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Percentage

Interest in BRP held by BRP Group

Noncontrolling interest in BRP held by BRP’s LLC Members

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DEI Statement - USD ($)	12 Months Ended
DEI Statement - USD ($)	Dec. 31, 2019	Mar. 20, 2020	Jun. 30, 2019
Cover page.
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Registrant Name	BRP Group, Inc.
Entity Central Index Key	0001781755
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding		19,859,837
Entity Public Float			$ 0

Consolidated Balance Sheets - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Current Assets
Cash and cash equivalents	$ 67,689,000	$ 7,995,000
Restricted cash	3,382,000	0
Premiums, commissions and fees receivable, net	58,793,000	29,385,000
Prepaid expenses and other current assets	3,019,000	1,097,000
Due from related parties	43,000	117,000
Total current assets	132,926,000	38,594,000
Property and equipment, net	3,322,000	2,148,000
Other assets	5,600,000	3,575,000
Intangible assets, net	92,450,000	29,744,000
Goodwill	164,470,000	65,764,000
Total assets	398,768,000	139,825,000
Current Liabilities
Premiums payable to insurance companies	50,541,000	23,196,000
Producer commissions payable	7,470,000	3,955,000
Accrued expenses and other current liabilities	12,334,000	5,247,000
Current portion of long-term debt	0	527,000
Current portion of contingent earnout liabilities	2,480,000	302,000
Total current liabilities	72,825,000	33,227,000
Revolving lines of credit	40,363,000	33,861,000
Related party debt	0	36,880,000
Long-term debt, less current portion	0	1,497,000
Contingent earnout liabilities, less current portion	46,289,000	8,947,000
Other liabilities	2,017,000	2,610,000
Total liabilities	161,494,000	117,022,000
Mezzanine Equity
Redeemable noncontrolling interest	23,000	46,208,000
Redeemable members’ capital	0	39,354,000
Stockholders’/members’ equity (deficit):
Additional paid-in capital	82,425,000	0
Retained earnings (deficit)	(8,650,000)	0
Members’ deficit	0	(63,606,000)
Notes receivable from stockholders/members	(688,000)	(90,000)
Total stockholders’ equity attributable to BRP Group, Inc./ members’ equity (deficit)	73,285,000	(63,696,000)
Noncontrolling interest	163,966,000	937,000
Total stockholders’/members’ equity (deficit)	237,251,000	(62,759,000)
Total liabilities, mezzanine equity and stockholders’/members’ equity (deficit)	398,768,000	139,825,000
Class A Common Stock
Stockholders’/members’ equity (deficit):
Common stock	194,000	0
Class B Common Stock
Stockholders’/members’ equity (deficit):
Common stock	4,000	0
Variable Interest Entity, Primary Beneficiary [Member]
Current Assets
Cash and cash equivalents	47,000	796,000
Premiums, commissions and fees receivable, net	75,000	3,902,000
Prepaid expenses and other current assets	0	69,000
Due from related parties	0	13,000
Total current assets	122,000	4,780,000
Property and equipment, net	31,000	115,000
Other assets	7,000	2,000
Goodwill	0	4,035,000
Total assets	160,000	8,932,000
Current Liabilities
Premiums payable to insurance companies	6,000	2,078,000
Producer commissions payable	15,000	514,000
Accrued expenses and other current liabilities	29,000	320,000
Total liabilities	$ 50,000	$ 2,912,000

Balance Sheet Parenthetical	Dec. 31, 2019 $ / shares shares
Class A Common Stock
Par value \| $ / shares	$ 0.01
Shares authorized	300,000,000
Shares issued	19,362,984
Shares outstanding	19,362,984
Class B Common Stock
Par value \| $ / shares	$ 0.0001
Shares authorized	50,000,000
Shares issued	43,257,738
Shares outstanding	43,257,738

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Commissions and fees	$ 137,841	$ 79,880
Operating Expenses
Commissions, employee compensation and benefits	96,955	51,654
Other operating expenses	24,576	14,379
Amortization expense	10,007	2,582
Change in fair value of contingent consideration	10,829	1,228
Depreciation expense	542	508
Total operating expenses	142,909	70,351
Operating income (loss)	(5,068)	9,529
Other Income (Expense)
Interest expense, net	(10,640)	(6,625)
Loss on extinguishment of debt	(6,732)	0
Other income (expense), net	3	(215)
Total other expense	(17,369)	(6,840)
Income (loss) before income taxes	(22,437)	2,689
Income tax expense	17	0
Net income (loss)	(22,454)	2,689
Less: net income (loss) attributable to noncontrolling interests	(13,804)	3,313
Net loss attributable to BRP Group, Inc.	(8,650)	(624)
Comprehensive income (loss)	(22,454)	2,689
Comprehensive income (loss) attributable to noncontrolling interests	(13,804)	3,313
Comprehensive loss attributable to BRP Group, Inc.	$ (8,650)	$ (624)

Consolidated Statements of Stockholders'/Members' Equity (Deficit) and Mezzanine Equity - USD ($) $ in Thousands	Total	APIC	Retained Earnings (Deficit)	Members’ Deficit	Notes Receivable from Stockholders /Members	Non-controlling Interest	Redeemable Noncontrolling Interest	Redeemable Members’ Capital	Class A Common Stock	Class A Common Stock Common Stock	Class B Common Stock	Class B Common Stock Common Stock
Increase (Decrease) in Members' Equity (Deficit) [Roll Forward]
Adjustment to opening retained earnings due to adoption of ASC Topic 606	$ 6,793			$ 6,608		$ 185
Balance at beginning of period, stockholders' / members' equity at Dec. 31, 2017	(39,919)			(40,466)	$ 0	547
Adjusted beginning balance after adoption of ASC Topic 606 at Dec. 31, 2017	(33,126)			(33,858)		732
Balance at beginning of period, mezzanine equity at Dec. 31, 2017							$ 23,474	$ 22,504
Increase (Decrease) in Members' Equity (Deficit) [Roll Forward]
Net income (loss)	(565)			(408)		(157)
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest							3,470	(216)
Contributions	137					137	83
Contributions through issuance of Member note receivable	(180)				(180)
Repayment of Member note receivable	90				90
Issuance and vesting of Management Incentive Unit to Members	309			309
Issuance of Voting Common Units to redeemable common equity holder								3,009
Issuance of Voting Common Units to redeemable common equity holder	0
Issuance of Non-Voting Common Units to noncontrolling interest holders	289					289
Noncontrolling interest issued in business combinations and asset acquisitions							13,475
Change in the redemption value of redeemable interests	(25,640)			(25,640)			10,092	15,548
Distributions	(4,073)			(4,009)		(64)	(4,386)	(1,491)
Balance of end of period, stockholders' / members' equity at Dec. 31, 2018	(62,759)			(63,606)	(90)	937
Balance at end of period, mezzanine equity at Dec. 31, 2018							46,208	39,354
Increase (Decrease) in Members' Equity (Deficit) [Roll Forward]
Issuance of Voting Common Units to redeemable common equity holder	5,509
Change in the redemption value of redeemable interests	143,413
Balance of end of period (in shares) at Dec. 31, 2019									19,362,984	19,362,984	43,257,738	43,257,738
Balance of end of period, stockholders' / members' equity at Dec. 31, 2019	237,251	$ 82,425	$ (8,650)	0	(688)	163,966				$ 194		$ 4
Balance at end of period, mezzanine equity at Dec. 31, 2019							23	0
Balance at beginning of period (in shares) at Oct. 28, 2019									0		0
Increase (Decrease) in Members' Equity (Deficit) [Roll Forward]
Net income (loss)	(27,990)		(8,650)			(19,340)	(10)
Contributions							5
Share-based compensation (in shares)										276,634		69,503
Share-based compensation	794	202				589				$ 3
Repayment of Stockholder notes receivable	4				4
Balance of end of period (in shares) at Dec. 31, 2019									19,362,984	19,362,984	43,257,738	43,257,738
Balance of end of period, stockholders' / members' equity at Dec. 31, 2019	$ 237,251	$ 82,425	$ (8,650)	$ 0	$ (688)	$ 163,966				$ 194		$ 4
Balance at end of period, mezzanine equity at Dec. 31, 2019							$ 23	$ 0

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income (loss)	$ (22,454,000)	$ 2,689,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	10,549,000	3,090,000
Amortization of deferred financing costs	1,300,000	118,000
Loss on extinguishment of debt	6,732,000	0
Issuance of Voting Common Units to redeemable common equity holder	0	3,009,000
Issuance and vesting of Management Incentive Units to Members	1,334,000	309,000
Participation unit compensation	50,000	158,000
Stock-based compensation expense	3,227,000	1,240,000
Change in fair value of contingent consideration	10,829,000	1,228,000
Payment of contingent earnout consideration in excess of purchase price accrual	(8,000)	0
Changes in operating assets and liabilities, net of effect of acquisitions:
Premiums, commissions and fees receivable, net	(6,000,000)	663,000
Prepaid expenses and other assets	(2,631,000)	(1,347,000)
Due from related parties	74,000	(117,000)
Accounts payable, accrued expenses and other current liabilities	9,000,000	1,306,000
Other liabilities	0	(553,000)
Net cash provided by operating activities	12,014,000	11,793,000
Cash flows from investing activities:
Capital expenditures	(1,718,000)	(525,000)
Investment in business venture	(200,000)	0
Cash consideration paid for asset acquisitions, net of cash received	(679,000)	(6,909,000)
Cash consideration paid for business combinations, net of cash received	(98,423,000)	(35,092,000)
Net cash used in investing activities	(101,020,000)	(42,526,000)
Cash flows from financing activities:
Proceeds from issuance of Class A common stock, net of underwriting discounts	246,208,000	0
Purchase of LLC Units from shareholders	(31,332,000)	0
Payment of Initial Public Offering costs	(4,840,000)	0
Payment of contingent earnout consideration	(167,000)	(2,892,000)
Payment of guaranteed earnout consideration	(813,000)	(187,000)
Proceeds from revolving line of credit	69,592,000	24,451,000
Repayments of revolving line of credit	(66,200,000)	0
Proceeds from related party debt	49,845,000	24,470,000
Repayments of related party debt	(88,425,000)	0
Repayments of long-term debt	(204,000)	(526,000)
Payments of debt issuance and debt extinguishment costs	(481,000)	(356,000)
Proceeds from advisor incentive buy-ins	746,000	175,000
Proceeds received from repayment of stockholder/member notes receivable	164,000	0
Proceeds from issuance of Non-Voting Common Units	998,000	200,000
Repurchase of Voting Common Units from Members	(12,500,000)	0
Contributions	40,000	220,000
Distributions	(10,549,000)	(9,950,000)
Net cash provided by financing activities	152,082,000	35,605,000
Net increase in cash and cash equivalents and restricted cash	63,076,000	4,872,000
Cash and cash equivalents and restricted cash at beginning of year	7,995,000	3,123,000
Cash and cash equivalents and restricted cash at end of year	71,071,000	7,995,000
Supplemental schedule of cash flow information:
Cash paid during the year for interest	9,487,000	3,366,000
Disclosure of non-cash investing and financing activities:
Change in the redemption value of redeemable interests	143,413,000	(25,640,000)
Noncontrolling interest issued in business combinations	38,637,000	13,394,000
Contingent earnout consideration for business combinations	29,101,000	5,815,000
Capitalization of issuance to redeemable common member	5,509,000	0
Contingently returnable consideration for business combinations	321,000
Contingent earnout consideration for asset acquisitions	16,000	1,043,000
Exchange of advisor incentive plan liability to equity	2,153,000
Exchange of participation unit ownership plan liability to equity	311,000
Transfer of long-term debt to revolving line of credit	1,820,000
Guaranteed earnout for asset acquisitions	0	250,000
Note payable issued to seller for asset acquisition	$ 0	750,000
Noncontrolling interest issued in asset acquisitions		$ 80,000

Business and Basis of Presentation (Notes)	12 Months Ended
Business and Basis of Presentation (Notes)	Dec. 31, 2019
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 was formed for the purpose of completing an initial public offering of its common stock and related transactions in order to carry on the business of Baldwin Risk Partners, LLC (“BRP”) as a publicly-traded entity. On October 28, 2019, BRP Group completed an initial public offering of its Class A common stock and became the sole managing member of BRP. The financial statements of BRP Group have been presented as a combination of the financial results of BRP Group and BRP as of the earliest period presented as discussed further under Principles of Consolidation section below. BRP Group is a diversified insurance agency and services organization that markets and sells insurance products and services to its customers throughout the U.S., although a significant portion of the Company’s business is concentrated in the southeastern U.S. BRP Group and its subsidiaries operate through four reportable segments (“Operating Groups”), including Middle Market, Specialty, MainStreet, and Medicare, which are discussed in more detail in Note 25. Initial Public Offering On October 28, 2019, BRP Group completed an initial public offering (the “Initial Public Offering”) of its Class A common stock, in which it sold 18,859,300 shares, including 2,459,300 shares pursuant to the underwriters’ over-allotment option that subsequently settled on November 26, 2019. The shares began trading on the Nasdaq Global Select Market (the “Nasdaq”) on October 24, 2019. The shares were sold at an initial offering price of $14.00 per share for net proceeds of $241.4 million after deducting underwriting discounts and commissions of $17.8 million and net offering expenses of $4.8 million. In connection with the Initial Public Offering, BRP Group and BRP entered into a series of transactions to implement an internal reorganization (the “Reorganization Transactions”), which are described in detail in Note 3. 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 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 began consolidating BRP in its consolidated financial statements as of the closing date of the Initial Public Offering, resulting in a noncontrolling interest related to the LLC Units held by BRP’s LLC members on its consolidated financial statements. BRP and BRP Group have been under the common control of our Chairman, Lowry Baldwin, before and after the Reorganization Transactions. Prior to the Reorganization Transactions, Mr. Baldwin held a controlling interest in Baldwin Investment Group Holdings, LLC (“BIGH”), which was the controlling owner of BRP through its majority ownership of BRP’s common units. In addition, Mr. Baldwin was the sole shareholder of BRP Group. Upon reorganization, BRP Group became the sole managing member of BRP. Holders of the Class B common stock hold a majority of the voting power of BRP Group and stockholders of a majority of the Class B common stock, including BIGH, executed a Voting Agreement in which they agreed to vote in the same manner as Mr. Baldwin. As a result, Mr. Baldwin continues to control BRP Group subsequent to the Initial Public Offering and Reorganization Transactions. Accordingly, we have accounted for the Reorganization Transactions as a transaction between entities under common control in accordance with Accounting Standards Codification (“ASC”) Topic 805-50, Business Combinations - Related Issues, under which the financial information of BRP Group has been combined with that of BRP as of the earliest period presented. The Company has prepared these consolidated financial statements in accordance with 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 5 for additional information regarding the Company’s variable interest entities. Topic 810 also requires that the equity of a noncontrolling interest shall be reported in the consolidated balance sheets within total equity of the Company. Certain redeemable noncontrolling interests are reported in 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, including determination of allowances for estimated policy cancellations, business combinations and purchase price allocation, impairment of long-lived assets including goodwill, and valuation of the Tax Receivable Agreement liability, advisor incentive liabilities and share-based compensation. Changes in Presentation Certain prior year amounts have been reclassified to conform to current year presentation. Recent Accounting Pronouncements As an emerging growth company, the Jumpstart Our Business Startups (“JOBS”) Act permits the Company an extended transition period for complying with new or revised accounting standards affecting public companies. The Company has elected to use this extended transition period and adopt certain new accounting standards on the private company timeline, which means that the Company’s financial statements may not be comparable to the financial statements of public companies that comply with such new or revised accounting standards on a non-delayed basis. The Company has elected the extended transition period for the adoption of the Accounting Standards Updates (“ASU”) below, except those where early adoption was both permitted and elected. In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). The guidance in ASU 2016-02 supersedes the lease recognition requirements in ASC Topic 840, Leases. ASU 2016-02 requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases, along with additional qualitative and quantitative disclosures. The FASB has subsequently issued several additional ASUs related to leases, which improved upon, and provided transition relief for, the guidance issued in ASU 2016-02 and extended the adoption date for nonpublic business entities. This guidance is effective for the fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021, with early adoption permitted. The Company is currently evaluating the full effect that the adoption of this standard will have on its consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Statements (“ASU 2016-13”), which amends the guidance for recognizing credit losses on financial instruments measured at amortized cost. ASU 2016-13 replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The FASB has subsequently issued several additional ASUs related to credit losses, which improved upon, and provided transition relief for, the guidance issued in ASU 2016-13 and extended the adoption date for nonpublic business entities. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the full effect that the adoption of this standard will have on its consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 provides guidance on the classification of contingent consideration payments made after a business combination and other cash receipts and payments. The Company adopted ASU 2016-15 effective January 1, 2019 and has applied the guidance retrospectively for its consolidated statement of cash flows for the years ended December 31, 2019 and 2018. The Company applied the guidance in ASU 2016-15 to its payment of contingent consideration liabilities related to business combinations and the payment of debt extinguishment costs, which impacted the presentation of the cash flows, but did not otherwise impact on the Company’s results of operations or financial condition. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”), which requires that the statement of cash flows explain the changes during the period of cash and cash equivalents inclusive of amounts categorized as restricted cash. The Company adopted ASU 2016-18 effective January 1, 2019. With the adoption of ASU 2016-18, the statements of cash flows detail the change in the balance of cash and cash equivalents and restricted cash. The adoption of this guidance did not have any effect on cash flows for the year ended December 31, 2018. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”), which amends the guidance on goodwill. Under ASU 2017-04, goodwill impairment is measured as the amount by which a reporting unit’s carrying value exceeds its fair value, while not exceeding the carrying value of goodwill. ASU 2017-04 eliminates existing guidance that requires an entity to determine goodwill impairment by calculating the implied fair value of goodwill by hypothetically assigning the fair value of a reporting unit to all its assets and liabilities as if that reporting unit had been acquired in a business combination. The Company early adopted this guidance for impairment tests effective January 1, 2019 and it did not have any impact on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820) (“Topic 820”): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which modifies the disclosure requirements related to fair value measurement, by removing certain disclosure requirements related to the fair value hierarchy, modifying existing disclosure requirements related to measurement uncertainty and adding new disclosure requirements, such as disclosing the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and disclosing the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The amendments in ASU 2018-13 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The adoption of this standard is not expected to have a significant impact on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (“ASU 2018-15”), which provides guidance for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The Company early adopted ASU 2018-15 for implementation costs related to its service contracts effective January 1, 2019 and applied it prospectively for all cloud computing arrangement implementation costs incurred on or after the effective date. The adoption of this new guidance did not have a material impact on the Company’s consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (“ASU 2019-12”), as part of its Simplification Initiative to reduce the cost and complexity in accounting for income taxes. ASU 2019-12 removes certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also amends other aspects of the guidance to help simplify and promote consistent application of GAAP. The guidance is effective for interim and annual periods beginning after December 15, 2020, with early adoption permitted. The Company early adopted ASU 2019-12 in the fourth quarter of 2019. The adoption did not have a material impact on our consolidated financial statements.

