936
Level 3 Liabilities	$	276,467	$	266,936

Schedule of Changes in Assets and Liabilities Measured at Fair Value on a Recurring Basis


	For the Years Ended December 31,
(in thousands)	2023		2022
Balance at beginning of year	$	266,936	$	258,589
Change in fair value of contingent consideration(1)	61,083		32,307
Fair value of contingent consideration issuances	723		14,918
Settlement of contingent consideration(2)	(52,275)		(38,878)
Balance at end of year	$	276,467	$	266,936

__________

Fair Value Disclosure of Asset and Liability Not Measured at Fair Value

The carrying amount and estimated fair value of long-term debt and the revolving line of credit were as follows:


	Fair Value Hierarchy	December 31, 2023				December 31, 2022
(in thousands)		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Long-term debt(1)	Level 2	$	998,737	$	997,489	$	838,114	$	816,155
Revolving line of credit	Level 2	341,000		335,963		505,000		476,304

__________

Contract Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]

Schedule of Contract Assets and Liabilities

The balances of contract assets and liabilities arising from contracts with customers were as follows:


	December 31,
(in thousands)	2023		2022
Contract assets	$	342,692	$	278,023
Contract liabilities	30,281		30,981

Business and Basis of Presentation - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023 segment
Entity Information [Line Items]
Number of Reportable Segments	3
BRP Group
Entity Information [Line Items]
Date of incorporation	Jul. 01, 2019

Intangible Assets, Net and Goodwill - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 1,263,491	$ 1,263,046
Accumulated Amortization	(246,148)	(163,128)
Net Carrying Value	1,017,343	1,099,918
Acquired relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	1,135,834	1,153,031
Accumulated Amortization	(186,487)	(124,228)
Net Carrying Value	949,347	1,028,803
Acquired relationships \| Disposal Group, Held-for-Sale, Not Discontinued Operations \| Specialty Wholesale Broker Business
Finite-Lived Intangible Assets [Line Items]
Intangible assets held for sale, gross carrying value	20,700
Intangible assets held for sale, accumulated amortization	(9,400)
Software
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	99,733	81,392
Accumulated Amortization	(46,543)	(30,790)
Net Carrying Value	53,190	50,602
Trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	27,924	28,623
Accumulated Amortization	(13,118)	(8,110)
Net Carrying Value	$ 14,806	$ 20,513

Accrued Expenses and Other Current Liabilities (Notes)

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Accounts Expenses and Other Current Liabilities

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	December 31,
(in thousands)	2023		2022
Accrued compensation and benefits	$	53,728	$	44,903
Contract liabilities	30,281		30,981
Accrued expenses	23,274		13,101
Current portion of operating lease liabilities	16,704		14,043
Current portion of long-term debt	10,243		8,509
Earnout incentive bonus(1)	8,020		—
Other	10,704		14,206
Accrued expenses and other current liabilities	$	152,954	$	125,743

__________

(1) Represents the unpaid portion of contingent earnout liabilities that were reclassified, at the Partner's option, to an earnout incentive bonus, which is payable to Colleagues. Refer to the contingent earnout liabilities rollforward in Note 19 for additional information.

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Property, Plant And Equipment Useful Life Table

For financial reporting purposes, depreciation of property and equipment is calculated using the straight-line method over the estimated useful lives of the assets as follows:


						Useful Life (in Years)
Leasehold improvements						5 - 10
Furniture						7
Equipment						5
Other						3

Schedule of Deferred Commission Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Schedule of Deferred Commission Expense [Roll Forward]
Balance at beginning of year	$ 21,669	$ 11,336
Costs capitalized	12,032	14,967
Amortization	(7,145)	(4,634)
Deferred commission expense classified as held for sale	(351)	0
Balance at end of year	$ 26,205	$ 21,669

Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Loss before income taxes	$ (162,734)	$ (76,033)	$ (58,101)
Noncontrolling interest	$ 18,357	$ 9,415	$ 7,072
Statutory Income Tax Rate	21.00%	21.00%	21.00%
Tax provision at statutory rate (21%)	$ (34,593)	$ (15,966)	$ (12,201)
Valuation allowance	20,574	8,787	6,942
State and local income tax	(5,799)	(2,659)	(2,403)
Meals and entertainment	1,134	291	86
IRC 162(m)	987	152	435
Share-based compensation	778	124	(467)
State rate change	(479)	824	(12)
True-up and adjustments	128	(502)	3
MIU issuance	67	187	452
Other	131	62	112
Total income tax expense	$ 1,285	$ 715	$ 19

Deferred Commission Expense (Notes)

12 Months Ended

Dec. 31, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Deferred Commission Expense

The Company pays an incremental amount of compensation in the form of producer commissions on new business. In accordance with ASC Topic 340, Other Assets and Deferred Costs, these incremental costs are deferred and amortized over five years, which represents management’s estimate of the average benefit period for new business. Deferred commission expense represents producer commissions that are capitalized and not yet expensed and are included in other assets on the consolidated balance sheets. The table below provides a rollforward of deferred commission expense:


	For the Years Ended December 31,
(in thousands)	2023		2022
Balance at beginning of year	$	21,669	$	11,336
Costs capitalized	12,032		14,967
Amortization	(7,145)		(4,634)
Deferred commission expense classified as held for sale	(351)		—
Balance at end of year	$	26,205	$	21,669