Significant Accounting Policies (Notes)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Significant Accounting Policies

Revenue Recognition

Effective January 1, 2018, the Company adopted ASU No. 2014-09, Revenue from Contracts with Customers (“Topic 606”) and all related amendments that established Topic 606. The Company adopted these standards by recognizing the cumulative effect as an adjustment to opening retained earnings at January 1, 2018 under the modified retrospective method for contracts not completed as of the day of adoption. The Company elected the practical expedient to evaluate only contracts not completed at the date of initial application. The cumulative impact of adopting Topic 606 on January 1, 2018 was an increase in retained earnings and noncontrolling interest within members’ equity (deficit) totaling $6.8 million.

The Company earns commission revenue by facilitating the arrangement between Insurance Company Partners and individuals or businesses by providing insurance placement services to insureds (“Clients”) with Insurance Company Partners. 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 income (loss). Commissions are earned at a point in time upon the effective date of bound insurance coverage as no performance obligation exists after coverage is bound.

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

The Company earns service fee revenue in its Middle Market segment by receiving negotiated fees in lieu of a commission and consulting revenue from services other than securing insurance coverage. 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.

Commissions and fees 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 may receive a profit-sharing commission from an Insurance Company Partner, which is based primarily on underwriting results, but may also contain considerations for volume, growth, loss performance, or retention. Profit-sharing commissions represent a form of variable consideration, which includes additional commissions over base commissions received from Insurance Company Partners. Profit-sharing commissions associated with relatively predictable measures are estimated with a constraint applied and recognized at a point in 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 through catastrophic loss season and as loss data remains subject to material change. The constraint is relieved when management estimates revenue that 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 based on confirmation from Insurance Company Partners after calculation of potential loss ratios that are impacted by catastrophic losses. The consolidated financial statements include estimates based on constraints and incorporates information received from Insurance Company Partners, and where still subject to significant changes in estimates due to loss ratios and external factors that are outside of the Company’s control, a full constraint is applied.

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 period over which a Client maintains its initial coverage relationship with the original Insurance Company Partner. The Company has concluded that this period is consistent with the transfer to the customer 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.

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 is included as a component of accrued expenses and other current liabilities on the consolidated balance sheets. The Company earns installment fee revenue related to policy premiums paid on an installment basis for payment processing services performed on behalf of the Insurance Company Partner. The Company recognizes installment fee revenue in the period the services are performed.

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 customers that is payable to insurance companies 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 holds restricted cash specifically in its role as an MGA.

Premiums, Commissions and Fees Receivable, Net

In its capacity as an insurance agent or broker, the Company typically collects premiums from Clients, and after deducting its authorized commissions, remits the net premiums to the appropriate Insurance Company Partners. Accordingly, premiums receivable reflect these amounts due from Clients.

In other circumstances, the Insurance Company Partners collect the premiums directly from Clients and remit the applicable commissions to the Company. Accordingly, commissions receivable reflect these amounts due from Insurance Company Partners. Fees receivable primarily represent amounts due from Clients of the Company’s services division.

Premiums, commissions and fees receivable are reported net of allowances for estimated policy cancellations and doubtful accounts. The allowance for estimated policy cancellations was $2.2 million and $250,000 at December 31, 2019 and 2018, 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 $1.2 million at December 31, 2019. The producer commissions chargeback is established through a charge to producer commissions expense and is netted against producer commissions payable on the balance sheets.

The allowance for doubtful accounts was $50,000 and $40,000 at December 31, 2019 and 2018, respectively. The allowance for doubtful accounts is based on management’s estimate of the amount of receivables that will actually be collected. Accounts are charged to the allowance as they are deemed uncollectible based upon a periodic review of the accounts.

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:



		Years
Building		39
Leasehold improvements		3 - 10
Furniture		5 - 7
Office and computer equipment		3 - 7
Vehicle		5
Website development		7

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 income (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.

Intangible Assets, Net and Goodwill

The majority of the Company’s intangible assets are acquired in connection with strategic acquisitions made by the Company (“Partnerships”). 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 purchased customer accounts, carrier relationships, software and trade names acquired in connection with business combinations. Purchased customer accounts, carrier relationships and trade names are being amortized based on a pattern of economic benefit over an estimated life of five to twenty years. Purchased customer accounts primarily consist of records and files that contain information about insurance policies and the related Clients that are essential to policy renewals. Carrier relationships consist of relationships with Insurance Company Partners that were not previously established. Trade names consist of acquired business names with potential customer base recognition. Intangible assets also include software, which is amortized on the straight-line basis over an estimated useful life of three to five years.

We review our 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, 2019 and 2018.

Goodwill is subject to an impairment assessment on an annual basis or whenever indicators of impairment are present. The Company performs a qualitative assessment to determine whether a quantitative impairment test is necessary. 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.

Deferred Financing Costs, Net

Deferred financing costs consist of origination fees and debt issuance costs related to obtaining credit facilities. The Company has recorded these costs as an asset on the consolidated balance sheets in accordance with ASC Topic 835-30, Interest. Deferred financing costs are included in other assets on the consolidated balance sheets. Deferred financing costs were approximately $1.8 million and $861,000, net of accumulated amortization of approximately $470,000 and $270,000 at December 31, 2019 and 2018, respectively. Such costs are amortized using the effective interest method over the terms of the respective debt. Amortization of deferred financing costs was approximately $1.3 million and $118,000 for the years ended December 31, 2019 and 2018, respectively, and is included in interest expense, net in the accompanying consolidated statements of comprehensive income (loss).

Contingent Earnout Liabilities

The Company accounts for contingent consideration relating to business combinations as either contingently returnable consideration or a contingent earnout liability and a decrease (increase) to goodwill at the date of the acquisition and continually remeasures the asset or liability at each balance sheet date by recording changes in the fair value through change in fair value of contingent consideration in the consolidated statements of comprehensive income (loss). The ultimate settlement of contingently returnable consideration and 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 the 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 of the cost of the asset acquisition. 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 contingently returnable consideration and 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 23.

Advisor Incentive Liabilities

During the last several years, the Company entered into advisor incentive agreements with several of its producers (“Risk Advisors”) to incentivize them to stay with the Company, grow their book of business, and earn the role of partner as a member of the Company. The incentive rights had a deposit buy-in requirement payable in the form of payroll withholding or other cash payments for which the Company recorded an advisor incentive liability. The incentive rights could be converted to LLC Units after the achievement of certain milestones, subject to approval at the discretion of management.

The units were convertible for a proportionate share of the fair value of BRP or one of its subsidiaries. The redemption price was not affected by changes in the units’ fair value. An increase in fair value of units would reduce the number of units issued to satisfy the obligation. The agreement does not limit the amount the Company could be required to pay or the number of units required to be issued.

The Company accounts for the advisor incentive awards as liability-classified share-based payment awards under ASC 718, Compensation - Stock Compensation (“Topic 718”). Risk Advisors were deemed probable of meeting the performance condition after having achieved the first milestone related to their advisor incentive agreements. Thereafter, the Company estimated the fair value of the grants and recorded compensation expense and an advisor incentive liability each reporting period through the settlement date. Advisor incentive liabilities are included in other liabilities on the consolidated balance sheet and compensation expense for advisor incentive liabilities is included in commissions, employee compensation and benefits in the consolidated statements of comprehensive income (loss). Advisor incentive liabilities were classified as non-current liabilities as they were not expected to be settled in the near term at December 31, 2019 and 2018.

Participation Unit Ownership Plan Liabilities

During 2016, the Company established the Participation Unit Ownership Plan (the “Participation Plan”), which offered certain Colleagues additional incentives to promote success. The Participation Plan permitted the grant of up to 100,000 participation units, to be settled in cash only. Participation units vested on the fifth anniversary of the date of the grant unless a qualifying event occurs, as outlined in the Participation Plan agreement. Refer to Note 13 for further discussion of the Company’s participation plan liabilities, which were settled in connection with the Reorganization Transactions.

The Company accounts for the issuance of participation units in accordance with ASC Topic 710, Compensation, which requires these units to be treated as liabilities on the consolidated balance sheets. At the grant date and at the end of each subsequent reporting period, the Company estimates the ultimate payout of the participation units. The Company records compensation expense and liability based on this estimated payout and for the portion of the vesting period that has been completed. Participation unit ownership plan liabilities are included in other liabilities on the consolidated balance sheet and Compensation expense for participation units is included in commissions, employee compensation and benefits expense in the consolidated statements of comprehensive income (loss).

Redeemable Noncontrolling Interest

ASC Topic 480, Distinguishing Liabilities from Equity (“Topic 480”), 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. Prior to the Reorganization Transactions, the equity securities of certain of the Company’s noncontrolling interests contained an embedded put feature that was redeemable at the election of the interest holder. The Company had no control over whether the put option was exercised, and therefore, redemption was outside the Company’s control. As such, these equity securities were recorded as redeemable noncontrolling interests, which were classified in mezzanine equity on the Company’s consolidated balance sheets at December 31, 2018.

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.

The accounts of the following joint ventures have been consolidated into the Company’s consolidated financial statements since their respective inceptions until the Reorganization Transactions. The noncontrolling ownership interests in the Company’s subsidiaries described below are presented as redeemable noncontrolling interest in the consolidated financial statements prior to the Reorganization Transactions.


•	In 2018, BRP Black Insurance, LLC (“Black”) was formed in order to acquire substantially all the assets and liabilities of Black Insurance and Financial Services, LLC from Christopher R. Black (“Chris Black”). Chris Black had a 40% ownership interest in Black prior to the Reorganization Transactions.

•

In 2018, BRP Insurance Intermediary Holdings, LLC (“BIH”) was formed in order to acquire 60% of the membership interests of AB Risk Specialist, LLC (“ABRS”), which owned a 100% membership interest in KB Risk Solutions, LLC (“KBRS”), from AB Risk Holdco, Inc. (“AB Holdco”). Additionally, immediately following BIH’s acquisition of the membership interests of ABRS, Emanuel Lauria was issued a 33.3% membership interest in KBRS. AB Holdco had a 40% ownership interest in ABRS prior to the Reorganization Transactions.


•	In 2018, Baldwin Krystyn Sherman Partners, LLC (“BKS”) acquired substantially all the assets and liabilities of Montoya Property & Casualty Insurance from Montoya and Associates, LLC (“Montoya & Associates”). Montoya & Associates had a 1.5% ownership interest in BKS prior to the Reorganization Transactions.


•	In 2019, BIH acquired 70% of the membership interests of Millennial Specialty Insurance, LLC from Millennial Specialty Holdco, LLC (“MSH”). MSH had a 30% ownership interest in Millennial Specialty Insurance, LLC prior to the Reorganization Transactions.


•	In 2019, BKS Financial Investments, LLC was formed to acquire substantially all the assets and liabilities of Fiduciary Partners Investment Consulting, LLC and BKS acquired substantially all the assets and liabilities of Fiduciary Partners Retirement Group, Inc. (“FPRG”) and Fiduciary Partners Group, LLC. FPRG had a 0.3% ownership interest in BKS prior to the Reorganization Transactions.


•	In 2019, BRP Foundation, LLC (“Foundation”) was formed in order to acquire substantially all the assets and liabilities of Foundation Insurance of Florida, LLC from its members (“Foundation Members”). The Foundation Members had a 20% ownership interest in Foundation prior to the Reorganization Transactions.

In conjunction with the Reorganization Transactions as discussed in Note 3, the Company executed its call rights for the majority of the redeemable noncontrolling ownership interests, which were converted into permanent equity through the issuance of Class B common stock and LLC Units. Refer to Note 15 for additional discussion of redeemable noncontrolling interest.

Redeemable Members’ Capital

Topic 480 requires common units 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. Prior to the Reorganization Transactions, the Voting Common Units of two minority holders contained certain put and call rights in conjunction with termination at the greater of fair value or a floor, as defined in the BRP’s amended and restated limited liability operating agreement (the “Operating Agreement”). The Company had no control over whether the put option was exercised, and therefore, redemption was outside the Company’s control. As such, these equity securities were recorded as redeemable members’ capital, which were classified in mezzanine equity on the Company’s consolidated balance sheets.

In conjunction with the Reorganization Transactions as discussed in Note 3, the Company executed its call rights for redeemable members’ capital ownership interests, which were converted into permanent equity through the issuance of Class B common stock and LLC Units. Refer to Note 15 for additional discussion of redeemable members’ capital.

Noncontrolling Interest

Noncontrolling interests are reported at historical cost basis adjusted for cumulative earnings or loss allocations and classified as a component of stockholders’/members’ equity (deficit) on the consolidated balance sheets. Noncontrolling interest as presented herein as of and for the year ended December 31, 2018 consists of the noncontrolling interest holdings of BRP. Noncontrolling interest as presented as of and for the year ended December 31, 2019 consists of the noncontrolling interest holdings of BRP Group subsequent to the Reorganization Transactions. The controlling interest holdings of BRP for the period from January 1, 2019 through October 27, 2019 have been reclassified to noncontrolling interest holdings of BRP Group for presentation of activity for the year ended December 31, 2019.

Income Taxes

BRP has been, and will continue to be, 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. Accordingly, no income tax expense was recorded for federal and state and local jurisdictions for periods prior to the Initial Public Offering.

BRP Group is a taxable entity and in connection with the Initial Public Offering and the Reorganization Transactions completed on October 28, 2019, the Company became a taxable entity. In addition, BRP Colleague Inc., a subsidiary of BRP Group, was formed as a C Corporation during 2017 and is a taxable entity.

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 purchase of BRP’s LLC Units concurrent with the Initial Public Offering, and the 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 employees and non-employee directors are measured based on the estimated grant-date fair value. The grant-date fair value of restricted stock awards is equal to the market value of BRP Group’s Class A common stock on the date of grant. 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.

Fair Value of Financial Instruments

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

Concentrations

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents. The Company manages this risk 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.

For the year ended December 31, 2019, two Insurance Company Partners accounted for approximately 14% and 10% of the Company’s total core commissions.

Reorganization Transactions (Notes)

12 Months Ended

Dec. 31, 2019

Reorganization Transactions [Abstract]

Reorganization Transactions

In connection with the Initial Public Offering, BRP Group and BRP entered into the Reorganization Transactions as follows:


•	BRP amended and restated its amended and restated limited liability company agreement (the “Amended LLC Agreement”) to, among other things, appoint BRP Group as the sole managing member of BRP and to modify BRP’s capital structure to reclassify all the equity interests into a single class of LLC units (the “LLC Units”);


•	as sole managing member of BRP, BRP Group consolidates the financial results of BRP and a portion of the net income is allocated to the noncontrolling interest to reflect the entitlement of the owners of BRP’s outstanding equity interests (“BRP’s LLC Members”) to a portion of BRP’s net income;


•	through a series of internal transactions, BRP issued LLC Units to equity holders of companies it has acquired (its “Partners”) (other than certain joint ventures) in exchange for all the equity interests in such Partners not held by BRP prior to such exchange;


•	BRP Group’s certificate of incorporation authorized the issuance of two classes of common stock including Class A common stock and Class B common stock, each of which entitles its holder to one vote per share on all matters submitted to a vote of the stockholders;


•	each of the owners of BRP LLC Units prior to the Initial Public Offering (the “Pre-IPO LLC Members”) was issued shares of BRP Group’s Class B common stock in an amount equal to the number of LLC Units held by each such member following the reclassification of the equity interest into LLC Units;


•	under the Amended LLC Agreement, BRP’s LLC Members have the right to require BRP to redeem all or a portion of their LLC Units for, at BRP Group’s election, newly-issued shares of Class A common stock on a one-for-one basis or a cash payment;


•	BRP Group and BRP’s members entered into the Stockholders Agreement, which provides that approval by BRP’s LLC Members is required for certain corporate actions;

•

BRP Group used the net proceeds from the Initial Public Offering to acquire 14,000,000 newly-issued LLC Units from Baldwin Risk Partners, LLC, 1,800,000 LLC Units from Lowry Baldwin, the Company’s Chairman, and 600,000 LLC Units from The Villages Invesco, LLC (“Villages Invesco”), one of our significant shareholders, at a purchase price per LLC Unit equal to the initial public offering price of Class A common stock after underwriting discounts and commissions; and


•	BRP Group entered into the Tax Receivable Agreement, which provides for 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.

In connection with the Initial Public Offering, BRP Group issued one share of Class B common stock to Pre-IPO LLC Members for each LLC Unit held by such BRP LLC Members. BRP Group intends to issue one share of Class B common stock for each LLC Unit that BRP issues. 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 canceled on a one-for-one basis with the redemption or exchange. As a result, the number of shares of Class B common stock will continue to increase with each Partnership in which we issue a noncontrolling interest, which will dilute the ownership interest of the Company’s Class A common stockholders.

In conjunction with the Reorganization Transactions, BRP issued LLC Units to equity holders of its Partners (other than certain joint ventures) in exchange for all of the equity interests in such Partners not held by BRP prior to such exchange. In each of the Partner operating agreements, BRP held a right to acquire the equity interests of the Partners of the underlying subsidiaries. Acquisition of the Partners’ equity interests was recorded in accordance with Topic 810. Previously redeemable Voting Common Units were replaced with LLC Units that do not contain a similar redemption provision while certain redeemable noncontrolling interests remain redeemable subsequent to the conversion.

The following is a description of the transactions to convert the Company’s obligations related to its advisor incentive agreements and participation unit ownership plan to shares of Class A common stock.

•

The Company exchanged $2.2 million of its obligation related to advisor incentive liabilities for 204,807 restricted shares of Class A common stock issued under the Company’s Omnibus Incentive Plan. The Company established stockholder notes receivable of $452,000 for the remaining deposit buy-in amounts due from the advisors and relieved advisor incentive liabilities for $2.2 million with an offset to additional paid-in capital of $2.6 million.


•	The Company’s obligation under the participation unit ownership plan of $311,000 was exchanged for 22,243 restricted shares of Class A common stock issued under the Company’s Omnibus Incentive Plan, which resulted in an offset to additional paid-in capital of $311,000.

The following is a description of the transactions to convert LLC Units held by each of the Pre-IPO LLC Members to shares of Class B common stock in an amount equal to the number of LLC Units held by each such member following the reclassification of the equity interest into LLC Units.


•	The Company executed its call rights for the Voting Common Units of two minority founders, a component of redeemable members’ capital prior to the reorganization, which were converted into permanent equity consisting of 5,701,107 shares of Class B common stock and LLC Units.


•	The Company executed its call rights for the Villages Voting Common Units, a component of redeemable members’ capital prior to the reorganization, which were converted into permanent equity consisting of 3,077,559 shares of Class B common stock and LLC Units.


•	The Company executed its call rights for the Rollover Members’ Units, which comprised redeemable noncontrolling interest prior to the reorganization, which were converted into 9,615,911 shares of Class B common stock and LLC Units.


•	Voting Common Units held by the majority founder, which comprised members’ equity prior to the reorganization, were converted into 18,933,907 shares of Class B common stock and LLC Units.


•	The Non-Voting Common Units, which comprised noncontrolling interest prior to the reorganization, were converted into permanent equity consisting of 232,596 shares of Class B common stock and LLC Units.


•	Management Incentive Units were converted to 5,627,155 restricted shares of Class B common stock and LLC Units.

Business Combinations (Notes)

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

Business Combination Disclosure [Text Block]

Business Combinations

The Company completed four business combinations for an aggregate purchase price of $173.5 million during the year ended December 31, 2019. In accordance with ASC Topic 805, Business Combinations (“Topic 805”), total consideration was first allocated to the fair value of assets acquired, including liabilities assumed, with the excess being recorded as goodwill. For financial statement purposes, goodwill is not amortized but rather is evaluated for impairment at least annually or more frequently if an event occurs that indicates goodwill may be impaired. Goodwill is deductible for tax purposes and will be amortized over a period of fifteen years.

The intangible assets acquired in connection with business combinations during the year ended December 31, 2019 have an estimated weighted-average life as follows:



	Weighted-Average Life
Purchased customer accounts	16.8	years
Software	5	years
Carrier relationships	20	years
Trade names	5	years

The recorded purchase price for certain business combinations includes an estimation of the fair value of continent consideration obligations associated with potential earnout provisions, which are generally based on revenue or earnings before income taxes, depreciation and amortization (“EBITDA”). The contingent earnout consideration identified in the tables below are measured at fair value within Level 3 of the fair value hierarchy as discussed further in Note 23. Any subsequent changes in the fair value of contingent earnout liabilities will be recorded in the consolidated statements of comprehensive income (loss) when incurred.

The recorded purchase price for certain business combinations also includes an estimation of the fair value of noncontrolling interests, which are calculated based on a valuation of the entity with the relevant percentage applied.

The Company completed the following four business combinations during the year ended December 31, 2019:


•	Lykes Insurance, Inc. (“Lykes”), a Middle Market Partnership effective March 1, 2019, was made to expand the Company’s Middle Market business presence in Florida.

•

Millennial Specialty Insurance LLC (“MSI”), a Specialty Partnership effective April 1, 2019, was made to obtain access to certain technology and invest in executive talent for building and growing the MGA of the Future and to apply its functionality to other insurance placement products, as well as to expand the Company’s market share in specialty renter’s insurance. MGA of the Future is a national renter’s insurance product distributed via sub-agent partners and property management software providers, which has expanded distribution capabilities for new products through the Company’s wholesale and retail networks.


•	Fiduciary Partners Retirement Group, Inc., Fiduciary Partners Group, LLC and Fiduciary Partners Investment Consulting, LLC (“Fiduciary Partners”), a Middle Market Partnership effective July 1, 2019, was made to expand our employee benefits group business in the Middle Market Operating Group.


•	Foundation Insurance of Florida, LLC (“Foundation Insurance”), a MainStreet Partnership effective date of August 1, 2019, was made to expand the Company’s MainStreet business presence in Florida.

The operating results of these business combinations have been included in the consolidated statements of comprehensive income (loss) since their respective acquisition dates. The Company recognized total revenues and net loss from its business combinations of $42.8 million and $9.8 million, respectively, for the year ended December 31, 2019.

Acquisition-related costs incurred in connection with these business combinations are recorded in operating expenses in the consolidated statements of comprehensive income (loss). The Company incurred acquisition-related costs from its business combinations of $528,000 for the year ended December 31, 2019.

The table below provides a summary of the total consideration and the estimated purchase price allocations made for each of the business acquisitions that became effective during the year ended December 31, 2019. Due to the complexity of valuing the consideration paid and the purchase price allocation and the timing of these activities, certain amounts included in the consolidated financial statements may be provisional and subject to additional adjustments within the measurement period as permitted by Topic 805. The Company recorded measurement period adjustments for the Lykes and MSI Partnerships, which are reflected in the table below. Any measurement period adjustments related to prior period business combinations have been reflected as current period adjustments for the year ended December 31, 2019 in accordance with Topic 805.



(in thousands)	Lykes⁽¹⁾			MSI⁽¹⁾			Fiduciary Partners			Foundation Insurance			Totals
Cash consideration paid	$	36,044		$	45,505		$	2,550		$	20,800		$	104,899
Fair value of contingent earnout consideration	—			25,603			151			3,347			29,101
Fair value of noncontrolling interest	1,000			30,963			638			6,036			38,637
Fair value of contingently returnable consideration	—			—			(321		)	—			(321		)
Trust balance adjustment	—			1,138			—			—			1,138
Total consideration	$	37,044		$	103,209		$	3,018		$	30,183		$	173,454

Cash and restricted cash	$	1,535		$	6,029		$	—		$	50		$	7,614
Premiums, commissions and fees receivable	3,170			14,437			20			—			17,627
Other assets	17			308			1			—			326
Intangible assets													—
Purchased customer accounts	8,742			13,640			1,874			8,709			32,965
Carrier relationships	—			7,200			—			—			7,200
Software	—			30,000			—			—			30,000
Trade names	—			1,820			—			—			1,820
Goodwill	25,947			50,164			1,124			21,471			98,706
Total assets acquired	39,411			123,598			3,019			30,230			196,258
Premiums and producer commissions payable	(2,367		)	(17,447		)	—			—			(19,814		)
Deferred revenue	—			(2,794		)	—			—			(2,794		)
Accrued expenses and other current liabilities	—			(148		)	(1		)	(47		)	(196		)
Total liabilities acquired	(2,367		)	(20,389		)	(1		)	(47		)	(22,804		)
Net assets acquired	$	37,044		$	103,209		$	3,018		$	30,183		$	173,454

Maximum potential contingent earnout consideration	$	—		$	61,500		$	2,225		$	21,750		$	85,475

__________

(1)

The Company made adjustments within the measurement period to the purchase price allocations for Lykes and MSI during the year ended December 31, 2019, which have been reflected in the table. The Lykes adjustment resulted in an increase to net assets before goodwill and a reduction to goodwill of $2.7 million. The MSI adjustment resulted in an increase to intangible assets and a reduction to goodwill of $3.6 million.

Concurrently with the Lykes Partnership, certain former employees of Lykes purchased 4,658 Non-Voting Common Units of BKS for approximately $433,000, which resulted in a noncontrolling interest in BKS.

The following unaudited pro forma consolidated results of operations are provided for illustrative purposes only and have been presented as if the acquisitions of Lykes, MSI, Fiduciary Partners and Foundation Insurance occurred on January 1, 2018. This unaudited pro forma information should not be relied upon as being indicative of the historical results that would have been obtained if the acquisitions had occurred on that date, nor of the results that may be obtained in the future.



	For the Years Ended December 31,
(unaudited) (in thousands)	2019			2018
Total revenues	$	152,610		$	126,011
Net income (loss)	(17,159		)	11,223

Variable Interest Entities (Notes)

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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, at December 31, 2018, included The Villages Insurance Partners, LLC (“TVIP”) and the Company’s joint ventures, BKS-IPEO JV Partners, LLC (“iPEO”), Laureate Insurance Partners, LLC (“Laureate”), BKS Smith, LLC (“Smith”), BKS MS, LLC (“Saunders”) and BKS Partners Galati Marine Solutions, LLC (“Galati”). In connection with the Initial Public Offering and Reorganization Transaction, the Company acquired the equity interests of TVIP and iPEO, which became wholly-owned subsidiaries of BRP and, accordingly, are no longer VIEs of the Company. The Company has consolidated its VIEs into the consolidated financial statements.

Total revenues and expenses of the Company’s consolidated VIEs included in the consolidated statements of comprehensive income (loss) were $579,000 and $727,000, respectively, for the year ended December 31, 2019 and $13.4 million and $9.5 million, respectively, for the year ended December 31, 2018.

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. The following tables provide a summary of the carrying amounts of the assets and liabilities of the Company’s consolidated VIEs at each of the balance sheet dates:



	At December 31, 2019
(in thousands)	Laureate		Smith		Saunders		Total
Assets
Cash and cash equivalents	$	46	$	1	$	—	$	47
Premiums, commissions and fees receivable, net	—		44		31		75
Total current assets	46		45		31		122
Property and equipment, net	31		—		—		31
Other assets	5		—		2		7
Total assets	$	82	$	45	$	33	$	160
Liabilities
Premiums payable to insurance companies	$	3	$	—	$	3	$	6
Producer commissions payable	2		5		8		15
Accrued expenses and other current liabilities	4		25		—		29
Total liabilities	$	9	$	30	$	11	$	50



	At December 31, 2018
(in thousands)	TVIP		iPEO		Laureate		Smith		Saunders		Total
Assets
Cash and cash equivalents	$	770	$	1	$	25	$	—	$	—	$	796
Premiums, commissions and fees receivable, net	1,171		2,725		—		—		6		3,902
Prepaid expenses and other current assets	50		14		5		—		—		69
Due from related parties	—		—		13		—		—		13
Total current assets	1,991		2,740		43		—		6		4,780
Property and equipment, net	74		—		41		—		—		115
Other assets	2		—		—		—		—		2
Goodwill	4,035		—		—		—		—		4,035
Total assets	$	6,102	$	2,740	$	84	$	—	$	6	$	8,932
Liabilities
Premiums payable to insurance companies	$	29	$	2,043	$	—	$	—	$	6	$	2,078
Producer commissions payable	227		282		—		5		—		514
Accrued expenses and other current liabilities	316		2		1		1		—		320
Total liabilities	$	572	$	2,327	$	1	$	6	$	6	$	2,912

Revenue (Notes)

12 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

Revenue

The following table provides disaggregated commissions and fees revenue by major source:



	For the Years Ended December 31,
(in thousands)	2019		2018
Direct bill revenue⁽¹⁾	$	70,835	$	52,210
Agency bill revenue⁽²⁾	43,619		17,967
Profit-sharing revenue⁽³⁾	9,598		6,007
Policy fee and installment fee revenue⁽⁴⁾	8,154		—
Consulting and service fee revenue⁽⁵⁾	2,709		2,660
Other income⁽⁶⁾	2,926		1,036
Total commissions and fees	$	137,841	$	79,880

__________


(1)	Direct bill revenue represents commission revenue earned by facilitating the arrangement between individuals or businesses and Insurance Company Partners to provide insurance placement services to Clients, primarily for private risk management, commercial risk management, employee benefits and Medicare insurance types.


(2)	Agency bill revenue primarily represents commission revenue earned by facilitating the arrangement between individuals or businesses and Insurance Company Partners to provide insurance placement services to Clients. The Company acts as an agent on behalf of the Client for the term of the insurance policy.


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

(4)

Policy fee revenue represents revenue earned for acting in the capacity of an MGA on behalf of the Insurance Company Partner and fulfilling certain services 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 the Insurance Company Partner related to policy premiums paid on an installment basis.


(5)	Service fee revenue is earned by receiving negotiated fees in lieu of a commission and consulting revenue is earned by providing specialty insurance consulting.


(6)	Other income consists primarily of Medicare marketing income that is based on agreed-upon cost reimbursement for fulfilling specific targeted marketing campaigns.

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 contracts in its Medicare operating segment, where the Insurance Company Partner is considered its customer.

•

Contracts in the Medicare operating segment are multi-year arrangements in which BRP is entitled to renewal commissions. However, the Company has applied a constraint to renewal commission that limits revenue recognized on new policies to the policy year in effect, and revenue recognized on renewed policies to the receipt of periodic cash, when a risk of significant reversals exists based on: (i) insufficient history; 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 (CMS).


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


•	Variable consideration includes estimates of direct bill commissions, a reserve for policy cancellations and an estimate of profit-sharing income.


•	Costs to obtain a contract are deferred and recognized over a five-year period, which represents management’s estimate of the average period over which a Client maintains its initial coverage relationship with the original Insurance Company Partner.


•	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.

Contract Assets and Liabilities (Notes)

12 Months Ended

Dec. 31, 2019

Contract with Customer, Asset and Liability [Abstract]

Contract Assets and Liabilities

Contract assets arise when the Company recognizes revenue for amounts which have not yet been billed and 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)	2019		2018
Contract assets	$	47,337	$	20,672
Contract liabilities	5,349		1,450

During the year ended December 31, 2019, the Company recognized revenue of $1.5 million related to the contract liabilities balance at December 31, 2018.

Deferred Commission Expense (Notes)

12 Months Ended

Dec. 31, 2019

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 connection with the adoption of ASC Topic 340, Other Assets and Deferred Costs, on January 1, 2018, these incremental costs are deferred and amortized over five years. Deferred commission expense represents employee commissions that are capitalized and not yet expensed.

The table below provides a rollforward of deferred commission expense, which is included as a component of other assets on the balance sheets:



	For the Years Ended December 31,
(in thousands)	2019			2018
Balance at beginning of year	$	2,882		$	—
Adoption of ASC Topic 340	—			1,927
Costs capitalized	1,777			1,653
Amortization	(1,038		)	(698		)
Balance at end of year	$	3,621		$	2,882

Property and Equipment, Net (Notes)

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net consists of the following:



	December 31,
(in thousands)	2019			2018
Office and computer equipment	$	2,496		$	1,612
Furniture	1,756			1,629
Leasehold improvements	1,006			888
Construction in process	566			—
Building	400			400
Website development	154			154
Land	100			100
Vehicle	29			29
Total property and equipment	6,507			4,812
Less: accumulated depreciation	(3,185		)	(2,664		)
Property and equipment, net	$	3,322		$	2,148

Depreciation expense recorded for property and equipment was $542,000 and $508,000 for the years ended December 31, 2019 and 2018, respectively.

Intangible Assets, Net and Goodwill (Notes)

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net and Goodwill

The Company recognizes certain separately identifiable intangible assets acquired in connection with business combinations and asset acquisitions. The Company had two transactions that were accounted for as asset acquisitions during the year ended December 31, 2019 in which substantially all the fair value of the gross assets acquired of $695,000 was concentrated in purchased customer accounts. Refer to Note 4 for a summary of intangible assets acquired in connection with business combinations during the year ended December 31, 2019. Intangible assets consist of the following:



	December 31, 2019							December 31, 2018
(in thousands)	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Purchased customer accounts	66,987		$	(9,474	)	$	57,513	$	33,292	$	(4,372	)	$	28,920
Software	30,590		(5,070		)	25,520		570		(495		)	75
Carrier relationships	7,200		(170		)	7,030		—		—			—
Trade names	2,613		(226		)	2,387		792		(43		)	749
Totals	$	107,390	$	(14,940	)	$	92,450	$	34,654	$	(4,910	)	$	29,744

Amortization expense recorded for intangible assets was $10.0 million and $2.6 million for the years ended December 31, 2019 and 2018, 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
2020	$	12,018
2021	12,219
2022	12,473
2023	12,283
2024	7,143

Refer to Note 4 for a summary of goodwill recorded in connection with business combinations during the year ended December 31, 2019. The changes in carrying value of goodwill by reportable segment for the period are as follows:



(in thousands)	Middle Market		Specialty		MainStreet		Medicare		Total
Balance at December 31, 2017	$	1,001	$	—	$	13,923	$	12,531	$	27,455
Goodwill of acquired businesses	24,860		9,951		3,498		—		38,309
Balance at December 31, 2018	25,861		9,951		17,421		12,531		65,764
Goodwill of acquired businesses	27,071		50,164		21,471		—		98,706
Balance at December 31, 2019	$	52,932	$	60,115	$	38,892	$	12,531	$	164,470

Other Assets (Notes)

12 Months Ended

Dec. 31, 2019

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

Other Assets

Other assets consist of the following:



	December 31,
(in thousands)	2019		2018
Deferred commission expense	$	3,621	$	2,882
Deferred financing costs, net	1,345		590
Investment in business venture	200		—
Deposits	434		103
Other assets	$	5,600	$	3,575

Accrued Expenses and Other Current Liabilities (Notes)

12 Months Ended

Dec. 31, 2019

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)	2019		2018
Contract liabilities	$	5,349	$	1,450
Accrued expenses	2,532		575
Accrued compensation and benefits	4,162		2,002
Accrued interest	71		188
Other	220		1,032
Accrued expenses and other current liabilities	$	12,334	$	5,247

Other Liabilities (Notes)

12 Months Ended

Dec. 31, 2019

Other Liabilities [Abstract]

Other Liabilities

Other liabilities consist of the following:



	December 31,
(in thousands)	2019		2018
Advisor incentive liabilities	$	2,017	$	2,348
Participation unit ownership plan liabilities	—		262
Other liabilities	$	2,017	$	2,610

Advisor Incentive Agreements

Prior to the Reorganization Transactions, the Company entered into advisor incentive agreements with several of its high-performing Risk Advisors to incentivize them to grow their book of business by issuing advisor incentive rights. The incentive rights could be converted to LLC Units after the achievement of certain milestones, subject to approval at the discretion of management.

Certain Risk Advisors were deemed probable of meeting the performance condition after having achieved the first milestone related to their advisor incentive agreements. On a quarterly basis thereafter, the Company estimated the fair value of each advisor’s book of business and recorded compensation expense and an increase to the advisor incentive liability. The Company recognized compensation expense related to advisor incentives of $1.1 million and $1.2 million for the years ended December 31, 2019 and 2018, respectively.

In conjunction with the Reorganization Transactions, the Company exchanged $2.2 million of its obligation related to advisor incentive liabilities for 204,807 restricted shares of Class A common stock issued under the Company’s Omnibus Incentive Plan. The Company established stockholder notes receivable of $452,000 for the remaining deposit buy-in amounts due from the advisors and relieved advisor incentive liabilities for $2.2 million with an offset to additional paid-in capital of $2.6 million.

Under an agreement with one of its Risk Advisors, the Company has an obligation to purchase the advisor’s book of business upon certain termination events and for which the Company has recorded an advisor incentive liability for the expected buyout amount. The change in value of the related advisor incentive liability resulted in compensation expense of $421,000 and $821,000 for the years ended December 31, 2019 and 2018, respectively, which is included in total compensation expense related to advisor incentives discussed above. Although all remaining advisors exchanged their advisor incentive rights into common stock in connection with the Reorganization Transactions as discussed above, this Risk Advisor chose not to convert his incentive rights into common stock of BRP Group. As a result, this advisor’s incentive liability remains outstanding at December 31, 2019 and the Company will continue to estimate the fair value of the expected buyout amount each reporting period until a termination event occurs.

Participation Unit Ownership Plan Liabilities

The Company issued 11,700 and 14,000 participation units to Colleagues during the years ended December 31, 2019 and 2018. The Company recognized compensation expense related to the issuance of these units of approximately $50,000 and $158,000 for the years ended December 31, 2019 and 2018, respectively. At December 31, 2018, the Company had a total of 43,689 participation units outstanding and a liability related to these participation units of approximately $262,000. No participation units vested during the years ended December 31, 2019 and 2018.

In conjunction with the Reorganization Transactions, the Company’s obligation under the Participation Plan of $311,000 was exchanged for 22,243 restricted shares of Class A common stock issued under the Company’s Omnibus Incentive Plan, which resulted in an offset to additional paid-in capital of $311,000.

Long-term Debt (Notes)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Long-term Debt

Long-Term Debt

At December 31, 2017, the Company had outstanding borrowings under an amended and restated credit agreement with Cadence Bank, N.A. (as subsequently amended and restated, the “JPMorgan Credit Agreement”), which provided for a $3.0 million term loan (the “Term Loan”), of which the full principal amount was previously advanced, a $2.0 million revolving credit facility to be used for working capital purposes (the “Working Capital Line”) and a $20.0 million revolving credit facility to be used for acquisition purposes (the “Acquisitions Line” and collectively with the Working Capital Line, the “Revolving Lines of Credit”) due in May 2023.