Stockholders' Equity and Noncontrolling Interest - Rollforward of Common Stock Outstanding (Details) - Common Stock - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class A Common Stock
Shares Issued
Balance at beginning of period (in shares)	61,447,368	58,602,859	44,953,166
Shares issued (in shares)			9,200,000
Redemption of Class B shares of common stock for Class A shares (in shares)	2,082,424	1,841,134	931,471
Cancellation of Class A shares to settle obligation from Partner (in shares)	(72,354)
Balance of end of period (in shares)	64,133,950	61,447,368	58,602,859
Class A Common Stock \| Omnibus Incentive Plan
Shares Issued
Restricted stock grants (in shares)	854,067	784,630	906,338
Class A Common Stock \| Inducement Plan
Shares Issued
Restricted stock grants (in shares)	(177,555)	(7,593)	1,558,694
Class A Common Stock \| Partnership Offering
Shares Issued
Shares issued (in shares)		226,338	1,053,190
Class B Common Stock
Shares Issued
Balance at beginning of period (in shares)	54,504,918	56,338,051	49,828,383
Redemption of Class B shares of common stock for Class A shares (in shares)	(2,082,424)	(1,841,134)	(931,471)
Equity issued in satisfaction of a liability (in shares)		29,430
Forfeiture of unvested shares (in shares)		(21,429)
Balance of end of period (in shares)	52,422,494	54,504,918	56,338,051
Class B Common Stock \| Partnership Offering
Shares Issued
Shares issued (in shares)			7,441,139

Earnings (Loss) Per Share (Notes)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

Basic earnings (loss) per share is computed by dividing net income (loss) attributable to BRP Group by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted earnings (loss) per share is computed giving effect to all potentially dilutive shares of common stock.

The following table sets forth the computation of basic and diluted loss per share:


	For the Years Ended December 31,
(in thousands, except per share data)	2023		2022		2021
Basic and diluted loss per share:
Loss attributable to BRP Group	$	(90,141)	$	(41,772)	$	(30,646)
Shares used for basic and diluted loss per share:
Basic and diluted weighted-average shares of Class A common stock outstanding	60,135		56,825		47,588
Basic and diluted loss per share	$	(1.50)	$	(0.74)	$	(0.64)

Potentially dilutive securities consist of unvested stock awards, including RSAs and PSUs, in addition to shares of Class B common stock, which can be exchanged (together with a corresponding number of LLC Units) for shares of Class A common stock on a one-for-one basis. The following potentially dilutive securities were excluded from the Company's diluted weighted-average number of shares outstanding calculation for the periods presented as their inclusion would have been anti-dilutive.


	For the Years Ended December 31,
	2023	2022	2021
Unvested RSAs and PSUs	3,874,639	3,595,303	3,119,909
Shares of Class B common stock	53,132,031	54,504,918	56,338,051

The shares of Class B common stock do not share in the earnings or losses attributable to BRP Group, and therefore, are not participating securities. Accordingly, a separate presentation of basic and diluted earnings per share of Class B common stock under the two-class method has not been included.

Property and Equipment, Net Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 5,698	$ 4,620	$ 2,788

Intangible Assets, Net and Goodwill (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

Intangible assets consist of the following:


	December 31, 2023						December 31, 2022
(in thousands)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Acquired relationships(1)	$	1,135,834	$	(186,487)	$	949,347	$	1,153,031	$	(124,228)	$	1,028,803
Software	99,733		(46,543)		53,190		81,392		(30,790)		50,602
Trade names	27,924		(13,118)		14,806		28,623		(8,110)		20,513
Total intangible assets	$	1,263,491	$	(246,148)	$	1,017,343	$	1,263,046	$	(163,128)	$	1,099,918

__________

(1) Acquired relationships exclude $20.7 million of gross carrying value and $9.4 million of accumulated amortization classified as held for sale at December 31, 2023.

Schedule of Future Amortization Expense for Intangible Assets

Future annual estimated amortization expense over the next five years for intangible assets is as follows (in thousands):


For the Years Ending December 31,	Amortization
2024	$	89,322
2025	89,503
2026	83,890
2027	73,616
2028	67,454

Schedule of Goodwill

The changes in carrying value of goodwill by Operating Group are as follows:


(in thousands)	Insurance Advisory Solutions		Underwriting, Capacity & Technology Solutions		Mainstreet Insurance Solutions		Total
Balance at December 31, 2021	$	901,127	$	264,018	$	63,596	$	1,228,741
Goodwill of acquired businesses	—		6,877		180,908		187,785
Measurement period adjustments(1)	5,018		516		—		5,534
Balance at December 31, 2022	906,145		271,411		244,504		1,422,060
Measurement period adjustments(2)	—		—		(211)		(211)
Goodwill classified as held for sale(3)	—		(9,480)		—		(9,480)
Balance at December 31, 2023	$	906,145	$	261,931	$	244,293	$	1,412,369

__________

(2) Measurement period adjustments recorded during 2023 relating to businesses acquired in 2022 decreased current liabilities by $0.2 million.

(3) Refer to Note 3 for additional information regarding goodwill classified as held for sale.

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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+ Details

Earnings (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Earnings (Loss) Per Share, Basic and Diluted

The following table sets forth the computation of basic and diluted loss per share:


	For the Years Ended December 31,
(in thousands, except per share data)	2023		2022		2021
Basic and diluted loss per share:
Loss attributable to BRP Group	$	(90,141)	$	(41,772)	$	(30,646)
Shares used for basic and diluted loss per share:
Basic and diluted weighted-average shares of Class A common stock outstanding	60,135		56,825		47,588
Basic and diluted loss per share	$	(1.50)	$	(0.74)	$	(0.64)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following potentially dilutive securities were excluded from the Company's diluted weighted-average number of shares outstanding calculation for the periods presented as their inclusion would have been anti-dilutive.


	For the Years Ended December 31,
	2023	2022	2021
Unvested RSAs and PSUs	3,874,639	3,595,303	3,119,909
Shares of Class B common stock	53,132,031	54,504,918	56,338,051

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	December 31,
(in thousands)	2023		2022
Accrued compensation and benefits	$	53,728	$	44,903
Contract liabilities	30,281		30,981
Accrued expenses	23,274		13,101
Current portion of operating lease liabilities	16,704		14,043
Current portion of long-term debt	10,243		8,509
Earnout incentive bonus(1)	8,020		—
Other	10,704		14,206
Accrued expenses and other current liabilities	$	152,954	$	125,743

__________

Related Party Transactions - Additional Information (Details) - USD ($)		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Due from related parties	$ 12,730,000	$ 12,730,000	$ 9,936,000
Related party notes payable	1,525,000	1,525,000	1,525,000
Commissions and fees		1,211,828,000	980,720,000	$ 567,290,000
Right-of-use assets	85,473,000	85,473,000	96,465,000
Operating lease liabilities	95,703,000	95,703,000	101,735,000
Related Party
Related Party Transaction [Line Items]
Due from related parties	1,500,000	1,500,000
Producer commissions received		600,000	600,000	600,000
Consulting expense		400,000	1,200,000
Commitment to USF paid		300,000	300,000
Related Party \| Holding Company of the Villages, Inc. and Affiliated Entities
Related Party Transaction [Line Items]
Rent expense		400,000	400,000	500,000
Right-of-use assets	1,400,000	1,400,000	1,700,000
Operating lease liabilities	1,400,000	1,400,000	1,700,000
Related Party \| Other Parties, Excluding Holding Company of the Villages, Inc.
Related Party Transaction [Line Items]
Rent expense		3,900,000	3,800,000	2,500,000
Right-of-use assets	12,900,000	12,900,000	15,000,000
Operating lease liabilities	13,400,000	13,400,000	15,400,000
Loan Made To An Entity Formed For Benefit Of MSI \| Related Party
Related Party Transaction [Line Items]
Due from related parties	800,000	800,000
Broker Services \| Related Party \| Holding Company of the Villages, Inc. and Affiliated Entities
Related Party Transaction [Line Items]
Commissions and fees		2,100,000	2,100,000	1,800,000
Broker Services \| Related Party \| Entities In Which Member of Board of Directors Has Material Interest
Related Party Transaction [Line Items]
Commissions and fees		$ 300,000	$ 300,000	$ 300,000
Minimum \| Related Party \| Holding Company of the Villages, Inc. and Affiliated Entities
Related Party Transaction [Line Items]
Monthly rent expense per lease	3,000
Minimum \| Related Party \| Other Parties, Excluding Holding Company of the Villages, Inc.
Related Party Transaction [Line Items]
Monthly rent expense per lease	1,000
Maximum \| Related Party \| Holding Company of the Villages, Inc. and Affiliated Entities
Related Party Transaction [Line Items]
Monthly rent expense per lease	12,000
Maximum \| Related Party \| Other Parties, Excluding Holding Company of the Villages, Inc.
Related Party Transaction [Line Items]
Monthly rent expense per lease	$ 59,000

Earnings (Loss) Per Share Schedule of Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Loss attributable to BRP Group	$ (90,141)	$ (41,772)	$ (30,646)
Weighted-average shares of Class A common stock outstanding, basic	60,134,776	56,825,348	47,587,866
Weighted-average shares of Class A common stock outstanding, Diluted	60,134,776	56,825,348	47,587,866
Basic loss per share (in dollars per share)	$ (1.50)	$ (0.74)	$ (0.64)
Diluted loss per share (in dollars per share)	$ (1.50)	$ (0.74)	$ (0.64)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 3
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Long-term Debt - Schedule of Future Maturities of Term Loan (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 10,243
2025	10,243
2026	10,243
2027	968,008
Total long-term debt	998,737
Less: unamortized debt discount and issuance costs	(20,311)
Net long-term debt	$ 978,426

Revenue (Notes)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

The following table provides disaggregated revenues by major source:


	For the Years Ended December 31,
(in thousands)	2023		2022		2021
Commission revenue(1)	$	967,552	$	786,794	$	472,495
Profit-sharing revenue(2)	93,437		66,091		37,392
Consulting and service fee revenue(3)	74,637		61,244		30,182
Policy fee and installment fee revenue(4)	65,386		55,362		19,903
Other income(5)	10,816		11,229		7,318
Investment income(6)	6,727		—		—
Total revenues	$	1,218,555	$	980,720	$	567,290

__________

(1) Commission revenue is earned by providing insurance placement services to Clients under direct bill and agency bill arrangements with Insurance Company Partners for private risk management, commercial risk management, wealth management, employee benefits and Medicare insurance types.

(2) Profit-sharing revenue represents bonus-type revenue that is earned by the Company as a sales incentive provided by certain Insurance Company Partners.

(3) Service fee revenue is earned for providing insurance placement services to Clients for a negotiated fee and consulting revenue is earned by providing specialty insurance consulting.

(4) Policy fee revenue represents revenue earned for acting in the capacity of an MGA and fulfilling certain administrative functions on behalf of Insurance Company Partners, including delivery of policy documents, processing payments and other administrative functions. Installment fee revenue represents revenue earned by the Company for providing payment processing services on behalf of Insurance Company Partners related to policy premiums paid on an installment basis.

(5) Other income includes other ancillary income, premium financing income and marketing income that is based on agreed-upon cost reimbursement for fulfilling specific targeted Medicare marketing campaigns.

(6) Investment income represents interest earnings on available cash invested in treasury money market funds.

The application of Topic 606 requires the use of management judgment. The following are the areas of most significant judgment as it relates to Topic 606:

•The Company considers the policyholders as representative of its customers in the majority of contractual relationships, with the exception of Medicare contracts in its Mainstreet Insurance Solutions Operating Group, where the Insurance Company Partner is considered its customer.