On May 31, 2018, the Company entered into the second amendment to the JPMorgan Credit Agreement (the “Second Amendment”) with Cadence Bank N.A. as lead arranger in a syndicated credit agreement, which provided for a $2.2 million Term Loan, of which the full principal amount was previously advanced, a $2.0 million Working Capital Line and a $50.0 million Acquisitions Line.

The Company recorded debt issuance costs related to the Second Amendment of $356,000 during the year ended December 31, 2018. The Second Amendment was accounted for as a modification of debt, and therefore, the previously unamortized debt costs continued to be amortized over the term of the new agreement.

The Term Loan required quarterly principal payments of $107,648 through the maturity date in May 2023, at which time all remaining unpaid amounts were due. The Revolving Lines of Credit required monthly interest payments. Interest was payable monthly based on London Interbank Offered Rate (“LIBOR”) plus an applicable margin. The applicable interest rate was 6.00% at December 31, 2018. In addition, any unused commitment on the Revolving Lines of Credit accrued a commitment fee of 0.25% per annum. The balance of the Term Loan, Working Capital Line and Acquisitions Line was $1.9 million, $0.5 million and $33.4 million, respectively, at December 31, 2018.

On March 13, 2019, the Company entered into the third amended and restated JPMorgan Credit Agreement (the “Third Amendment”), which (i) increased the borrowing capacity of the Acquisitions Line to $103.0 million; (ii) increased the outstanding balance of the Acquisitions Line by $50.8 million; (iii) paid off the outstanding balance of the Term Loan with funds from the Acquisitions Line; and (iv) extended the maturity date on the Revolving Lines of Credit to March 13, 2024. The remaining terms of the JPMorgan Credit Agreement remained substantially unchanged.

The Company recorded debt issuance costs related to the Third Amendment of $775,000 during the year ended December 31, 2019. The Third Amendment was accounted for as a partial extinguishment and partial modification at the individual tranche and syndicated lender level. Most of the previously unamortized deferred financing costs continued to be amortized over the term of the new agreement. The Company recorded a loss on extinguishment of debt related to the Third Amendment of $115,000 during the year ended December 31, 2019.

On September 21, 2019, the Company executed the first amendment to the Third Amendment (“Amendment No. 1”), which became effective concurrent with the Initial Public Offering and resulted in a borrowing capacity of $10.0 million for the Working Capital Line and $115.0 million for the Acquisitions Line. Amendment No. 1 also extended the maturity date of the JPMorgan Credit Agreement to October 28, 2024.

The Company recorded debt issuance costs related to Amendment No. 1 of $179,000 during the year ended December 31, 2019. Amendment No. 1 was accounted for as a partial extinguishment and partial modification at the individual tranche and syndicated lender level. Most of the previously unamortized deferred financing costs continued to be amortized over the term of the new agreement. The Company recorded a loss on extinguishment of debt related to Amendment No. 1 of $260,000 during the year ended December 31, 2019.

On November 25, 2019, the Company repaid a portion of the Revolving Lines of Credit in the amount of $65.0 million, which resulted in remaining borrowing capacity of $85.0 million under the JPMorgan Credit Agreement.

On December 19, 2019, the Company executed the fourth amended and restated JPMorgan Credit Agreement (the “Fourth Amendment”), which (i) replaced the existing Revolving Lines of Credit with a revolving credit commitment (the “Revolving Credit Commitment”) with an aggregate borrowing capacity of $225.0 million, of which no more than $65.0 million is available for working capital purposes and the entirety of which is available to fund acquisitions permitted under the JPMorgan Credit Agreement; (ii) replaced Cadence Bank, N.A. as existing agent with JPMorgan Chase Bank, N.A. as successor agent and lead arranger; and (iii) changed the maturity date of the JPMorgan Credit Agreement to September 23, 2024. The facility also has an accordion feature that allows the Company to increase the aggregate borrowing capacity to $300.0 million, which we utilized by entering into the Incremental Facility Amendment No. 1 to the JP Morgan Credit Agreement on March 12, 2020.

The Company recorded debt issuance costs related to the Fourth Amendment of $541,000 during the year ended December 31, 2019. The Fourth Amendment was accounted for as a partial extinguishment and partial modification at the individual tranche and syndicated lender level. Most of the previously unamortized deferred financing costs continued to be amortized over the term of the new agreement. The Company recorded a loss on extinguishment of debt related to the Fourth Amendment of $167,000 during the year ended December 31, 2019.

The outstanding balance of the Revolving Credit Commitment was $40.4 million at December 31, 2019.

The Revolving Credit Commitment is collateralized by a first priority lien on substantially all the assets of the Company, including a pledge of all equity securities of each of its subsidiaries. The interest rate of the Revolving Credit Commitment is based on, depending on the type of loan, the Eurodollar rate or the Alternative Based Rate, plus in each case, a margin based on Total Leverage Ratio (as defined in the JPMorgan Credit Agreement) as set forth in the pricing grid below, provided that under no circumstances will the LIBO Rate (as defined in the JPMorgan Credit Agreement) used in the determination of the Eurodollar rate be less than 0.00% or the Alternate Base Rate be less than 1.00%:



Total Net Leverage Ratio	Applicable Margin for Eurodollar Loans	Applicable Margin for Alternate Base Rate Loans	Commitment Fee on Unfunded Commitments
< 2.50x	200 bps	100 bps	25 bps
≥ 2.50x < 3.00x	225 bps	125 bps	30 bps
≥ 3.00x < 3.75x	250 bps	150 bps	35 bps
≥ 3.75x	300 bps	200 bps	40 bps

At December 31, 2019, the variable rate in effect for the JPMorgan Credit Agreement was LIBOR due to a repricing option and the applicable interest rate on the Revolving Credit Commitment was 3.81%.

The JPMorgan 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, 2019.

Mezzanine Equity (Notes)	12 Months Ended
Mezzanine Equity (Notes)	Dec. 31, 2019
Equity [Abstract]
Mezzanine Equity [Text Block]	Mezzanine Equity Redeemable members’ capital and redeemable noncontrolling interest are classified in mezzanine equity on the Company’s consolidated balance sheets. Redeemable members’ capital is comprised of the voting common units of BRP’s two minority holders and Holding Company of the Villages, Inc. (“Villages”) as discussed below. Redeemable Members’ Capital Voting Common Units of Two Minority Founders Voting Common Units of two minority founders (“Minority Founders’ Units”) require redemption upon death; however, the controlling founder has the unilateral right to effect a change in control with drag-along rights that terminate the redemption provision. The Company has concluded that the controlling founder’s rights represent a conditional future event that scopes the Minority Founders’ Units out of the guidance pertaining to mandatorily redeemable instruments; thus, the Minority Founders’ Units are presented as redeemable members’ capital. The Minority Founders’ Units also contain certain put and call rights in conjunction with termination at the greater of fair value or a floor, as defined in the Operating Agreement. The Minority Founders’ Units are reported at estimated redemption value in redeemable members’ capital and are measured as the greater of estimated fair value at the end of each reporting period or the historical cost basis of the redeemable common units adjusted for cumulative earnings or loss allocations. During March 2019, the Company repurchased 595,780 Minority Founders’ Units for $12.5 million. In conjunction with the Reorganization Transactions as discussed in Note 3, the Company executed its call rights for the Minority Founders’ Units, which were converted into permanent equity consisting of 5,701,107 shares of Class B common stock and LLC Units. Villages Voting Common Units The Company issued 293,660 and 261,604 Voting Common Units to Villages during the years ended December 31, 2019 and 2018, respectively (see Note 18). In accordance with the Company’s Operating Agreement, a Member may transfer all or any of its units to a Permitted Transferee, as defined by the Operating Agreement, without the prior written consent of Common Members. Villages transferred 293,660 and 261,604 Voting Common Units to a Permitted Transferee during the years ended December 31, 2019 and 2018, respectively. Transfers to any other individual not defined as a Permitted Transferee must be approved by written consent of the Common Members. Villages holds certain put rights and the Company holds certain call rights with respect to Voting Common Units (“Villages’ Units”) issued in connection with the Company’s non-revolving loan with Villages (“Related Party Debt”), which is described in Note 18. Villages had the right to require the Company to redeem all, but not less than all, of the Villages’ Units and its Permitted Transferees, as defined by the agreement, by sending a written notice of exercise of such option to the Company. Villages’ put right can be redeemed at any time after the later of the maturity date of the Related Party Debt (April 2024) or sixty-six months after the date of the agreement (October 2021). In the event that the Related Party Debt is prepaid in full prior to the scheduled maturity date, the date of such prepayment shall be deemed to be the maturity date. The Company had the right to redeem all (but not less than all) of Villages’ Units by sending a written notice of exercise of such option to the Company, provided that the Company has or can obtain the financial resources to pay the entire purchase price for Villages’ Units in cash at the closing of the purchase and sale. The Company’s call right can be redeemed at any time after the later of the date that all outstanding principal, accrued interest and all other charges due under the Related Party Debt are paid in full or sixty-six months after the date of the agreement (October 2021). In each event, the purchase price for Villages’ Units shall be the fair market value as of the date that such option was exercised. In conjunction with the Reorganization Transactions, the Company executed its call rights for the Villages Units, which were converted into permanent equity consisting of 3,077,559 shares of Class B common stock and LLC Units. Redeemable Noncontrolling Interest Sean D. Ryan, Gagnon and AHI Members, W. David Cox and Michael P. Ryan, Wentzell, Chris Black, Montoya & Associates, and AB Holdco (each a “Rollover Member” and collectively, the “Rollover Members”) held certain put rights and the Company holds certain call rights with respect to Non-Voting Common Units issued to Rollover Members (“Rollover Members’ Units”) in connection with business acquisitions. Each Rollover Member, other than W. David Cox and Michael P. Ryan, had the right to require the Company to redeem all (but not less than all) of the Rollover Members’ Units, by sending a written notice of exercise of such option to the Company. Rollover Members W. David Cox and Michael P. Ryan had the right to require the Company to redeem all or any portion of the Rollover Members’ Units under the same circumstances. The Rollover Members’ put rights could be redeemed at any time after forty-eight months from the date of the respective agreement for all Rollover Members other than Chris Black, Montoya & Associates, and AB Holdco for which the put rights can be redeemed at up to 25% per year for each of the four years after forty-eight months from the date of the respective agreement. The Company had the right to redeem all (but not less than all) of the Rollover Members’ Units by sending a written notice of exercise of such option to the Rollover Member, provided that the Company has or can obtain the financial resources to pay the entire purchase price for the Rollover Member’s Units in cash at the closing of the purchase and sale. The Company’s call right could be redeemed at any time after the earlier of a termination event, as defined in the agreement, or forty-eight months after the date of the respective agreement. In each event, the purchase price for the Rollover Members’ Units was the fair market value as of the date that such option was exercised, excluding any discount for lack of marketability or lack of control. In conjunction with the Reorganization Transactions as discussed in Note 3, the Company executed its call rights for the majority of the Rollover Members’ Units, which were converted into permanent equity consisting of 9,615,911 shares of Class B common stock and LLC Units. Rollover Members equity holdings held by Smith and Saunders, two of the Company’s VIEs, were not converted to permanent equity and remain redeemable and a component of redeemable noncontrolling interest subsequent to the conversion. All put rights no longer exist; however, some of these LLC Units and Class B common stock are not eligible to be converted into A shares until certain time has passed since the initial acquisition.

Members' Equity (Deficit) and Noncontrolling Interest (Notes)	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Members' Equity Notes Disclosure [Text Block]	Members’ Equity (Deficit) and Noncontrolling Interest At December 31, 2018, members’ equity (deficit) included Voting Common Units of the majority founder, Management Incentive Units and certain noncontrolling interests without redemption rights. Management Incentive Units are discussed in Note 19. Voting Common Units Voting Common Units held by the majority founder (“Majority Founder’s Units”) are presented as a component of members’ deficit on the consolidated balance sheets. The Company may issue, and a Member may own, one or more classes of units. A Member is defined as any person on record as the owner of one or more units. In conjunction with the Reorganization Transactions as discussed in Note 3, the Majority Founder’s Units were converted into 18,933,907 shares of Class B common stock and LLC Units. Noncontrolling Interest Non-Voting Common Units are non-voting units issued to Risk Advisors upon achievement of certain milestones in accordance with advisor incentive agreements or to Partners in connection with business acquisitions. Transfers of Non-Voting Common Units to any other individual must be approved by written consent of the Common Members. Non-Voting Common Units are classified as noncontrolling interest in the consolidated balance sheet. During 2018, a Risk Advisor contributed capital to BKS in connection with certain business combinations and was issued an additional 6,765 Non-Voting Common Units. During May 2019, a member of senior management exercised his option to purchase 61,982 Non-Voting Common Units of BRP for $612,000. In conjunction with the Reorganization Transactions as discussed in Note 3, the majority of Non-Voting Common Units were converted into permanent equity consisting of 232,596 shares of Class B common stock and LLC Units. Non-Voting Common Units held by Laureate, a VIE, were not converted to permanent equity, and therefore, remain a component of redeemable noncontrolling interest subsequent to the reorganization.

Stockholders Equity (Deficit) and Noncontrolling Interest

12 Months Ended

Dec. 31, 2019

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 300,000,000 shares of Class A common stock with a par value $0.01 per share, 50,000,000 shares of Class B common stock with a par value of $0.0001 per share, and 50,000,000 shares of preferred stock with a par value of $0.01 per share.

The following table shows a rollforward of our common stock outstanding since the Initial Public Offering:



	Class A Common Stock	Class B Common Stock
Shares issued at October 28, 2019	—	—
Shares issued to the public in the Initial Public Offering	18,859,300	—
Shares issued for the Voting Common Units of two minority founders	—	5,701,107
Shares issued in exchange for Villages Units	—	3,077,559
Shares issued in exchange for Rollover Members’ Units	—	9,615,911
Shares issued for Majority Founder’s Units	—	18,933,907
Shares issued for Non-Voting Common Units	—	232,596
Shares issued for Management Incentive Units	—	5,627,155
Restricted stock grants in connection with Initial Public Offering	500,930	—
Restricted stock grants subsequent to the Initial Public Offering	2,754	—
Shares issued to executive officer	—	69,503
Shares issued at December 31, 2019	19,362,984	43,257,738

Class A Common Stock

Shareholders 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. Shareholders 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 shareholders of Class A common stock will be entitled to receive pro rata our remaining assets available for distribution.

Class B Common Stock

Each share of Class B common stock entitles the stockholder to one vote per share 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 do not have cumulative voting rights in the election of directors.

Except for transfers to us pursuant to the Amended LLC Agreement or to certain permitted transferees, the holders of LLC Units are not permitted to sell, transfer or otherwise dispose of any LLC Units or shares of Class B common stock. Stockholders of 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 any right to receive dividends or to receive a distribution upon a liquidation or winding up of BRP Group, Inc. Pursuant to the Stockholders Agreement, the approval of the Pre-IPO LLC Members, is required for substantially all transactions and other matters requiring approval by our stockholders, in addition to other matters such as changing the number of directors on the board, changing the jurisdiction of incorporation, changing the location of the Company’s headquarters, changing the name of the Company, amendments to governing documents, adopting a shareholder rights plan and any changes to the Company’s fiscal year or public accountants. Approval by the Pre-IPO LLC Members is required for any changes to the strategic direction or scope of BRP Group’s and BRP’s business and the hiring and termination of our Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Chief Partnership Officer or other change to senior management or key employees (including terms of compensation).

Noncontrolling Interest

In connection with the Initial Public Offering and the Reorganization Transactions, BRP Group became the sole managing member of BRP. As a result, BRP Group began consolidating BRP in its consolidated financial statements as of the closing date of the Initial Public Offering, resulting in a noncontrolling interest related to the LLC Units held by BRP’s members on its consolidated financial statements. Noncontrolling interest previously represented Partners’ equity interests in underlying subsidiaries. Refer to Note 3 for additional information regarding the Reorganization Transactions’ effect on equity.

Under the Amended LLC Agreement, BRP’s LLC Members have the right, from and after the completion of the Initial Public Offering (subject to the terms of the Amended LLC Agreement), to require BRP Group to redeem all or a portion of their LLC Units for, at BRP Group’s election, newly-issued shares of Class A common stock on a one-for-one basis or a cash payment equal to the volume weighted average market price of one share of BRP Group’s Class A common stock for each LLC Unit redeemed. Additionally, in the event of a redemption request by a BRP LLC Member, BRP Group may, at its option, effect a direct exchange of cash or Class A common stock for LLC Units in lieu of such a redemption. Shares of Class B common stock will be canceled on a one-for-one basis if BRP Group, at the election of a BRP LLC Member, redeems or exchanges LLC Units of such BRP LLC Member pursuant to the terms of the Amended LLC Agreement. Except for transfers to BRP Group 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.

The following table summarizes the ownership interest in BRP as of December 31, 2019:

Related Party Transactions (Notes)	12 Months Ended
Related Party Transactions (Notes)	Dec. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Several of the Reorganization Transactions discussed previously in these notes to consolidated financial statements are related party transactions entered into between the Company and its equity holders and employees. Refer to Note 3 for additional information regarding the Reorganization Transactions. Due from Related Parties Due from related parties totaling $43,000 and $117,000 at December 31, 2019 and 2018, respectively, consists of amounts due from related party entities in connection with newly formed partnerships. Villages Transactions Related Party Debt During April 2016, the Company entered into the Villages Credit Agreement, which provided for a $100.0 million non-revolving line of credit (“Related Party Debt”) with Holding Company of the Villages, Inc. (“Villages”). The Related Party Debt required quarterly interest payments at a fixed rate per annum of 6.5% beginning July 1, 2016 and continuing on the first day of each calendar quarter thereafter until maturity in April 2023. The agreement required that the Company issue Voting Common Units to Villages upon closing and concurrently with each additional advance made after the closing date. Advances on the Related Party Debt were to be made solely to finance permitted acquisitions or for general working capital purposes. The outstanding balance of the Related Party Debt was $36.9 million at December 31, 2018. The Villages Credit Agreement required that the Company issue Voting Common Units to Villages concurrently with each additional advance made on the non-revolving line of credit. The Company issued 261,604 units at a share price of $11.50 in connection with these advances during the year ended December 31, 2018 based on the most recent Company valuation. The issuance of these Voting Common Units is reflected in redeemable members’ capital in the accompanying consolidated statements of members’ equity (deficit) and mezzanine equity at December 31, 2018. Total expense incurred related to the issuance of these Voting Common Units was $3.0 million for the year ended December 31, 2018. This expense is included in interest expense in the consolidated statements of comprehensive income (loss) as the issuance most closely represented fees paid to Villages as a replacement for a debt discount. During March 2019, the Company amended and restated the Villages Credit Agreement, which (i) increased the principal borrowing amount of the Related Party Debt to $125.0 million, (ii) increased the interest rate to a fixed rate of 8.75% per annum, and (iii) changed the maturity date to September 2024. As consideration for the increase in the interest rate, the Company was no longer required to issue additional Voting Common Units to Villages upon the closing of each additional advance. In addition, the Company issued 293,660 Voting Common Units with a share price of $18.76 to Villages on the closing date as consideration for the additional borrowing capacity. The Company recorded $5.5 million of noncash debt issuance costs related to the issuance of these Voting Common Units during the year ended December 31, 2019 as these Voting Common Units were issued as consideration for the refinancing. The Company also recorded an additional $1.7 million of debt issuance costs in connection with the refinancing during the year ended December 31, 2019. The refinancing did not qualify for extinguishment, and therefore, the previously unamortized deferred financing costs continued to be amortized over the term of the new agreement. On October 28, 2019, BRP used a portion of the proceeds it received from the sale of LLC Units to BRP Group in connection with the Initial Public Offering to repay in full the outstanding indebtedness and accrued interest under the Villages Credit Agreement in the amount of $89.0 million and concurrently terminated the Villages Credit Agreement. The Company recorded a loss on debt extinguishment of $6.2 million in connection therewith during the year ended December 31, 2019. The Company recorded interest expense related to quarterly interest payments to Villages of $4.9 million and $1.8 million for the years ended December 31, 2019 and 2018, respectively. Commission Revenue The Company serves as a broker for Villages. Commission revenue recorded as a result of these transactions was $1.3 million and $1.4 million for the years ended December 31, 2019 and 2018, respectively. Rent Expense The Company has various agreements to lease office space from wholly-owned subsidiaries of Villages. Rent expense ranges from approximately $2,000 to $12,500 per month, per lease. Lease agreements expire on various dates through 2023. Total rent expense incurred with respect to Villages and its wholly-owned subsidiaries was $499,000 and $493,000 for the years ended December 31, 2019 and 2018, respectively. Other Commission Revenue 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 as a result of these transactions was $238,000 and $255,000 for the years ended December 31, 2019 and 2018, respectively. Other Rent Expense The Company has various agreements to lease office space from other related parties. Rent expense ranges from approximately $1,000 to $21,000 per month, per lease. Lease agreements expire on various dates through 2029. Total rent expense incurred with respect to related parties other than Villages was $761,000 and $422,000 for the years ended December 31, 2019 and 2018, respectively.

Share-Based Compensation

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Share-Based Compensation

Management Incentive Units

Management Incentive Units (“MIUs”) are non-voting units issued to certain senior management. Issuances can vest immediately or be subject to vesting terms according to time-based benchmarks or performance-based benchmarks that vary between issuance. MIUs are forfeited if certain vesting provisions are not met. Certain MIUs participate in distributions from the date of issuance while other MIUs were issued at a profits interest and therefore only participate in distributions in the event of liquidation. For the MIUs that management has deemed not probable of vesting, no share-based compensation expense is recorded.

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



	Shares		Weighted-Average Grant-Date Fair Value Per Share		Weighted-Average Contractual Term (in years)
Outstanding at January 1, 2018	376,520		$	2.20	0.98
Granted	343,660		4.18
Outstanding at December 31, 2018	720,180		3.15		1.90
Granted	475,900		7.34
Forfeited	(40,000	)	2.97
Exchanged for options	(10,000	)	2.97
Exchanged for Class B common stock	(1,146,080	)	4.90
Outstanding at December 31, 2019	—		—		—

The Company recorded compensation expense related to MIUs of $1.9 million and $309,000 for the years ended December 31, 2019 and 2018, respectively, which is included in commissions, employee compensation and benefits in the consolidated statements of comprehensive income (loss). The compensation expense recorded for the year ended December 31, 2019 includes $1.1 million associated with certain awards for which the vesting was accelerated in connection with the successful Initial Public Offering,

In conjunction with the Reorganization Transactions, MIUs were converted to 5,627,155 restricted shares of Class B common stock and LLC Units, which contain identical vesting conditions to the original MIU issuances.

There were 2,504,341 Class B shares related to the MIU Plan that were fully vested upon the issuance and another 1,165,586 shares that vested by December 31, 2019. The following table summarizes the number of non-vested shares of Class B common stock related to the MIU Plan that are expected to vest in each of the following years:



For the Years Ending December 31,		Class B Shares
2020		609,500
2021		466,279
2022		451,222
2023		430,227

Valuation Assumptions

The fair value of each time-based and performance-based MIUs is estimated on the grant date using the Black-Scholes Model using the assumptions noted in the following table. Expected volatility is based on the historical volatility of a peer group of public and private companies. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of the grant. The assumptions noted in the table below represent the weighted average of each assumption for each grant during the year.



	For the Years Ended December 31,
	2019		2018
Expected volatility	26.1	%	26.0	%
Expected dividend yield	0.2	%	—	%
Expected life (in years)	7.0		7.0
Risk-free interest rate	3.1	%	3.2	%

For certain MIUs granted in May and September 2019, the individuals are not entitled to dividends and therefore, an estimated dividend yield rate of 1.2% and 1.4%, respectively, was applied as management’s best estimate of future dividends based on projections and industry data.

Omnibus Incentive Plan

On October 24, 2019, the Company adopted the BRP Group, Inc. Omnibus Incentive Plan (the “Omnibus Plan”) to motivate and reward employees (“Colleagues”) and 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 shareholders. The Omnibus Plan permits the grant of stock options (both nonqualified and incentive stock options), stock appreciation rights (the “SARs”), restricted stock awards, restricted stock unit awards, or RSUs, performance awards, other cash-based awards and other stock-based awards to the Company’s officers, employees, non-employee directors and consultants and advisors. Such awards may be for partial-year, annual or multi-year periods.

The Omnibus Plan provides for the Company to make awards of 696,000 shares of Class A common stock at December 31, 2019. The number of shares of Class A common stock reserved for issuance will increase automatically on the first day of each fiscal year by the lesser of (i) 2% of outstanding shares of Class A common stock and Class B common stock on the last day of the immediately preceding fiscal year and (ii) such number of shares as determined by BRP Group’s board of directors. In accordance therewith, the number of authorized shares of Class A common stock reserved for issuance under the plan increased by 1,252,414 shares at January 1, 2020.

The Omnibus Plan is administered by the Compensation Committee, the majority of the members of which are independent members of the Board of Directors. Under the Omnibus Plan, the aggregate value of all compensation paid to a non-employee director under the plan in any calendar year may not exceed $250,000. Each contractual term of an option granted is fixed by the Compensation Committee, and except for limited circumstances, the term cannot exceed ten years from the grant date. Restricted stock awards, RSUs and performance-share awards have a vesting period as defined by the applicable award agreement.

At December 31, 2019, there were 192,316 shares underlying the Omnibus Plan that were authorized, but not yet granted. The Company issues new shares of Class A common stock upon the exercise of stock options, the vesting of RSUs and performance shares and the grant of restricted stock awards.

In connection with the Initial Public Offering, BRP Group granted an aggregate of 273,880 shares of restricted stock under the Omnibus Plan to its Colleagues, subject to four-year cliff vesting. These grants are one-time grants solely related to the Initial Public Offering. In addition and as discussed further in Note 3, the Company issued 204,807 and 22,243 shares of restricted stock in connection with settling its obligations under the Advisor Incentive Plan and the Participation Plan, respectively. The Advisor Incentive Plan awards and the Participation Plan awards are subject to the vesting requirements of the original awards. The Company issued new shares of Class A common stock upon the grant of these restricted stock awards. Although these restricted stock awards are not fully vested, the Class A common shares are considered outstanding for purposes of these financial statements.

On December 5, 2019, the Company granted an aggregate of 2,754 shares of restricted stock under the Omnibus Plan to its non-employee directors, which vested immediately upon issuance.

The following table summarizes the activity for non-vested awards granted by the Company under the Omnibus Plan:



	Shares		Weighted-Average Grant-Date Fair Value Per Share		Weighted-Average Contractual Term (in years)	Aggregate Intrinsic value (in thousands)
Outstanding at January 1, 2019	—
Granted	503,684		$	14.00	2.52
Vested and settled	(173,440	)	13.99			$	—
Outstanding at December 31, 2019	330,244		14.00		3.66	677
Non-vested shares expected to vest as of December 31, 2019	258,333		14.00		3.63	530

The total fair value of shares that vested and settled during the year ended December 31, 2019 was $2.4 million.

The Company recognizes share-based compensation expense for the Omnibus Plan net of actual forfeitures. The Company recorded share-based compensation expense of $204,000 in connection with the Omnibus Plan for the year ended December 31, 2019, which is included in commissions, employee compensation and benefits expense on the consolidated statements of comprehensive income (loss). The Company had $4.0 million of total unrecognized compensation cost related to unvested shares of restricted stock at December 31, 2019, which is expected to be recognized over a weighted-average period of 3.8 years.

Issuance of Unvested Class B Shares

On December 27, 2019, the Company issued 69,503 unvested shares of Class B common stock and LLC units to an executive officer outside of the Omnibus Plan. These shares vest 20% on September 30 of each of the following five years. These Class B common shares and LLC Units have a grant-date fair value of $15.55 per share and a contractual vesting term of 4.7 years.

Retirement Plan (Notes)	12 Months Ended
Retirement Plan (Notes)	Dec. 31, 2019
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 $700,000 and $458,000 for the years ended December 31, 2019 and 2018, respectively.

Income Taxes (Notes)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

As a result of the Initial Public Offering and the Reorganization Transactions, BRP Group became 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.

As the Initial Public Offering occurred during the year ended December 31, 2019, and BRP Group had no business transactions or activities prior to the Initial Public Offering, no amounts related to the provision for income taxes were incurred for the period from January 1, 2019 to October 27, 2019 or for the year ended December 31, 2018.

Components of income tax expense include the following:



(in thousands)	For the Year Ended December 31, 2019
Current
Federal	$	13
State and local	4
Total tax expense	$	17

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



(in thousands)	For the Year Ended December 31, 2019
Income (loss) before income taxes	$	(22,437	)

Noncontrolling interest	3,138
Tax provision at statutory rate (21%)	(4,712		)
Effect of:
Valuation allowance	2,228
State and local income tax	(1,064		)
MIU issuance	328
Meals and entertainment	79
Disability and life insurance	20
Total income tax expense	$	17

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



(in thousands)	For the Year Ended December 31, 2019
Deferred tax assets
Investment in Partnerships	$	34,729
163(j) limitation carryforward	538
Net operating loss	236
Total deferred tax assets	35,503
Valuation allowance	(35,503		)
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 $35.5 million against its deferred tax assets at December 31, 2019.

As of December 31, 2019 and 2018, 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 examination for tax years beginning with the year ended December 31, 2019. The Company is not currently subject to income tax audits in any U.S. or state jurisdictions for any tax year.

Tax Receivable Agreement

BRP intends to make 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. There were exchanges that occurred during 2019 that are expected to result in tax basis adjustments to the assets of BRP that will be allocated to the Company and thus produce favorable tax attributes. The anticipated tax basis adjustments are expected to reduce the amount of tax that BRP Group would otherwise be required to pay in the future. The Company has determined that it is more likely than not that these benefits will not be realized.

On October 28, 2019, BRP Group entered into 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) acquisitions by BRP Group of BRP’s LLC Units from BRP’s LLC Members in connection with the Initial Public Offering, (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, Inc. and not of Baldwin Risk Partners, LLC. 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, Inc. (calculated with certain assumptions) to the amount of such taxes that BRP Group, Inc. would have been required to pay had there been no increase to the tax basis of the assets of Baldwin Risk Partners, LLC as a result of the redemptions or exchanges and had BRP Group, Inc. 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 will account 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:


•	record 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 will reduce the deferred tax asset with a valuation allowance; and


•	record 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.

Earnings (Loss) Per Share (Notes)

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Earnings Per Share

Earnings (Loss) Per Share

Basic earnings (loss) per share is computed by dividing net income (loss) attributable to BRP Group, Inc. 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 Class B common stock.

During the period presented, potentially dilutive securities include restricted stock awards and shares of Class B common stock that are convertible on a one-for-one basis into shares of our Class A common stock. The 330,244 shares of unvested restricted Class A common stock were excluded from the diluted calculation, as their inclusion would have been anti-dilutive as the Company was in a net loss position. In addition, the 43,257,738 shares of Class B common stock have been excluded in computing diluted net earnings per share because including them on an “if-converted” basis would have an anti-dilutive effect. 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.

The following is a calculation of the basic and diluted weighted-average number of shares of Class A common stock outstanding and net loss per share for the year ended December 31, 2019. The weighted average number of shares of Class A common stock outstanding is based on the actual days in which the shares were outstanding for the period from October 28, 2019 to December 31, 2019.



(in thousands, except per share data)	October 28, 2019 through December 31, 2019
Basic and diluted net loss per share:
Net loss attributable to BRP Group, Inc.	$	(8,650	)
Shares used for basic net loss per share:
Basic and diluted weighted-average shares of Class A common stock outstanding	17,917
Basic and diluted net loss per share	$	(0.48	)

Fair Value Measurements (Notes)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

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.

An asset’s or liability’s fair value measurement level 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.

The carrying amount of the Revolving Credit Commitment approximated fair value at December 31, 2019 as a result of the JPMorgan Credit Agreement having been amended and restated at market terms on December 19, 2019. The carrying amount of the Revolving Lines of Credit approximated fair value at December 31, 2018 due to the variable interest rate based on the LIBOR at that date.

Methodologies used for assets and liabilities measured at fair value on a recurring basis at December 31, 2019 and 2018 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 following table summarizes Company’s liabilities measured at fair value on a recurring basis within each level of the fair value hierarchy:



	December 31,
(in thousands)	2019		2018
Level 3
Contingently returnable consideration	$	70	$	—
Level 3 Assets	$	70	$	—

Contingent earnout liabilities	$	48,769	$	9,249
Level 3 Liabilities	$	48,769	$	9,249

The Company’s contingently returnable consideration at December 31, 2019 represents a contingent right of return from Fiduciary Partners to reimburse the Company for a portion of the purchase price as part of the Fiduciary Partners transaction. The Company has assessed the maximum estimated refund relating to the contingently returnable consideration to be $1.3 million at December 31, 2019.

The Company measures contingently returnable consideration and contingent earnout liabilities at fair value at 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 asset or liability with a higher asset capped by the contractual maximum of the contingently returnable consideration and a higher liability capped by the contractual maximum of the contingent earnout consideration. Ultimately, the asset and 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 reduction of the cost of the assets acquired for asset acquisitions. Refer to Note 4 for additional information regarding contingently returnable consideration and contingent earnout consideration recorded in connection with business acquisitions.

The fair value of the contingent earnout liabilities is based on the present value of the expected future payments to be made to the companies we have acquired (“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 or profitability. Revenue and EBITDA growth rates generally ranged from 10% to 20%. 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 7.25% to 18.25%. Changes in financial projections, market participant assumptions for revenue growth and profitability, or the risk-adjusted discount rate, would result in a change in the fair value of contingent consideration.

The fair value of the contingent earnout liability 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 contingent earnout liability, the Company recorded a net increase in the estimated fair value of such liabilities of $10.6 million for the year ended December 31, 2019. The Company has assessed the maximum estimated exposure to the contingent earnout liabilities to be $103.9 million at December 31, 2019.

The following table sets forth a summary of the changes in the fair value of the Company’s contingently returnable consideration and 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,
	2019						2018
(in thousands)	Contingently Returnable Consideration			Contingent Earnout Liabilities			Contingent Earnout Liabilities
Balance at beginning of year	—			$	9,249		$	4,055
Payment of contingent consideration	—			(175		)	(2,892		)
Fair value of contingent consideration recorded in connection with business combinations	321			29,101			5,815
Change in fair value of contingent consideration	(251		)	10,578			1,228
Fair value of contingent consideration recorded in connection with asset acquisitions	—			16			1,043
Balance at end of year	$	70		$	48,769		$	9,249

- 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

Commitments and Contingencies

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Legal

The Company is involved in various claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s consolidated financial position, results of operations or liquidity.

Operating Leases

The Company conducts its operations in a leased facility and leases equipment under noncancelable operating leases.

Approximate future minimum payments under the operating lease agreements are as follows (in thousands):



Year Ending December 31,	Amount
2020	$	4,586
2021	5,580
2022	5,280
2023	4,784
2024	4,223
Thereafter	16,742
	$	41,195

Total rent expense under noncancelable operating leases was $4.2 million and $3.0 million for the years ended December 31, 2019 and 2018, respectively.

Segment Reporting (Notes)

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Segment Reporting

Segment Information

BRP Group’s business is divided into four Operating Groups: Middle Market, Specialty, MainStreet and Medicare.


•	Middle Market provides expertly-designed private risk management, commercial risk management and employee benefits solutions for mid-to-large size businesses and high net worth individuals and families.

•

Specialty represents a wholesale co-brokerage platform that delivers specialty insurers, professionals, individuals and niche industry businesses expanded access to exclusive specialty markets, capabilities and programs requiring complex underwriting and placement. With the addition of the MSI Partnership in April 2019 as discussed in Note 4, Specialty also represents a leading technology platform. MGA of the Future is a national renter’s insurance product distributed via sub-agent partners and property management software providers, which has expanded distribution capabilities for new products through our wholesale and retail networks.


•	MainStreet offers personal insurance, commercial insurance and life and health solutions to individuals and businesses in their communities.


•	Medicare offers consultation for government assistance programs and solutions, including traditional Medicare and Medicare Advantage, to seniors and Medicare-eligible individuals through a network of agents.

In the Middle Market, MainStreet and Specialty Operating Groups, the Company generates commissions and fees from insurance placement under both agency bill and direct bill arrangements. In addition, BRP generates profit sharing income in each of those segments based on either the underlying book of business or performance, such as loss ratios. In the Middle Market Operating Group only, the Company generates fees from service fee and consulting arrangements. Service fee arrangements are in place with certain customers in lieu of commission arrangements.

In the Medicare Operating Group, BRP generates commissions and fees in the form of direct bill insurance placement and marketing income. Marketing income is earned through co-branded marketing campaigns with the Company’s Insurance Company Partners.

The Company’s chief operating decision maker, the chief executive officer, uses net income before interest, taxes, depreciation, amortization, and one-time transactional-related expenses or non-recurring items to manage resources and make decisions about the business. There are no intersegment net sales that occurred during the reporting periods.