•Medicare contracts in the Mainstreet Insurance Solutions Operating Group are multi-year arrangements in which the Company is entitled to renewal commissions. However, the Company has applied a constraint to renewal commissions that limits revenue recognized when a risk of significant reversals exists based on: (i) historical renewal patterns; and (ii) the influence of external factors outside of the Company’s control, including policyholder discretion over plans and Insurance Company Partner relationship, political influence, and a contractual provision, which limits the Company’s right to receive renewal commissions to ongoing compliance and regulatory approval of the relevant Insurance Company Partner and compliance with the Centers for Medicare and Medicaid Services.

•The Company recognizes separately contracted commission revenue at the effective date of insurance placement and considers any ongoing interaction with the customer to be insignificant in the context of the obligations of the contract.

•Variable consideration includes estimates of direct bill commissions, reserves for policy cancellations and accruals for profit-sharing income.

•Costs to obtain a contract are deferred and recognized over five years, which represents management’s estimate of the average benefit period for new business.

•Due to the relatively short time period between the information gathering phase and binding insurance coverage, the Company has determined that costs to fulfill contracts are not significant. Therefore, costs to fulfill a contract are expensed as incurred.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

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-Topic 606
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Fair Value Measurements - Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Unamortized debt issuance costs, offset to outstanding borrowings	$ 20,300	$ 19,700
Carrying Amount
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Long-Term Debt	998,737	838,114
Revolving line of credit	341,000	505,000
Estimated Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Long-Term Debt	997,489	816,155
Revolving line of credit	$ 335,963	$ 476,304

Stockholders Equity and Noncontrolling Interest

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Stockholders’ Equity (Deficit) and Noncontrolling Interest

Stockholders’ Equity and Noncontrolling Interest

Capital Stock

BRP Group’s certificate of incorporation authorized capital stock consisting of 300 million shares of Class A common stock with a par value $0.01 per share, 100 million shares of Class B common stock with a par value of $0.0001 per share, and 50 million shares of preferred stock with a par value of $0.01 per share.

The following table shows a rollforward of our common stock outstanding for the prior three years:


	Class A Common Stock	Class B Common Stock
Shares issued at December 31, 2020	44,953,166	49,828,383
Shares issued to the public in follow-on offerings	9,200,000	—
Shares issued in connection with Partnerships	1,053,190	7,441,139
Common stock and restricted stock grants under Partnership Inducement Award Plan, net of forfeitures and shares withheld for taxes	1,558,694	—
Common stock and restricted stock grants under Omnibus Incentive Plan, net of forfeitures and shares withheld for taxes	906,338	—
Redemption of Class B shares of common stock for Class A shares	931,471	(931,471)
Shares issued at December 31, 2021	58,602,859	56,338,051
Shares issued in connection with Partnerships	226,338	—
Common stock and restricted stock grants under Partnership Inducement Award Plan, net of forfeitures and shares withheld for taxes	(7,593)	—
Common stock and restricted stock grants under Omnibus Incentive Plan, net of forfeitures and shares withheld for taxes	784,630	—
Redemption of Class B shares of common stock for Class A shares	1,841,134	(1,841,134)
Equity issued in satisfaction of a liability	—	29,430
Forfeiture of unvested Class B shares	—	(21,429)
Shares issued at December 31, 2022	61,447,368	54,504,918
Common stock and restricted stock grants under Partnership Inducement Award Plan, net of forfeitures and shares withheld for taxes	(177,555)	—
Common stock and restricted stock grants under Omnibus Incentive Plan, net of forfeitures and shares withheld for taxes	854,067	—
Redemption of Class B shares of common stock for Class A shares	2,082,424	(2,082,424)
Cancellation of Class A shares to settle obligation from Partner	(72,354)	—
Shares issued at December 31, 2023	64,133,950	52,422,494

Class A Common Stock

Stockholders of BRP Group’s Class A common stock are entitled to one vote for each share held of record on all matters on which stockholders are entitled to vote generally, including the election or removal of directors, although they do not have cumulative voting rights in the election of directors. Stockholders of Class A common stock are entitled to receive dividends when and if declared by our board of directors, subject to any restrictions on the payment of dividends.

Upon our liquidation, dissolution or winding up and after payment in full of all amounts required to be paid to creditors and to the holders of preferred stock having liquidation preferences, if any, the stockholders of Class A common stock will be entitled to receive pro rata our remaining assets available for distribution.

Class B Common Stock

The Class B common stock can be exchanged (together with a corresponding number of LLC Units) for shares of Class A common stock on a one-for-one basis, subject to certain restrictions, and the shares of Class B common stock will be cancelled on a one-for-one basis with the redemption or exchange. Except for transfers to us pursuant to the Amended LLC Agreement or to certain permitted transferees, BRP’s LLC Members are not permitted to sell, transfer or otherwise dispose of any LLC Units or shares of Class B common stock.

Each share of Class B common stock entitles the stockholder to one vote per share, together with holders of Class A common stock as a single class, on all matters submitted to a vote of our stockholders. If at any time the ratio at which LLC Units are redeemable or exchangeable for shares of Class A common stock changes from one-for-one, the number of votes to which Class B common stockholders are entitled will be adjusted accordingly. Class B common stockholders will vote together with Class A common stockholders as a single class on all matters on which stockholders are entitled to vote generally, except as otherwise required by law. Class B common stockholders do not have cumulative voting rights in the election of directors, nor do they have any right to receive dividends or to receive a distribution upon a liquidation or winding up of BRP Group.

Noncontrolling Interest

BRP Group is the sole managing member of BRP. As such, BRP Group consolidates BRP in its consolidated financial statements, resulting in a noncontrolling interest related to the LLC Units held by BRP’s LLC Members in its consolidated financial statements.