Summarized financial information concerning BRP’s Operating Groups is shown in the following tables. The “Corporate and Other” column includes any expenses not allocated to the Operating Groups and corporate-related items, including related party and third-party interest expense. 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, 2019
(in thousands)	Middle Market			Specialty			MainStreet			Medicare			Corporate and Other			Total
Revenues:
Commissions and fees	$	56,394		$	44,913		$	25,533		$	11,001		$	—		$	137,841

Operating expenses:
Commissions, employee compensation and benefits	37,560			32,505			14,727			5,576			6,587			96,955
Other operating expenses	8,396			3,318			3,888			2,079			6,895			24,576
Change in fair value of contingent consideration	(1,378		)	13,513			(971		)	(335		)	—			10,829
Amortization	1,861			6,466			1,280			381			19			10,007
Depreciation	344			11			81			17			89			542
Total operating expenses	46,783			55,813			19,005			7,718			13,590			142,909

Operating income (loss)	9,611			(10,900		)	6,528			3,283			(13,590		)	(5,068		)

Other income (expense):
Interest income (expense), net	37			(32		)	(8		)	—			(10,637		)	(10,640		)
Loss on extinguishment of debt	—			—			—			—			(6,732		)	(6,732		)
Other income, net	3			—			—			—			—			3
Total other income (expense)	40			(32		)	(8		)	—			(17,369		)	(17,369		)

Income (loss) before income taxes	9,651			(10,932		)	6,520			3,283			(30,959		)	(22,437		)
Income tax expense	—			—			—			—			17			17
Net income (loss)	$	9,651		$	(10,932	)	$	6,520		$	3,283		$	(30,976	)	$	(22,454	)

Capital expenditures	$	256		$	23		$	417		$	10		$	1,012		$	1,718
	At December 31, 2019
Total assets	$	105,353		$	154,983		$	60,253		$	17,533		$	60,646		$	398,768



	For the Year Ended December 31, 2018
(in thousands)	Middle Market			Specialty			MainStreet			Medicare		Corporate and Other			Total
Revenues:
Commissions and fees	$	36,629		$	12,729		$	20,940		$	9,582	$	—		$	79,880

Operating expenses:
Commissions, employee compensation and benefits	25,905			9,437			11,237			4,503		572			51,654
Other operating expenses	6,083			1,285			3,562			1,779		1,670			14,379
Change in fair value of contingent consideration	325			383			520			—		—			1,228
Amortization	588			909			756			259		70			2,582
Depreciation	251			6			216			17		18			508
Total operating expenses	33,152			12,020			16,291			6,558		2,330			70,351

Operating income (loss)	3,477			709			4,649			3,024		(2,330		)	9,529

Other income (expense):
Interest income (expense), net	3			(15		)	(4		)	—		(6,609		)	(6,625		)
Other expense, net	(142		)	(73		)	—			—		—			(215		)
Total other expense	(139		)	(88		)	(4		)	—		(6,609		)	(6,840		)

Net income (loss)	$	3,338		$	621		$	4,645		$	3,024	$	(8,939	)	$	2,689

Capital expenditures	$	177		$	43		$	124		$	4	$	177		$	525
	At December 31, 2018
Total assets	$	59,043		$	28,684		$	27,622		$	17,972	$	6,504		139,825

Quarterly Results of Operations (Notes)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information

Quarterly Results of Operations (Unaudited)

The following tables summarize the Company’s unaudited consolidated results of operations on a quarterly basis for years ended December 31, 2019 and 2018.



	For the 2019 Quarters Ended
(in thousands)	March 31			June 30			September 30			December 31
Commissions and fees	$	29,836		$	33,062		$	38,383		$	36,560
Total operating expenses	18,514			32,387			36,909			55,099
Operating income (loss)	11,322			675			1,474			(18,539		)
Total other expenses	(1,590		)	(3,624		)	(3,780		)	(8,375		)
Income (loss) before income taxes	9,732			(2,949		)	(2,306		)	(26,914		)
Income taxes (benefit)	—			—			—			17
Net income (loss)	9,732			(2,949		)	(2,306		)	(26,931		)
Net income (loss) attributable to noncontrolling interests	9,732			(2,949		)	(2,306		)	(18,281		)
Net income (loss) attributable to BRP Group, Inc.	$	—		$	—		$	—		$	(8,650	)



	For the 2018 Quarters Ended
(in thousands)	March 31			June 30			September 30			December 31
Commissions and fees	$	21,791		$	18,694		$	18,539		$	20,856
Total operating expenses	15,474			17,580			17,196			20,101
Operating income	6,317			1,114			1,343			755
Total other expenses	(1,629		)	(2,303		)	(1,290		)	(1,618		)
Net income (loss)	4,688			(1,189		)	53			(863		)
Net income (loss) attributable to noncontrolling interests	1,147			700			863			603
Net income (loss) attributable to BRP Group, Inc.	$	3,541		$	(1,889	)	$	(810	)	$	(1,466	)

Subsequent Events (Notes)	12 Months Ended
Subsequent Events (Notes)	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On March 12, 2020, the Company entered into the Incremental Facility Amendment No. 1 to the JPMorgan Credit Agreement to increase the aggregate borrowing capacity of the facility to $300.0 million and drew $20.0 million on the Revolving Credit Commitment to utilize for working capital purposes in response to the COVID-19 pandemic. Business Combinations and Asset Acquisitions Effective January 1, 2020, the Company entered into an asset purchase agreement to purchase certain assets and intellectual and intangible rights and assume certain liabilities of Lanier Upshaw, Inc. for consideration consisting of $24.5 million of cash, 389,727 shares of Class A common stock and a maximum potential contingent earnout consideration of $11.0 million. The Partnership was made to expand our Middle Market presence in the healthcare, higher education, construction, property and non-profit businesses throughout Florida and other states. The Company has determined that this transaction will be treated as a business combination in accordance with Topic 805, although its initial evaluation and determination of consideration paid and certain assets and liabilities acquired has not yet been completed. Effective January 1, 2020, the Company entered into an asset purchase agreement to purchase certain assets and intellectual and intangible rights and assume certain liabilities of Highland Risk Services, LLC for consideration consisting of $6.5 million of cash, 286,624 LLC Units (and the corresponding 286,624 shares of Class B common stock) and a maximum potential contingent earnout consideration of $2.5 million. The Partnership was made to expand our Specialty presence in the healthcare and cyber insurance businesses and to add capabilities within the real estate business. The Company has determined that this transaction will be treated as a business combination in accordance with Topic 805, although its evaluation and determination of consideration paid and certain assets and liabilities acquired has not yet been completed. Effective February 1, 2020, the Company entered into an asset purchase agreement to purchase certain assets and intellectual and intangible rights and assume certain liabilities of AgencyRM LLC for consideration consisting of $7.1 million of cash, 97,807 shares of Class A common stock and a maximum potential contingent earnout consideration of $3.0 million. The Partnership was made to expand our Medicare business presence in Texas. The Company has not yet completed its evaluation and determination of consideration paid, certain assets and liabilities acquired, or treatment of this transaction as either a business combination or asset acquisition in accordance with Topic 805. Effective February 1, 2020, the Company entered into an asset purchase agreement to purchase certain assets and intellectual and intangible rights and assume certain liabilities of VibrantUSA Inc. for consideration consisting of $6.2 million of cash and a maximum potential contingent earnout consideration of $379,000. The Partnership was made to expand our Medicare business presence in Washington. The Company has not yet completed its evaluation and determination of consideration paid, certain assets and liabilities acquired, or treatment of this transaction as either a business combination or asset acquisition in accordance with Topic 805.

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2019

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 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 began consolidating BRP in its consolidated financial statements as of the closing date of the Initial Public Offering, resulting in a noncontrolling interest related to the LLC Units held by BRP’s LLC members on its consolidated financial statements.

BRP and BRP Group have been under the common control of our Chairman, Lowry Baldwin, before and after the Reorganization Transactions. Prior to the Reorganization Transactions, Mr. Baldwin held a controlling interest in Baldwin Investment Group Holdings, LLC (“BIGH”), which was the controlling owner of BRP through its majority ownership of BRP’s common units. In addition, Mr. Baldwin was the sole shareholder of BRP Group. Upon reorganization, BRP Group became the sole managing member of BRP. Holders of the Class B common stock hold a majority of the voting power of BRP Group and stockholders of a majority of the Class B common stock, including BIGH, executed a Voting Agreement in which they agreed to vote in the same manner as Mr. Baldwin. As a result, Mr. Baldwin continues to control BRP Group subsequent to the Initial Public Offering and Reorganization Transactions. Accordingly, we have accounted for the Reorganization Transactions as a transaction between entities under common control in accordance with Accounting Standards Codification (“ASC”) Topic 805-50, Business Combinations - Related Issues, under which the financial information of BRP Group has been combined with that of BRP as of the earliest period presented.

The Company has prepared these consolidated financial statements in accordance with 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 5 for additional information regarding the Company’s variable interest entities.

Topic 810 also requires that the equity of a noncontrolling interest shall be reported in the consolidated balance sheets within total equity of the Company. Certain redeemable noncontrolling interests are reported in 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, including determination of allowances for estimated policy cancellations, business combinations and purchase price allocation, impairment of long-lived assets including goodwill, and valuation of the Tax Receivable Agreement liability, advisor incentive liabilities and share-based compensation.

Changes in Presentation

Certain prior year amounts have been reclassified to conform to current year presentation.

Recent Accounting Pronouncements

As an emerging growth company, the Jumpstart Our Business Startups (“JOBS”) Act permits the Company an extended transition period for complying with new or revised accounting standards affecting public companies. The Company has elected to use this extended transition period and adopt certain new accounting standards on the private company timeline, which means that the Company’s financial statements may not be comparable to the financial statements of public companies that comply with such new or revised accounting standards on a non-delayed basis. The Company has elected the extended transition period for the adoption of the Accounting Standards Updates (“ASU”) below, except those where early adoption was both permitted and elected.

In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). The guidance in ASU 2016-02 supersedes the lease recognition requirements in ASC Topic 840, Leases. ASU 2016-02 requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases, along with additional qualitative and quantitative disclosures. The FASB has subsequently issued several additional ASUs related to leases, which improved upon, and provided transition relief for, the guidance issued in ASU 2016-02 and extended the adoption date for nonpublic business entities. This guidance is effective for the fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021, with early adoption permitted. The Company is currently evaluating the full effect that the adoption of this standard will have on its consolidated financial statements.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Statements (“ASU 2016-13”), which amends the guidance for recognizing credit losses on financial instruments measured at amortized cost. ASU 2016-13 replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The FASB has subsequently issued several additional ASUs related to credit losses, which improved upon, and provided transition relief for, the guidance issued in ASU 2016-13 and extended the adoption date for nonpublic business entities. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the full effect that the adoption of this standard will have on its consolidated financial statements.

In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 provides guidance on the classification of contingent consideration payments made after a business combination and other cash receipts and payments. The Company adopted ASU 2016-15 effective January 1, 2019 and has applied the guidance retrospectively for its consolidated statement of cash flows for the years ended December 31, 2019 and 2018. The Company applied the guidance in ASU 2016-15 to its payment of contingent consideration liabilities related to business combinations and the payment of debt extinguishment costs, which impacted the presentation of the cash flows, but did not otherwise impact on the Company’s results of operations or financial condition.

In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”), which requires that the statement of cash flows explain the changes during the period of cash and cash equivalents inclusive of amounts categorized as restricted cash. The Company adopted ASU 2016-18 effective January 1, 2019. With the adoption of ASU 2016-18, the statements of cash flows detail the change in the balance of cash and cash equivalents and restricted cash. The adoption of this guidance did not have any effect on cash flows for the year ended December 31, 2018.

In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”), which amends the guidance on goodwill. Under ASU 2017-04, goodwill impairment is measured as the amount by which a reporting unit’s carrying value exceeds its fair value, while not exceeding the carrying value of goodwill. ASU 2017-04 eliminates existing guidance that requires an entity to determine goodwill impairment by calculating the implied fair value of goodwill by hypothetically assigning the fair value of a reporting unit to all its assets and liabilities as if that reporting unit had been acquired in a business combination. The Company early adopted this guidance for impairment tests effective January 1, 2019 and it did not have any impact on the Company’s consolidated financial statements.

In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820) (“Topic 820”): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which modifies the disclosure requirements related to fair value measurement, by removing certain disclosure requirements related to the fair value hierarchy, modifying existing disclosure requirements related to measurement uncertainty and adding new disclosure requirements, such as disclosing the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and disclosing the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The amendments in ASU 2018-13 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The adoption of this standard is not expected to have a significant impact on the Company’s consolidated financial statements.

In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (“ASU 2018-15”), which provides guidance for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The Company early adopted ASU 2018-15 for implementation costs related to its service contracts effective January 1, 2019 and applied it prospectively for all cloud computing arrangement implementation costs incurred on or after the effective date. The adoption of this new guidance did not have a material impact on the Company’s consolidated financial statements.

In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (“ASU 2019-12”), as part of its Simplification Initiative to reduce the cost and complexity in accounting for income taxes. ASU 2019-12 removes certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also amends other aspects of the guidance to help simplify and promote consistent application of GAAP. The guidance is effective for interim and annual periods beginning after December 15, 2020, with early adoption permitted. The Company early adopted ASU 2019-12 in the fourth quarter of 2019. The adoption did not have a material impact on our consolidated financial statements.

Revenue Recognition

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



		Years
Building		39
Leasehold improvements		3 - 10
Furniture		5 - 7
Office and computer equipment		3 - 7
Vehicle		5
Website development		7

Intangible Assets, Net and Goodwill

Deferred Financing Costs, Net

Contingent Earnout Liabilities

Advisor Incentive Liabilities

Participation Unit Ownership Plan Liabilities

Redeemable Noncontrolling Interest


•	In 2018, BRP Black Insurance, LLC (“Black”) was formed in order to acquire substantially all the assets and liabilities of Black Insurance and Financial Services, LLC from Christopher R. Black (“Chris Black”). Chris Black had a 40% ownership interest in Black prior to the Reorganization Transactions.

•


•	In 2018, Baldwin Krystyn Sherman Partners, LLC (“BKS”) acquired substantially all the assets and liabilities of Montoya Property & Casualty Insurance from Montoya and Associates, LLC (“Montoya & Associates”). Montoya & Associates had a 1.5% ownership interest in BKS prior to the Reorganization Transactions.


•	In 2019, BIH acquired 70% of the membership interests of Millennial Specialty Insurance, LLC from Millennial Specialty Holdco, LLC (“MSH”). MSH had a 30% ownership interest in Millennial Specialty Insurance, LLC prior to the Reorganization Transactions.


•	In 2019, BKS Financial Investments, LLC was formed to acquire substantially all the assets and liabilities of Fiduciary Partners Investment Consulting, LLC and BKS acquired substantially all the assets and liabilities of Fiduciary Partners Retirement Group, Inc. (“FPRG”) and Fiduciary Partners Group, LLC. FPRG had a 0.3% ownership interest in BKS prior to the Reorganization Transactions.


•	In 2019, BRP Foundation, LLC (“Foundation”) was formed in order to acquire substantially all the assets and liabilities of Foundation Insurance of Florida, LLC from its members (“Foundation Members”). The Foundation Members had a 20% ownership interest in Foundation prior to the Reorganization Transactions.

Redeemable Members' Capital

Redeemable Members’ Capital

Noncontrolling Interest

Income Taxes

Tax Receivable Agreement

Share-based Compensation

Share-Based Compensation

Fair Value of Financial Instruments

Concentrations

For the year ended December 31, 2019, two Insurance Company Partners accounted for approximately 14% and 10% of the Company’s total core commissions.

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

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:



		Years
Building		39
Leasehold improvements		3 - 10
Furniture		5 - 7
Office and computer equipment		3 - 7
Vehicle		5
Website development		7

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

Schedule of Weighted-Average Useful Lives of Intangible Assets Acquired in Business Combinations

The intangible assets acquired in connection with business combinations during the year ended December 31, 2019 have an estimated weighted-average life as follows:



	Weighted-Average Life
Purchased customer accounts	16.8	years
Software	5	years
Carrier relationships	20	years
Trade names	5	years

Schedule of Business Acquisitions



(in thousands)	Lykes⁽¹⁾			MSI⁽¹⁾			Fiduciary Partners			Foundation Insurance			Totals
Cash consideration paid	$	36,044		$	45,505		$	2,550		$	20,800		$	104,899
Fair value of contingent earnout consideration	—			25,603			151			3,347			29,101
Fair value of noncontrolling interest	1,000			30,963			638			6,036			38,637
Fair value of contingently returnable consideration	—			—			(321		)	—			(321		)
Trust balance adjustment	—			1,138			—			—			1,138
Total consideration	$	37,044		$	103,209		$	3,018		$	30,183		$	173,454

Cash and restricted cash	$	1,535		$	6,029		$	—		$	50		$	7,614
Premiums, commissions and fees receivable	3,170			14,437			20			—			17,627
Other assets	17			308			1			—			326
Intangible assets													—
Purchased customer accounts	8,742			13,640			1,874			8,709			32,965
Carrier relationships	—			7,200			—			—			7,200
Software	—			30,000			—			—			30,000
Trade names	—			1,820			—			—			1,820
Goodwill	25,947			50,164			1,124			21,471			98,706
Total assets acquired	39,411			123,598			3,019			30,230			196,258
Premiums and producer commissions payable	(2,367		)	(17,447		)	—			—			(19,814		)
Deferred revenue	—			(2,794		)	—			—			(2,794		)
Accrued expenses and other current liabilities	—			(148		)	(1		)	(47		)	(196		)
Total liabilities acquired	(2,367		)	(20,389		)	(1		)	(47		)	(22,804		)
Net assets acquired	$	37,044		$	103,209		$	3,018		$	30,183		$	173,454

Maximum potential contingent earnout consideration	$	—		$	61,500		$	2,225		$	21,750		$	85,475

__________

(1)

Business Acquisition, Pro Forma Information



	For the Years Ended December 31,
(unaudited) (in thousands)	2019			2018
Total revenues	$	152,610		$	126,011
Net income (loss)	(17,159		)	11,223

Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities

The following tables provide a summary of the carrying amounts of the assets and liabilities of the Company’s consolidated VIEs at each of the balance sheet dates:



	At December 31, 2019
(in thousands)	Laureate		Smith		Saunders		Total
Assets
Cash and cash equivalents	$	46	$	1	$	—	$	47
Premiums, commissions and fees receivable, net	—		44		31		75
Total current assets	46		45		31		122
Property and equipment, net	31		—		—		31
Other assets	5		—		2		7
Total assets	$	82	$	45	$	33	$	160
Liabilities
Premiums payable to insurance companies	$	3	$	—	$	3	$	6
Producer commissions payable	2		5		8		15
Accrued expenses and other current liabilities	4		25		—		29
Total liabilities	$	9	$	30	$	11	$	50



	At December 31, 2018
(in thousands)	TVIP		iPEO		Laureate		Smith		Saunders		Total
Assets
Cash and cash equivalents	$	770	$	1	$	25	$	—	$	—	$	796
Premiums, commissions and fees receivable, net	1,171		2,725		—		—		6		3,902
Prepaid expenses and other current assets	50		14		5		—		—		69
Due from related parties	—		—		13		—		—		13
Total current assets	1,991		2,740		43		—		6		4,780
Property and equipment, net	74		—		41		—		—		115
Other assets	2		—		—		—		—		2
Goodwill	4,035		—		—		—		—		4,035
Total assets	$	6,102	$	2,740	$	84	$	—	$	6	$	8,932
Liabilities
Premiums payable to insurance companies	$	29	$	2,043	$	—	$	—	$	6	$	2,078
Producer commissions payable	227		282		—		5		—		514
Accrued expenses and other current liabilities	316		2		1		1		—		320
Total liabilities	$	572	$	2,327	$	1	$	6	$	6	$	2,912

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Revenue (Tables)

12 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregated Revenue

The following table provides disaggregated commissions and fees revenue by major source:



	For the Years Ended December 31,
(in thousands)	2019		2018
Direct bill revenue⁽¹⁾	$	70,835	$	52,210
Agency bill revenue⁽²⁾	43,619		17,967
Profit-sharing revenue⁽³⁾	9,598		6,007
Policy fee and installment fee revenue⁽⁴⁾	8,154		—
Consulting and service fee revenue⁽⁵⁾	2,709		2,660
Other income⁽⁶⁾	2,926		1,036
Total commissions and fees	$	137,841	$	79,880

__________


(1)	Direct bill revenue represents commission revenue earned by facilitating the arrangement between individuals or businesses and Insurance Company Partners to provide insurance placement services to Clients, primarily for private risk management, commercial risk management, employee benefits and Medicare insurance types.