The following table summarizes the ownership interest in BRP:


	December 31, 2023			December 31, 2022
	LLC Units	Percentage		LLC Units	Percentage
Interest in BRP held by BRP Group	64,133,950	55	%	61,447,368	53	%
Noncontrolling interest in BRP held by BRP’s LLC Members	52,422,494	45	%	54,504,918	47	%
Total	116,556,444	100	%	115,952,286	100	%

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//505/tableOfContent

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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 505
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Share-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

Omnibus Incentive Plan and Partnership Inducement Award Plan

On October 24, 2019, the Company adopted the BRP Group, Inc. Omnibus Incentive Plan (the “Omnibus Plan”) and on November 27, 2020, the Company adopted the BRP Group, Inc. Partnership Inducement Award Plan (the “Inducement Plan” and collectively with the Omnibus Plan, the “Plans”) to motivate and reward Colleagues and certain other individuals to perform at the highest level and contribute significantly to the Company’s success, thereby furthering the best interests of BRP Group’s stockholders. The Plans permit the grant of both nonqualified and incentive stock options, stock appreciation rights, restricted stock awards (“RSAs”), restricted stock unit awards (“RSUs”), other performance awards (including performance-based RSUs (“PSUs”) issued in connection with the Long-Term Incentive Plan (“LTIP”) for executives), cash-based awards and share-based awards to the Company’s directors, officers, Colleagues and, solely with respect to the Omnibus Plan, consultants. The aggregate value of all compensation paid to a non-employee director under the Omnibus Plan in any calendar year may not exceed $250,000 and awards granted under the Inducement Plan require a minimum vesting period of one year.

The Plans are administered by the Compensation Committee, the members of which are independent members of the board of directors. The Compensation Committee assesses issuances under the Plans in the context of the Company's fully-diluted capital composition, which includes shares of Class A common stock and Class B common stock.

The total number of shares of Class A common stock authorized for issuance under the Omnibus Plan and Inducement Plan was 8,461,907 and 3,000,000, respectively, at December 31, 2023. Under the Omnibus Plan, the number of shares of Class A common stock reserved for issuance will increase on the first day of each fiscal year by the lesser of (i) 2% of the aggregate shares of Class A and Class B common stock outstanding on the last day of the immediately preceding fiscal year and (ii) such number of shares as determined by the Company’s board of directors. In accordance therewith, the number of authorized shares of Class A common stock reserved for issuance under the Omnibus Plan increased by 2,331,128 shares effective January 1, 2024.

At December 31, 2023, there were 1,385,732 and 1,626,454 shares of Class A common stock available for grant under the Omnibus Plan and Inducement Plan, respectively. The Company issues new shares of Class A common stock upon the grant of RSAs and the vesting of PSUs. During the year ended December 31, 2023, the Company made awards of RSAs, PSUs and fully-vested shares under the Plans to its non-employee directors, officers, Colleagues and consultants. Fully-vested shares issued to directors, officers and Colleagues during the year ended December 31, 2023 were vested upon issuance while RSAs issued to Colleagues and consultants generally either cliff vest after three to four years or vest ratably over three to five years. The vesting of RSAs and PSUs issued to the Company's executive officers is discussed below under Long-Term Incentive Plan.

The following table summarizes the activity for awards granted by the Company under the Plans:


	Shares	Weighted-Average Grant-Date Fair Value Per Share
Non-vested awards outstanding at December 31, 2020	826,027	$	15.92
Granted	2,758,207	31.72
Vested and settled	(279,494)	21.33
Forfeited	(89,009)	22.25
Non-vested awards outstanding at December 31, 2021	3,215,731	28.83
Granted	1,258,300	26.58
Vested and settled	(756,655)	28.24
Forfeited	(122,073)	26.75
Non-vested awards outstanding at December 31, 2022	3,595,303	28.26
Granted	1,855,051	28.97
Vested and settled	(1,541,042)	25.93
Forfeited	(387,722)	32.17
Non-vested awards outstanding at December 31, 2023	3,521,590	29.22
Non-vested awards outstanding at December 31, 2023 that are expected to vest	2,888,235	29.68

The total fair value of shares that vested and settled under the Plans was $40.0 million, $21.4 million and $6.0 million for the years ended December 31, 2023, 2022 and 2021, respectively. Non-vested awards outstanding at December 31, 2023 include 596,272 PSUs expected to vest, which have an aggregate intrinsic value of $14.3 million and a weighted-average remaining contractual term of 1.6 years.

Share-based compensation is recognized ratably over the vesting period of the respective awards and includes expense related to issuances under the Plans, MIU Conversion LLC Units (defined below) and, prior to 2023, advisor incentive awards. Share-based compensation also includes the portion of annual bonuses that are payable in fully-vested shares of Class A common stock. The Company recognizes share-based compensation expense for the Plans net of actual forfeitures. The Company recorded share-based compensation expense of $56.2 million, $47.4 million and $19.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. Shared-based compensation expense is included in commissions, employee compensation and benefits expense in the consolidated statements of comprehensive loss. The Company had $64.0 million of total unrecognized compensation cost related to non-vested shares at December 31, 2023, which is expected to be recognized over a weighted-average period of 2.0 years.

Long-Term Incentive Plan

During the years ended December 31, 2023, 2022 and 2021, the Compensation Committee awarded the Company’s executive officers incentive compensation awards under the LTIP consisting of (i) PSUs with an aggregate target grant date value of $7.6 million, $5.1 million and $3.1 million, respectively, and (ii) RSAs with an aggregate grant date value of $0.4 million, $1.5 million and $1.0 million, respectively. The incentive compensation awards granted during the years ended December 31, 2023, 2022 and 2021 have an aggregate maximum value of $25.9 million, $14.2 million and $8.8 million, respectively.

As part of the adoption of the LTIP each year, the Compensation Committee approves the form of PSU award agreement (the “Form PSU Award Agreement”) under the Omnibus Plan in connection with the granting of PSUs to its executive officers. The Form PSU Award Agreement provides for the granting of PSUs, which generally vest in the quarter following the end of a performance period of three years. The number of PSUs, if any, that will actually be earned pursuant to a PSU award will depend on the level of performance achieved with respect to applicable performance goals during the applicable performance period. The RSAs vest in equal annual installments over five years.

Valuation Assumptions

The fair value of PSUs with market conditions was estimated on the grant date using a Monte Carlo analysis to model the value of the PSUs using the following assumptions. Expected volatility is based on an average of implied volatility on the valuation date and the one-year historical volatility of BRP Group and publicly-traded companies within a peer group and the Russell 3000 Index. The risk-free interest rate is based on the U.S. Treasury rates in effect at the time of the grant. Expected term is based on the remaining measurement period of the awards at the grant date. The assumptions used in calculating the fair value of the PSUs with market conditions are set forth in the table below.


	For the Years Ended December 31,
	2023		2022		2021
Expected volatility minimum	18	%	19	%	18	%
Expected volatility maximum	364	%	267	%	172	%
Risk-free interest rate	4.41	%	2.00	%	0.27	%
Expected term	2.9 years		2.8 years		2.7 years

Management Incentive Units

Management Incentive Units (“MIUs”) were non-voting units issued to certain senior management prior to October 2019. In connection with the Company's initial public offering in October 2019, all remaining MIUs were converted to restricted LLC Units (and corresponding shares of Class B common stock) (“MIU Conversion LLC Units”) that contained identical vesting conditions to the original MIU issuances. As such, no MIUs remain issued and outstanding.

The non-vested MIU Conversion LLC Units vested according to time-based benchmarks through 2023. There were 429,747, 450,744 and 467,237 MIU Conversion LLC Units that vested during the years ended December 31, 2023, 2022 and 2021, respectively.

Segment Reporting - Summarized Financial Information by Operating Group (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Commissions and fees	$ 1,211,828	$ 980,720	$ 567,290
Investment income	6,727	0	0
Total revenues	1,218,555	980,720	567,290
Commissions, employee compensation and benefits	911,354	719,445	400,050
Other operating expenses	190,267	173,708	102,162
Amortization expense	92,704	81,738	48,720
Change in fair value of contingent consideration	61,083	32,307	45,196
Depreciation expense	5,698	4,620	2,788
Total operating expenses	1,261,106	1,011,818	598,916
Operating income (loss)	(42,551)	(31,098)	(31,626)
Interest income (expense), net	(119,465)	(71,072)	(26,899)
Other income (expense), net	(718)	26,137	424
Total other income (expense)	(120,183)	(44,935)	(26,475)
Income (loss) before income taxes	(162,734)	(76,033)	(58,101)
Income tax expense	1,285	715	19
Net income (loss)	(164,019)	(76,748)	(58,120)
Capital expenditures	21,376	21,979	5,321
Assets	3,501,937	3,462,182
Insurance Advisory Solutions
Segment Reporting Information [Line Items]
Commissions and fees	626,828	558,776	363,822
Investment income	3,637
Total revenues	630,465	558,776	363,822
Commissions, employee compensation and benefits	433,596	385,492	234,652
Other operating expenses	79,100	73,638	50,037
Amortization expense	51,568	50,209	34,056
Change in fair value of contingent consideration	41,481	26,429	32,735
Depreciation expense	1,462	1,476	1,483
Total operating expenses	607,207	537,244	352,963
Operating income (loss)	23,258	21,532	10,859
Interest income (expense), net	157	232	(150)
Other income (expense), net	(263)	265	573
Total other income (expense)	(106)	497	423
Income (loss) before income taxes	23,152	22,029	11,282
Income tax expense	13	0	0
Net income (loss)	23,139	22,029	11,282
Capital expenditures	1,330	1,738	949
Assets	2,250,545	2,240,483
Insurance Advisory Solutions \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Commissions and fees		(1,700)	(1,500)
Underwriting, Capacity & Technology Solutions
Segment Reporting Information [Line Items]
Commissions and fees	418,014	307,748	144,455
Investment income	2,135
Total revenues	420,149	307,748	144,455
Commissions, employee compensation and benefits	311,708	218,859	102,824
Other operating expenses	44,663	31,313	13,716
Amortization expense	18,188	16,946	11,326
Change in fair value of contingent consideration	17,755	5,354	11,881
Depreciation expense	705	615	184
Total operating expenses	393,019	273,087	139,931
Operating income (loss)	27,130	34,661	4,524
Interest income (expense), net	0	0	(2)
Other income (expense), net	1,148	(371)	(38)
Total other income (expense)	1,148	(371)	(40)
Income (loss) before income taxes	28,278	34,290	4,484
Income tax expense	0	0	0
Net income (loss)	28,278	34,290	4,484
Capital expenditures	7,571	5,655	590
Assets	688,588	616,117
Underwriting, Capacity & Technology Solutions \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Commissions and fees	(65,900)	(39,200)	(200)
Mainstreet Insurance Solutions
Segment Reporting Information [Line Items]
Commissions and fees	234,697	157,038	61,736
Investment income	0
Total revenues	234,697	157,038	61,736
Commissions, employee compensation and benefits	148,240	97,732	39,193
Other operating expenses	31,698	25,702	10,259
Amortization expense	22,848	14,578	3,333
Change in fair value of contingent consideration	1,847	524	580
Depreciation expense	570	278	345
Total operating expenses	205,203	138,814	53,710
Operating income (loss)	29,494	18,224	8,026
Interest income (expense), net	30	30	1
Other income (expense), net	0	(2)	(4)
Total other income (expense)	30	28	(3)
Income (loss) before income taxes	29,524	18,252	8,023
Income tax expense	102	0	0
Net income (loss)	29,422	18,252	8,023
Capital expenditures	3,482	3,018	191
Assets	518,593	530,504
Mainstreet Insurance Solutions \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Commissions and fees	(1,800)	(1,900)	(1,100)
Corporate and Other
Segment Reporting Information [Line Items]
Commissions and fees	(67,711)	(42,842)	(2,723)
Investment income	955
Total revenues	(66,756)	(42,842)	(2,723)
Commissions, employee compensation and benefits	17,810	17,362	23,381
Other operating expenses	34,806	43,055	28,150
Amortization expense	100	5	5
Change in fair value of contingent consideration	0	0	0
Depreciation expense	2,961	2,251	776
Total operating expenses	55,677	62,673	52,312
Operating income (loss)	(122,433)	(105,515)	(55,035)
Interest income (expense), net	(119,652)	(71,334)	(26,748)
Other income (expense), net	(1,603)	26,245	(107)
Total other income (expense)	(121,255)	(45,089)	(26,855)
Income (loss) before income taxes	(243,688)	(150,604)	(81,890)
Income tax expense	1,170	715	19
Net income (loss)	(244,858)	(151,319)	(81,909)
Capital expenditures	8,993	11,568	$ 3,591
Assets	$ 44,211	$ 75,078