(2)	Agency bill revenue primarily represents commission revenue earned by facilitating the arrangement between individuals or businesses and Insurance Company Partners to provide insurance placement services to Clients. The Company acts as an agent on behalf of the Client for the term of the insurance policy.


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

(4)


(5)	Service fee revenue is earned by receiving negotiated fees in lieu of a commission and consulting revenue is earned by providing specialty insurance consulting.


(6)	Other income consists primarily of Medicare marketing income that is based on agreed-upon cost reimbursement for fulfilling specific targeted marketing campaigns.

Contract Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Contract with Customer, Asset and Liability [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)	2019		2018
Contract assets	$	47,337	$	20,672
Contract liabilities	5,349		1,450

Deferred Commission Expense (Tables)

12 Months Ended

Dec. 31, 2019

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

Schedule of Deferred Commission Expense

The table below provides a rollforward of deferred commission expense, which is included as a component of other assets on the balance sheets:



	For the Years Ended December 31,
(in thousands)	2019			2018
Balance at beginning of year	$	2,882		$	—
Adoption of ASC Topic 340	—			1,927
Costs capitalized	1,777			1,653
Amortization	(1,038		)	(698		)
Balance at end of year	$	3,621		$	2,882

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net consists of the following:



	December 31,
(in thousands)	2019			2018
Office and computer equipment	$	2,496		$	1,612
Furniture	1,756			1,629
Leasehold improvements	1,006			888
Construction in process	566			—
Building	400			400
Website development	154			154
Land	100			100
Vehicle	29			29
Total property and equipment	6,507			4,812
Less: accumulated depreciation	(3,185		)	(2,664		)
Property and equipment, net	$	3,322		$	2,148

Intangible Assets, Net and Goodwill (Tables)

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

Intangible assets consist of the following:



	December 31, 2019							December 31, 2018
(in thousands)	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Purchased customer accounts	66,987		$	(9,474	)	$	57,513	$	33,292	$	(4,372	)	$	28,920
Software	30,590		(5,070		)	25,520		570		(495		)	75
Carrier relationships	7,200		(170		)	7,030		—		—			—
Trade names	2,613		(226		)	2,387		792		(43		)	749
Totals	$	107,390	$	(14,940	)	$	92,450	$	34,654	$	(4,910	)	$	29,744

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
2020	$	12,018
2021	12,219
2022	12,473
2023	12,283
2024	7,143

Schedule of Goodwill

The changes in carrying value of goodwill by reportable segment for the period are as follows:



(in thousands)	Middle Market		Specialty		MainStreet		Medicare		Total
Balance at December 31, 2017	$	1,001	$	—	$	13,923	$	12,531	$	27,455
Goodwill of acquired businesses	24,860		9,951		3,498		—		38,309
Balance at December 31, 2018	25,861		9,951		17,421		12,531		65,764
Goodwill of acquired businesses	27,071		50,164		21,471		—		98,706
Balance at December 31, 2019	$	52,932	$	60,115	$	38,892	$	12,531	$	164,470

Other Assets (Tables)

12 Months Ended

Dec. 31, 2019

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

Schedule of Other Assets

Other assets consist of the following:



	December 31,
(in thousands)	2019		2018
Deferred commission expense	$	3,621	$	2,882
Deferred financing costs, net	1,345		590
Investment in business venture	200		—
Deposits	434		103
Other assets	$	5,600	$	3,575

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

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)	2019		2018
Contract liabilities	$	5,349	$	1,450
Accrued expenses	2,532		575
Accrued compensation and benefits	4,162		2,002
Accrued interest	71		188
Other	220		1,032
Accrued expenses and other current liabilities	$	12,334	$	5,247

Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Other Liabilities [Abstract]

Other Liabilities

Other liabilities consist of the following:



	December 31,
(in thousands)	2019		2018
Advisor incentive liabilities	$	2,017	$	2,348
Participation unit ownership plan liabilities	—		262
Other liabilities	$	2,017	$	2,610

Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments



Total Net Leverage Ratio	Applicable Margin for Eurodollar Loans	Applicable Margin for Alternate Base Rate Loans	Commitment Fee on Unfunded Commitments
< 2.50x	200 bps	100 bps	25 bps
≥ 2.50x < 3.00x	225 bps	125 bps	30 bps
≥ 3.00x < 3.75x	250 bps	150 bps	35 bps
≥ 3.75x	300 bps	200 bps	40 bps

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Stockholders' Equity (Deficit) and Noncontrolling Interest (Tables)

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Rollforward of Common Stock Outstanding since the Initial Public Offering

The following table shows a rollforward of our common stock outstanding since the Initial Public Offering:



	Class A Common Stock	Class B Common Stock
Shares issued at October 28, 2019	—	—
Shares issued to the public in the Initial Public Offering	18,859,300	—
Shares issued for the Voting Common Units of two minority founders	—	5,701,107
Shares issued in exchange for Villages Units	—	3,077,559
Shares issued in exchange for Rollover Members’ Units	—	9,615,911
Shares issued for Majority Founder’s Units	—	18,933,907
Shares issued for Non-Voting Common Units	—	232,596
Shares issued for Management Incentive Units	—	5,627,155
Restricted stock grants in connection with Initial Public Offering	500,930	—
Restricted stock grants subsequent to the Initial Public Offering	2,754	—
Shares issued to executive officer	—	69,503
Shares issued at December 31, 2019	19,362,984	43,257,738

Schedule of Ownership Interest by Noncontrolling Interest

The following table summarizes the ownership interest in BRP as of December 31, 2019:

- 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.

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+ Details

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Schedule of Activity for Awards Granted under the Management Incentive Units Plan

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



	Shares		Weighted-Average Grant-Date Fair Value Per Share		Weighted-Average Contractual Term (in years)
Outstanding at January 1, 2018	376,520		$	2.20	0.98
Granted	343,660		4.18
Outstanding at December 31, 2018	720,180		3.15		1.90
Granted	475,900		7.34
Forfeited	(40,000	)	2.97
Exchanged for options	(10,000	)	2.97
Exchanged for Class B common stock	(1,146,080	)	4.90
Outstanding at December 31, 2019	—		—		—

Schedule of Non-Vested Shares of Class B Common Stock related to Management Incentive Plan Expected to Vest

The following table summarizes the number of non-vested shares of Class B common stock related to the MIU Plan that are expected to vest in each of the following years:



For the Years Ending December 31,		Class B Shares
2020		609,500
2021		466,279
2022		451,222
2023		430,227

Schedule of Valuation Assumptions

The assumptions noted in the table below represent the weighted average of each assumption for each grant during the year.



	For the Years Ended December 31,
	2019		2018
Expected volatility	26.1	%	26.0	%
Expected dividend yield	0.2	%	—	%
Expected life (in years)	7.0		7.0
Risk-free interest rate	3.1	%	3.2	%

Schedule of Activity for Non-Vested Awards Granted under the Omnibus Plan

The following table summarizes the activity for non-vested awards granted by the Company under the Omnibus Plan:



	Shares		Weighted-Average Grant-Date Fair Value Per Share		Weighted-Average Contractual Term (in years)	Aggregate Intrinsic value (in thousands)
Outstanding at January 1, 2019	—
Granted	503,684		$	14.00	2.52
Vested and settled	(173,440	)	13.99			$	—
Outstanding at December 31, 2019	330,244		14.00		3.66	677
Non-vested shares expected to vest as of December 31, 2019	258,333		14.00		3.63	530

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

Components of income tax expense include the following:



(in thousands)	For the Year Ended December 31, 2019
Current
Federal	$	13
State and local	4
Total tax expense	$	17

Schedule of Effective Income Tax Rate Reconciliation

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



(in thousands)	For the Year Ended December 31, 2019
Income (loss) before income taxes	$	(22,437	)

Noncontrolling interest	3,138
Tax provision at statutory rate (21%)	(4,712		)
Effect of:
Valuation allowance	2,228
State and local income tax	(1,064		)
MIU issuance	328
Meals and entertainment	79
Disability and life insurance	20
Total income tax expense	$	17

Schedule of Deferred Tax Assets and Liabilities

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



(in thousands)	For the Year Ended December 31, 2019
Deferred tax assets
Investment in Partnerships	$	34,729
163(j) limitation carryforward	538
Net operating loss	236
Total deferred tax assets	35,503
Valuation allowance	(35,503		)
Net deferred tax assets	$	—

Earnings (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted



(in thousands, except per share data)	October 28, 2019 through December 31, 2019
Basic and diluted net loss per share:
Net loss attributable to BRP Group, Inc.	$	(8,650	)
Shares used for basic net loss per share:
Basic and diluted weighted-average shares of Class A common stock outstanding	17,917
Basic and diluted net loss per share	$	(0.48	)

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Schedule of Fair Value by Balance Sheet Grouping

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



	December 31,
(in thousands)	2019		2018
Level 3
Contingently returnable consideration	$	70	$	—
Level 3 Assets	$	70	$	—

Contingent earnout liabilities	$	48,769	$	9,249
Level 3 Liabilities	$	48,769	$	9,249

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



	For the Years Ended December 31,
	2019						2018
(in thousands)	Contingently Returnable Consideration			Contingent Earnout Liabilities			Contingent Earnout Liabilities
Balance at beginning of year	—			$	9,249		$	4,055
Payment of contingent consideration	—			(175		)	(2,892		)
Fair value of contingent consideration recorded in connection with business combinations	321			29,101			5,815
Change in fair value of contingent consideration	(251		)	10,578			1,228
Fair value of contingent consideration recorded in connection with asset acquisitions	—			16			1,043
Balance at end of year	$	70		$	48,769		$	9,249

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Contractual Obligation, Fiscal Year Maturity

Approximate future minimum payments under the operating lease agreements are as follows (in thousands):



Year Ending December 31,	Amount
2020	$	4,586
2021	5,580
2022	5,280
2023	4,784
2024	4,223
Thereafter	16,742
	$	41,195

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Summarized Financial Information by Operating Group



	For the Year Ended December 31, 2019
(in thousands)	Middle Market			Specialty			MainStreet			Medicare			Corporate and Other			Total
Revenues:
Commissions and fees	$	56,394		$	44,913		$	25,533		$	11,001		$	—		$	137,841

Operating expenses:
Commissions, employee compensation and benefits	37,560			32,505			14,727			5,576			6,587			96,955
Other operating expenses	8,396			3,318			3,888			2,079			6,895			24,576
Change in fair value of contingent consideration	(1,378		)	13,513			(971		)	(335		)	—			10,829
Amortization	1,861			6,466			1,280			381			19			10,007
Depreciation	344			11			81			17			89			542
Total operating expenses	46,783			55,813			19,005			7,718			13,590			142,909

Operating income (loss)	9,611			(10,900		)	6,528			3,283			(13,590		)	(5,068		)

Other income (expense):
Interest income (expense), net	37			(32		)	(8		)	—			(10,637		)	(10,640		)
Loss on extinguishment of debt	—			—			—			—			(6,732		)	(6,732		)
Other income, net	3			—			—			—			—			3
Total other income (expense)	40			(32		)	(8		)	—			(17,369		)	(17,369		)

Income (loss) before income taxes	9,651			(10,932		)	6,520			3,283			(30,959		)	(22,437		)
Income tax expense	—			—			—			—			17			17
Net income (loss)	$	9,651		$	(10,932	)	$	6,520		$	3,283		$	(30,976	)	$	(22,454	)

Capital expenditures	$	256		$	23		$	417		$	10		$	1,012		$	1,718
	At December 31, 2019
Total assets	$	105,353		$	154,983		$	60,253		$	17,533		$	60,646		$	398,768



	For the Year Ended December 31, 2018
(in thousands)	Middle Market			Specialty			MainStreet			Medicare		Corporate and Other			Total
Revenues:
Commissions and fees	$	36,629		$	12,729		$	20,940		$	9,582	$	—		$	79,880

Operating expenses:
Commissions, employee compensation and benefits	25,905			9,437			11,237			4,503		572			51,654
Other operating expenses	6,083			1,285			3,562			1,779		1,670			14,379
Change in fair value of contingent consideration	325			383			520			—		—			1,228
Amortization	588			909			756			259		70			2,582
Depreciation	251			6			216			17		18			508
Total operating expenses	33,152			12,020			16,291			6,558		2,330			70,351

Operating income (loss)	3,477			709			4,649			3,024		(2,330		)	9,529

Other income (expense):
Interest income (expense), net	3			(15		)	(4		)	—		(6,609		)	(6,625		)
Other expense, net	(142		)	(73		)	—			—		—			(215		)
Total other expense	(139		)	(88		)	(4		)	—		(6,609		)	(6,840		)

Net income (loss)	$	3,338		$	621		$	4,645		$	3,024	$	(8,939	)	$	2,689

Capital expenditures	$	177		$	43		$	124		$	4	$	177		$	525
	At December 31, 2018
Total assets	$	59,043		$	28,684		$	27,622		$	17,972	$	6,504		139,825

Quarterly Results of Operations (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information

The following tables summarize the Company’s unaudited consolidated results of operations on a quarterly basis for years ended December 31, 2019 and 2018.



	For the 2019 Quarters Ended
(in thousands)	March 31			June 30			September 30			December 31
Commissions and fees	$	29,836		$	33,062		$	38,383		$	36,560
Total operating expenses	18,514			32,387			36,909			55,099
Operating income (loss)	11,322			675			1,474			(18,539		)
Total other expenses	(1,590		)	(3,624		)	(3,780		)	(8,375		)
Income (loss) before income taxes	9,732			(2,949		)	(2,306		)	(26,914		)
Income taxes (benefit)	—			—			—			17
Net income (loss)	9,732			(2,949		)	(2,306		)	(26,931		)
Net income (loss) attributable to noncontrolling interests	9,732			(2,949		)	(2,306		)	(18,281		)
Net income (loss) attributable to BRP Group, Inc.	$	—		$	—		$	—		$	(8,650	)



	For the 2018 Quarters Ended
(in thousands)	March 31			June 30			September 30			December 31
Commissions and fees	$	21,791		$	18,694		$	18,539		$	20,856
Total operating expenses	15,474			17,580			17,196			20,101
Operating income	6,317			1,114			1,343			755
Total other expenses	(1,629		)	(2,303		)	(1,290		)	(1,618		)
Net income (loss)	4,688			(1,189		)	53			(863		)
Net income (loss) attributable to noncontrolling interests	1,147			700			863			603
Net income (loss) attributable to BRP Group, Inc.	$	3,541		$	(1,889	)	$	(810	)	$	(1,466	)

Business and Basis of Presentation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Nov. 26, 2019	Oct. 28, 2019	Dec. 31, 2019	Dec. 31, 2018
Entity Information [Line Items]
Proceeds from issuance of Class A common stock, net of underwriting discounts			$ 246,208	$ 0
BRP Group, Inc.
Entity Information [Line Items]
Date of incorporation or formation			Jul. 01, 2019
Class A Common Stock \| IPO \| BRP Group, Inc.
Entity Information [Line Items]
Shares issued (in shares)		18,859,300
Class A Common Stock \| Over-Allotment Option \| BRP Group, Inc.
Entity Information [Line Items]
Shares issued (in shares)	2,459,300
Offering price per share		$ 14.00
Proceeds from issuance of Class A common stock, net of underwriting discounts		$ 241,400
Underwriting discounts and commissions		17,800
Offering expenses		$ 4,800

Significant Accounting Policies - Additional Information (Details) - USD ($)		12 Months Ended
	Oct. 28, 2019	Dec. 31, 2019	Dec. 31, 2018	Sep. 30, 2019	Dec. 31, 2017
Entity Information [Line Items]
Cumulative effect of adopting Topic 606					$ 6,793,000
Allowance for estimated policy cancellations		$ 2,200,000	$ 250,000
Producer commissions chargeback		1,200,000
Allowance for doubtful accounts receivable		50,000	40,000
Deferred financing costs, gross		1,800,000	861,000
Deferred financing costs, accumulated amortization		470,000	270,000
Amortization of deferred financing costs		$ 1,300,000	$ 118,000
Participation Plan, Number Of Units Authorized		100,000
Noncontrolling interest in BRP held by BRP’s LLC Members		69.00%
Income tax benefit, percentage of benefit payable to noncontrolling owners	85.00%
Cash, FDIC Insured Amount		$ 250,000
Black
Entity Information [Line Items]
Noncontrolling interest in BRP held by BRP’s LLC Members			40.00%
ABRS
Entity Information [Line Items]
Consolidated company's ownership interest in subsidiaries			60.00%
Noncontrolling interest in BRP held by BRP’s LLC Members			40.00%
KBRS
Entity Information [Line Items]
Consolidated company's ownership interest in subsidiaries			100.00%
Noncontrolling interest in BRP held by BRP’s LLC Members					33.30%
BKS
Entity Information [Line Items]
Noncontrolling interest in BRP held by BRP’s LLC Members			1.50%
MSI
Entity Information [Line Items]
Consolidated company's ownership interest in subsidiaries				70.00%
Noncontrolling interest in BRP held by BRP’s LLC Members				30.00%
Foundation
Entity Information [Line Items]
Noncontrolling interest in BRP held by BRP’s LLC Members				20.00%
FPRG \| BKS
Entity Information [Line Items]
Noncontrolling interest in BRP held by BRP’s LLC Members				0.30%
Customer One [Member] \| Customer Concentration Risk [Member]
Entity Information [Line Items]
Concentration		14.00%
Customer Two [Member] \| Customer Concentration Risk [Member]
Entity Information [Line Items]
Concentration		10.00%

Significant Accounting Policies Property and Equipment Useful Life Table (Details)	12 Months Ended
	Dec. 31, 2019
Building
Property, Plant and Equipment [Line Items]
Useful life (in years)	39 years
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	3 years
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	10 years
Office and computer equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	3 years
Office and computer equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	7 years
Furniture \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	5 years
Furniture \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	7 years
Vehicle
Property, Plant and Equipment [Line Items]
Useful life (in years)	5 years
Website development
Property, Plant and Equipment [Line Items]
Useful life (in years)	7 years