Stockholders’ Equity and Noncontrolling Interest - Additional Information (Details) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Preferred Stock, shares authorized (in shares)	50,000,000
Preferred Stock, par value (in dollars per share)	$ 0.01
Class A Common Stock
Class of Stock [Line Items]
Shares authorized (in shares)	300,000,000	300,000,000
Par value (in dollars per share)	$ 0.01	$ 0.01
Class B Common Stock
Class of Stock [Line Items]
Shares authorized (in shares)	100,000,000	100,000,000
Par value (in dollars per share)	$ 0.0001	$ 0.0001

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Share-Based Compensation - Assumptions Used in Calculating Fair Value in Equity Instruments Other than Options (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Expected volatility minimum	18.00%	19.00%	18.00%
Expected volatility maximum	364.00%	267.00%	172.00%
Risk-free interest rate	4.41%	2.00%	0.27%
Expected term	2 years 10 months 24 days	2 years 9 months 18 days	2 years 8 months 12 days

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Nonvested Award Activity

The following table summarizes the activity for awards granted by the Company under the Plans:


	Shares	Weighted-Average Grant-Date Fair Value Per Share
Non-vested awards outstanding at December 31, 2020	826,027	$	15.92
Granted	2,758,207	31.72
Vested and settled	(279,494)	21.33
Forfeited	(89,009)	22.25
Non-vested awards outstanding at December 31, 2021	3,215,731	28.83
Granted	1,258,300	26.58
Vested and settled	(756,655)	28.24
Forfeited	(122,073)	26.75
Non-vested awards outstanding at December 31, 2022	3,595,303	28.26
Granted	1,855,051	28.97
Vested and settled	(1,541,042)	25.93
Forfeited	(387,722)	32.17
Non-vested awards outstanding at December 31, 2023	3,521,590	29.22
Non-vested awards outstanding at December 31, 2023 that are expected to vest	2,888,235	29.68

Assumptions Used in Calculating Fair Value in Equity Instruments Other than Options

The assumptions used in calculating the fair value of the PSUs with market conditions are set forth in the table below.


	For the Years Ended December 31,
	2023		2022		2021
Expected volatility minimum	18	%	19	%	18	%
Expected volatility maximum	364	%	267	%	172	%
Risk-free interest rate	4.41	%	2.00	%	0.27	%
Expected term	2.9 years		2.8 years		2.7 years

Assets and Liabilities Held for Sale (Notes)

12 Months Ended

Dec. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Assets and Liabilities Held for Sale

Since its launch in January 2020, the Company's specialty wholesale broker business has not benefited from the same degree of capital allocation, focus and prioritization as the retail and MGA businesses. After assessing the various paths forward for the specialty wholesale broker business near the end of 2023, management concluded that a plan to sell the specialty wholesale broker business creates the greatest opportunity for both the Company and the specialty wholesale broker business.

The Company determined that its specialty wholesale broker business, operating within the Underwriting, Capacity & Technology Solutions Operating Group, met the criteria to be classified as held for sale at December 31, 2023. The assets and liabilities of the specialty wholesale broker business have been recorded as held for sale at their carrying value, which was determined to be lower than the fair value of the net assets less costs to sell and, as a result, no gain or loss was recorded. The planned divestiture did not meet the criteria of a discontinued operation and the Company will continue to report the operating results for its specialty wholesale broker business as continuing operations in the consolidated statements of comprehensive loss until a sale is completed. Subsequent to the end of 2023, the Company entered into a definitive agreement for the sale of the business, which is expected to close on March 1, 2024. Refer to Note 22 for additional information.

The table below provides a summary of the major classes of assets and liabilities that have been classified as held for sale on the consolidated balance sheets:


(in thousands)	December 31, 2023
Restricted cash	$	5,930
Premiums, commissions and fees receivable, net	36,470
Property and equipment, net	50
Right-of-use assets	310
Other assets	395
Intangible assets, net	11,716
Goodwill	9,480
Assets held for sale	$	64,351

Premiums payable to insurance companies	$	42,289
Producer commissions payable	955
Accrued expenses and other current liabilities(1)	589
Operating lease liabilities, less current portion	98
Liabilities held for sale	$	43,931

__________

(1) Includes the current portion of operating lease liabilities.

Variable Interest Entities - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Total revenues	$ 1,218,555	$ 980,720	$ 567,290
Expenses	1,261,106	1,011,818	598,916
Assets	3,501,937	3,462,182
Liabilities	2,483,055	2,322,143
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Total revenues	2,000	1,700	1,000
Expenses	1,100	1,000	$ 600
Assets	800	400
Liabilities	$ 200	$ 100

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Revenue (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregated Revenue

The following table provides disaggregated revenues by major source:


	For the Years Ended December 31,
(in thousands)	2023		2022		2021
Commission revenue(1)	$	967,552	$	786,794	$	472,495
Profit-sharing revenue(2)	93,437		66,091		37,392
Consulting and service fee revenue(3)	74,637		61,244		30,182
Policy fee and installment fee revenue(4)	65,386		55,362		19,903
Other income(5)	10,816		11,229		7,318
Investment income(6)	6,727		—		—
Total revenues	$	1,218,555	$	980,720	$	567,290

__________

(2) Profit-sharing revenue represents bonus-type revenue that is earned by the Company as a sales incentive provided by certain Insurance Company Partners.

(3) Service fee revenue is earned for providing insurance placement services to Clients for a negotiated fee and consulting revenue is earned by providing specialty insurance consulting.

(6) Investment income represents interest earnings on available cash invested in treasury money market funds.

Intangible Assets, Net and Goodwill - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets amortization	$ 92,704	$ 81,738	$ 48,720
Acquired relationships \| Asset Acquisition
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired	$ 3,500	$ 3,400
Weighted Average Life	15 years	18 years 8 months 12 days
Acquired relationships \| Business Combination
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired		$ 189,800
Weighted Average Life		20 years
Software \| Business Combination
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired		$ 29,500
Weighted Average Life		5 years
Trade Names \| Business Combination
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired		$ 4,400
Weighted Average Life		4 years 10 months 24 days

Fair Value Measurements - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Change in estimated fair value of contingent earnout liabilities	$ 61,083,000	$ 32,307,000	$ 45,196,000
Maximum estimated exposure to contingent earnout liabilities	607,400,000
Contingent Earnout Liabilities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Change in estimated fair value of contingent earnout liabilities	$ 61,100,000	$ 32,300,000	$ 45,200,000
Minimum \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent earnout measurement input	0.0750	0.0650
Minimum \| Measurement Input, Long-Term Revenue Growth Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent earnout measurement input	0.10	0.08
Maximum \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent earnout measurement input	0.1375	0.1800
Maximum \| Measurement Input, Long-Term Revenue Growth Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent earnout measurement input	0.35	0.35

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

The Company has operating leases relating to its facilities and office equipment with terms expiring though February 2031. Determination of whether a new contract is a lease is made at contract inception or at the modification date for a modified contract. The Company's operating leases may require fixed rental payments, variable lease payments based on usage or sales and fixed non-lease costs relating to the leased asset. Fixed non-lease costs such as common-area maintenance costs are included in the measurement of the right-of-use asset and lease liability as the Company does not separate lease and non-lease components. Variable lease payments are generally not included in the measurement of the right-of-use asset and lease liability and are recorded as lease expense in the period incurred. Short-term leases of 12 months or less are expensed in conjunction with the Company's short-term policy election.

The Company's operating leases may include renewal or termination options. Options to extend or terminate leases are excluded from balance sheet recognition until the options are reasonably certain to be exercised. The Company only included executed options to extend its leases in its calculation of right-of-use assets and lease liabilities at December 31, 2023.

Operating lease right-of-use assets and lease liabilities were as follows:


	December 31,
(in thousands)	2023		2022
Assets:
Right-of-use assets	$	85,473	$	96,465

Liabilities:
Operating lease liabilities, current portion	$	16,704	$	14,043
Operating lease liabilities, non-current	78,999		87,692
Total operating lease liabilities	$	95,703	$	101,735

The components of the lease costs were as follows:


	For the Years Ended December 31,
(in thousands)	2023		2022		2021
Operating lease costs	$	23,195	$	19,921	$	13,086
Variable lease costs	3,677		3,073		2,853

Supplemental cash flow information relating to our leases was as follows:


	For the Years Ended December 31,
(in thousands)	2023		2022		2021
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows used in operating leases	$	19,587	$	17,125	$	11,562

Operating lease non-cash items:
Right-of-use assets obtained in exchange for operating lease liabilities	$	6,414	$	24,910	$	86,524
Right-of-use assets increased through lease modifications and reassessments	1,063		5,905		6,131

Weighted average remaining lease terms and discount rates were as follows:


	December 31,
	2023		2022
Operating leases:
Remaining lease term	5.4 years		6.2 years
Discount rate	5.3	%	5.1	%

Future minimum lease payments under non-cancelable operating lease agreements at December 31, 2023 were as follows:


(in thousands)	Minimum Future Lease Payments
For the years ending December 31,
2024	$	21,258
2025	20,459
2026	18,973
2027	17,953
2028	14,469
Thereafter	17,744
Total minimum lease payments	110,856
Less: amounts representing interest or imputed interest	(15,153)
Present value of lease liabilities	$	95,703

Assets and Liabilities Held for Sale (Tables)

12 Months Ended

Dec. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Summary of Assets and Liabilities Held for Sale

The table below provides a summary of the major classes of assets and liabilities that have been classified as held for sale on the consolidated balance sheets:


(in thousands)	December 31, 2023
Restricted cash	$	5,930
Premiums, commissions and fees receivable, net	36,470
Property and equipment, net	50
Right-of-use assets	310
Other assets	395
Intangible assets, net	11,716
Goodwill	9,480
Assets held for sale	$	64,351

Premiums payable to insurance companies	$	42,289
Producer commissions payable	955
Accrued expenses and other current liabilities(1)	589
Operating lease liabilities, less current portion	98
Liabilities held for sale	$	43,931

__________

(1) Includes the current portion of operating lease liabilities.

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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