Reorganization Transactions (Details) $ in Thousands		12 Months Ended
Reorganization Transactions (Details) $ in Thousands	Oct. 28, 2019 USD ($) minority_founder shares	Dec. 31, 2019 shares
Class of Stock [Line Items]
Income tax benefit, percentage of benefit payable to noncontrolling owners	85.00%
IPO \| Class A Common Stock
Class of Stock [Line Items]
Restricted stock grants (in shares)	500,930
IPO \| BRP Group, Inc. Omnibus Incentive Plan, Obligation Settlement with Advisor Incentive Plan
Class of Stock [Line Items]
Stockholders notes receivable \| $	$ 452
IPO \| BRP Group, Inc. Omnibus Incentive Plan, Obligation Settlement with Advisor Incentive Plan \| Class A Common Stock
Class of Stock [Line Items]
Restricted stock grants (in shares)	204,807
Restricted stock grants, value \| $	$ 2,200
IPO \| BRP Group, Inc. Omnibus Incentive Plan, Obligation Settlement with Participation Unit Ownership Plan \| Class A Common Stock
Class of Stock [Line Items]
Restricted stock grants (in shares)	22,243
Restricted stock grants, value \| $	$ 311
Additional Paid-in Capital \| IPO \| BRP Group, Inc. Omnibus Incentive Plan, Obligation Settlement with Advisor Incentive Plan \| Class A Common Stock
Class of Stock [Line Items]
Restricted stock grants, value \| $	(2,600)
Additional Paid-in Capital \| IPO \| BRP Group, Inc. Omnibus Incentive Plan, Obligation Settlement with Participation Unit Ownership Plan \| Class A Common Stock
Class of Stock [Line Items]
Restricted stock grants, value \| $	$ (311)
Voting Common Units \| Class B Common Stock
Class of Stock [Line Items]
Shares issued in conversion (in shares)	5,701,107
Call rights to minority founders (in minority founders) \| minority_founder	2
Village Units \| Class B Common Stock
Class of Stock [Line Items]
Shares issued in conversion (in shares)	3,077,559
Rollover Member Units \| Class B Common Stock
Class of Stock [Line Items]
Shares issued in conversion (in shares)	9,615,911
Majority Founder Units \| Class B Common Stock
Class of Stock [Line Items]
Shares issued in conversion (in shares)	18,933,907
Non-Voting Common Units \| Class B Common Stock
Class of Stock [Line Items]
Shares issued in conversion (in shares)	232,596
Management Incentive Units \| Class B Common Stock
Class of Stock [Line Items]
Shares issued in conversion (in shares)	5,627,155
Baldwin Risk Partners, LLC \| Member Units
Class of Stock [Line Items]
Shares issued in conversion (in shares)		(14,000,000)
Lowry Baldwin \| Member Units
Class of Stock [Line Items]
Shares issued in conversion (in shares)		(1,800,000)
Village Invesco, LLC \| Member Units
Class of Stock [Line Items]
Shares issued in conversion (in shares)		(600,000)

Business Combinations - Schedule of Weighted-Average Lives of Intangible Assets Acquired in Business Combinations (Details)	12 Months Ended
	Dec. 31, 2019
Purchased customer accounts
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Life	16 years 9 months 18 days
Software
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Life	5 years
Carrier relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Life	20 years
Trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Life	5 years

Business Combinations - Additional Information (Details) $ in Thousands	1 Months Ended		12 Months Ended
	May 31, 2019 USD ($) shares	Mar. 31, 2019 USD ($) shares	Dec. 31, 2019 USD ($)	Dec. 31, 2018 shares
Business Acquisition [Line Items]
Number of Businesses Acquired			4
Business combinations aggregate purchase price			$ 173,454
Goodwill Amortization Period, Income Tax Basis			15 years
Total revenues recognized from business combinations			$ 42,800
Net income recognized from business combinations			(9,800)
Acquisition related costs incurred			528
Shares issued, purchase price	$ 612
Lykes
Business Acquisition [Line Items]
Business combinations aggregate purchase price			$ 37,044
Effective date of acquisition			Mar. 01, 2019
MSI
Business Acquisition [Line Items]
Business combinations aggregate purchase price			$ 103,209
Effective date of acquisition			Apr. 01, 2019
Fiduciary Partners
Business Acquisition [Line Items]
Business combinations aggregate purchase price			$ 3,018
Effective date of acquisition			Jul. 01, 2019
Foundation Insurance
Business Acquisition [Line Items]
Business combinations aggregate purchase price			$ 30,183
Effective date of acquisition			Aug. 01, 2019
Non-Voting Common Units
Business Acquisition [Line Items]
Shares issued (in shares) \| shares	61,982	4,658		6,765
Shares issued, purchase price		$ 433

Business Combinations - Schedule of Business Acquisitions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Aug. 01, 2019	Jul. 01, 2019	Apr. 01, 2019	Mar. 01, 2019
Business Combination, Consideration Transferred [Abstract]
Cash consideration paid	$ 104,899
Fair value of contingent earnout consideration	29,101	$ 5,815
Fair value of noncontrolling interest	38,637	$ 13,394
Fair value of contingently returnable consideration	(321)
Trust balance adjustment	1,138
Total consideration	173,454
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Cash and restricted cash	7,614
Premiums, commissions and fees receivable	17,627
Other assets	326
Goodwill	98,706
Total assets acquired	196,258
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Premiums and producer commissions payable	(19,814)
Deferred revenue	(2,794)
Accrued expenses and other current liabilities	(196)
Total liabilities acquired	(22,804)
Net assets acquired	173,454
Maximum potential contingent earnout consideration	85,475
Lykes
Business Combination, Consideration Transferred [Abstract]
Cash consideration paid	36,044
Fair value of contingent earnout consideration	0
Fair value of noncontrolling interest	1,000
Trust balance adjustment	0
Total consideration	37,044
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Cash and restricted cash						$ 1,535
Premiums, commissions and fees receivable						3,170
Other assets						17
Goodwill						25,947
Total assets acquired						39,411
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Premiums and producer commissions payable						(2,367)
Deferred revenue						0
Accrued expenses and other current liabilities						0
Total liabilities acquired						(2,367)
Net assets acquired						37,044
Maximum potential contingent earnout consideration						0
Measurement period adjustment to net assets before goodwill	(2,700)
MSI
Business Combination, Consideration Transferred [Abstract]
Cash consideration paid	45,505
Fair value of contingent earnout consideration	25,603
Fair value of noncontrolling interest	30,963
Trust balance adjustment	1,138
Total consideration	103,209
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Cash and restricted cash					$ 6,029
Premiums, commissions and fees receivable					14,437
Other assets					308
Goodwill					50,164
Total assets acquired					123,598
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Premiums and producer commissions payable					(17,447)
Deferred revenue					(2,794)
Accrued expenses and other current liabilities					(148)
Total liabilities acquired					(20,389)
Net assets acquired					103,209
Maximum potential contingent earnout consideration					61,500
Measurement period adjustment to intangible assets	(3,600)
Fiduciary Partners
Business Combination, Consideration Transferred [Abstract]
Cash consideration paid	2,550
Fair value of contingent earnout consideration	151
Fair value of noncontrolling interest	638
Fair value of contingently returnable consideration	(321)
Trust balance adjustment	0
Total consideration	3,018
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Cash and restricted cash				$ 0
Premiums, commissions and fees receivable				20
Other assets				1
Goodwill				1,124
Total assets acquired				3,019
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Premiums and producer commissions payable				0
Deferred revenue				0
Accrued expenses and other current liabilities				(1)
Total liabilities acquired				(1)
Net assets acquired				3,018
Maximum potential contingent earnout consideration				2,225
Foundation Insurance
Business Combination, Consideration Transferred [Abstract]
Cash consideration paid	20,800
Fair value of contingent earnout consideration	3,347
Fair value of noncontrolling interest	6,036
Trust balance adjustment	0
Total consideration	30,183
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Cash and restricted cash			$ 50
Premiums, commissions and fees receivable			0
Other assets			0
Goodwill			21,471
Total assets acquired			30,230
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Premiums and producer commissions payable			0
Deferred revenue			0
Accrued expenses and other current liabilities			(47)
Total liabilities acquired			(47)
Net assets acquired			30,183
Maximum potential contingent earnout consideration			21,750
Purchased customer accounts
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Intangible assets	32,965
Purchased customer accounts \| Lykes
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Intangible assets						8,742
Purchased customer accounts \| MSI
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Intangible assets					13,640
Purchased customer accounts \| Fiduciary Partners
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Intangible assets				1,874
Purchased customer accounts \| Foundation Insurance
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Intangible assets			8,709
Carrier relationships
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Intangible assets	7,200
Carrier relationships \| Lykes
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Intangible assets						0
Carrier relationships \| MSI
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Intangible assets					7,200
Carrier relationships \| Fiduciary Partners
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Intangible assets				0
Carrier relationships \| Foundation Insurance
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Intangible assets			0
Software
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Intangible assets	30,000
Software \| Lykes
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Intangible assets						0
Software \| MSI
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Intangible assets					30,000
Software \| Fiduciary Partners
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Intangible assets				0
Software \| Foundation Insurance
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Intangible assets			0
Trade names
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Intangible assets	$ 1,820
Trade names \| Lykes
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Intangible assets						$ 0
Trade names \| MSI
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Intangible assets					$ 1,820
Trade names \| Fiduciary Partners
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Intangible assets				$ 0
Trade names \| Foundation Insurance
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Intangible assets			$ 0

Business Combinations - Schedule of Pro Forma Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition, Pro Forma Information [Abstract]
Total revenues	$ 152,610	$ 126,011
Net income (loss)	$ (17,159)	$ 11,223

Variable Interest Entities - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Net income (loss)	$ (26,931)	$ (2,306)	$ (2,949)	$ 9,732	$ (863)	$ 53	$ (1,189)	$ 4,688	$ (22,454)	$ 2,689
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Revenues									579	13,400
Net income (loss)									$ 727	$ 9,500

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
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+ Details

Variable Interest Entities - Schedule of Variable Interest Entities (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current Assets
Cash and cash equivalents	$ 67,689,000	$ 7,995,000
Premiums, commissions and fees receivable, net	58,793,000	29,385,000
Prepaid expenses and other current assets	3,019,000	1,097,000
Due from related parties	43,000	117,000
Total current assets	132,926,000	38,594,000
Property and equipment, net	3,322,000	2,148,000
Other assets	5,600,000	3,575,000
Goodwill	164,470,000	65,764,000	$ 27,455,000
Total assets	398,768,000	139,825,000
Liabilities
Premiums payable to insurance companies	50,541,000	23,196,000
Producer commissions payable	7,470,000	3,955,000
Liabilities	161,494,000	117,022,000
Variable Interest Entity, Primary Beneficiary [Member]
Current Assets
Cash and cash equivalents	47,000	796,000
Premiums, commissions and fees receivable, net	75,000	3,902,000
Prepaid expenses and other current assets	0	69,000
Due from related parties	0	13,000
Total current assets	122,000	4,780,000
Property and equipment, net	31,000	115,000
Other assets	7,000	2,000
Goodwill	0	4,035,000
Total assets	160,000	8,932,000
Liabilities
Premiums payable to insurance companies	6,000	2,078,000
Producer commissions payable	15,000	514,000
Liabilities	50,000	2,912,000
TVIP \| Variable Interest Entity, Primary Beneficiary [Member]
Current Assets
Cash and cash equivalents		770,000
Premiums, commissions and fees receivable, net		1,171,000
Prepaid expenses and other current assets		50,000
Due from related parties		0
Total current assets		1,991,000
Property and equipment, net		74,000
Other assets		2,000
Goodwill		4,035,000
Total assets		6,102,000
Liabilities
Premiums payable to insurance companies		29,000
Producer commissions payable		227,000
Accrued expenses and other current liabilities		316,000
Liabilities		572,000
iPEO \| Variable Interest Entity, Primary Beneficiary [Member]
Current Assets
Cash and cash equivalents		1,000
Premiums, commissions and fees receivable, net		2,725,000
Prepaid expenses and other current assets		14,000
Due from related parties		0
Total current assets		2,740,000
Property and equipment, net		0
Other assets		0
Goodwill		0
Total assets		2,740,000
Liabilities
Premiums payable to insurance companies		2,043,000
Producer commissions payable		282,000
Accrued expenses and other current liabilities		2,000
Liabilities		2,327,000
Laureate \| Variable Interest Entity, Primary Beneficiary [Member]
Current Assets
Cash and cash equivalents	46,000	25,000
Premiums, commissions and fees receivable, net	0	0
Prepaid expenses and other current assets		5,000
Due from related parties		13,000
Total current assets	46,000	43,000
Property and equipment, net	31,000	41,000
Other assets	5,000	0
Goodwill		0
Total assets	82,000	84,000
Liabilities
Premiums payable to insurance companies	3,000	0
Producer commissions payable	2,000	0
Accrued expenses and other current liabilities	4,000	1,000
Liabilities	9,000	1,000
Smith \| Variable Interest Entity, Primary Beneficiary [Member]
Current Assets
Cash and cash equivalents	1,000	0
Premiums, commissions and fees receivable, net	44,000	0
Prepaid expenses and other current assets		0
Due from related parties		0
Total current assets	45,000	0
Property and equipment, net	0	0
Other assets	0	0
Goodwill		0
Total assets	45,000	0
Liabilities
Premiums payable to insurance companies	0	0
Producer commissions payable	5,000	5,000
Accrued expenses and other current liabilities	25,000	1,000
Liabilities	30,000	6,000
Saunders \| Variable Interest Entity, Primary Beneficiary [Member]
Current Assets
Cash and cash equivalents	0	0
Premiums, commissions and fees receivable, net	31,000	6,000
Prepaid expenses and other current assets		0
Due from related parties		0
Total current assets	31,000	6,000
Property and equipment, net	0	0
Other assets	2,000	0
Goodwill		0
Total assets	33,000	6,000
Liabilities
Premiums payable to insurance companies	3,000	6,000
Producer commissions payable	8,000	0
Accrued expenses and other current liabilities	0	0
Liabilities	$ 11,000	$ 6,000

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Total commissions and fees	$ 36,560	$ 38,383	$ 33,062	$ 29,836	$ 20,856	$ 18,539	$ 18,694	$ 21,791	$ 137,841	$ 79,880
Direct Bill Revenue
Disaggregation of Revenue [Line Items]
Commissions and fees									70,835	52,210
Agency Bill Revenue
Disaggregation of Revenue [Line Items]
Commissions and fees									43,619	17,967
Profit Sharing Revenue
Disaggregation of Revenue [Line Items]
Commissions and fees									9,598	6,007
Policy Fee and Installment Fee Revenue
Disaggregation of Revenue [Line Items]
Commissions and fees									8,154	0
Consulting and Service Fee Revenue
Disaggregation of Revenue [Line Items]
Commissions and fees									2,709	2,660
Other Income
Disaggregation of Revenue [Line Items]
Commissions and fees									$ 2,926	$ 1,036

Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Contract with Customer, Asset and Liability [Abstract]
Contract assets	$ 47,337	$ 20,672
Contract liabilities	$ 5,349	$ 1,450

Contract Assets and Liabilities - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)
Contract with Customer, Asset and Liability [Abstract]
Revenue recognized related to contract liabilities	$ 1.5

Schedule of Deferred Commission Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Schedule of Deferred Commission Expense [Roll Forward]
Balance at beginning of year	$ 2,882	$ 0
Adoption of ASC Topic 340		1,927
Costs capitalized	1,777	1,653
Amortization	(1,038)	(698)
Balance at end of year	$ 3,621	$ 2,882

Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 6,507	$ 4,812
Less: accumulated depreciation	(3,185)	(2,664)
Property and equipment, net	3,322	2,148
Office and computer equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	2,496	1,612
Furniture
Property, Plant and Equipment [Line Items]
Total property and equipment	1,756	1,629
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	1,006	888
Construction in process
Property, Plant and Equipment [Line Items]
Total property and equipment	566	0
Building
Property, Plant and Equipment [Line Items]
Total property and equipment	400	400
Website development
Property, Plant and Equipment [Line Items]
Total property and equipment	154	154
Land
Property, Plant and Equipment [Line Items]
Total property and equipment	100	100
Vehicle
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 29	$ 29

Property and Equipment, Net Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 542	$ 508

Intangible Assets, Net and Goodwill - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Number of transactions accounted for as asset acquisitions	2
Intangible assets acquired in asset acquisitions	$ 695
Amortization for intangible assets	$ 10,007	$ 2,582

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred commission expense	$ 3,621	$ 2,882	$ 0
Deferred financing costs, net	1,345	590
Investment in business venture	200	0
Deposits	434	103
Other assets	$ 5,600	$ 3,575

Intangible Assets, Net and Goodwill - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 107,390	$ 34,654
Accumulated Amortization	(14,940)	(4,910)
Net Carrying Value	92,450	29,744
Purchased customer accounts
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	66,987	33,292
Accumulated Amortization	(9,474)	(4,372)
Net Carrying Value	57,513	28,920
Software
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	30,590	570
Accumulated Amortization	(5,070)	(495)
Net Carrying Value	25,520	75
Carrier relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	7,200	0
Accumulated Amortization	(170)	0
Net Carrying Value	7,030	0
Trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	2,613	792
Accumulated Amortization	(226)	(43)
Net Carrying Value	$ 2,387	$ 749

Intangible Assets, Net and Goodwill - Schedule of Future Amortization Expense for Intangible Assets (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2020	$ 12,018
2021	12,219
2022	12,473
2023	12,283
2024	$ 7,143

Intangible Assets, Net and Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Goodwill [Roll Forward]
Balance at beginning of year	$ 65,764	$ 27,455
Goodwill of acquired businesses	98,706	38,309
Balance at end of year	164,470	65,764
Middle Market
Goodwill [Roll Forward]
Balance at beginning of year	25,861	1,001
Goodwill of acquired businesses	27,071	24,860
Balance at end of year	52,932	25,861
Specialty
Goodwill [Roll Forward]
Balance at beginning of year	9,951	0
Goodwill of acquired businesses	50,164	9,951
Balance at end of year	60,115	9,951
MainStreet
Goodwill [Roll Forward]
Balance at beginning of year	17,421	13,923
Goodwill of acquired businesses	21,471	3,498
Balance at end of year	38,892	17,421
Medicare
Goodwill [Roll Forward]
Balance at beginning of year	12,531	12,531
Goodwill of acquired businesses	0	0
Balance at end of year	$ 12,531	$ 12,531

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Payables and Accruals [Abstract]
Contract liabilities	$ 5,349	$ 1,450
Accrued expenses	2,532	575
Accrued compensation and benefits	4,162	2,002
Accrued interest	71	188
Other	220	1,032
Accrued expenses and other current liabilities	$ 12,334	$ 5,247

Other Liabilities Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Other Liabilities [Abstract]
Advisor incentive liabilities	$ 2,017	$ 2,348
Participation unit ownership plan liabilities	0	262
Other liabilities	$ 2,017	$ 2,610

Other Liabilities - Additional Information (Details) - USD ($)		12 Months Ended
	Oct. 28, 2019	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Compensation expense		$ 3,227,000	$ 1,240,000
Participation unit compensation expense		$ 50,000	158,000
Units outstanding		43,689
Participation unit ownership plan liabilities		$ 0	262,000
Class A Common Stock \| IPO
Class of Stock [Line Items]
Restricted stock grants (in shares)	500,930
BRP Group, Inc. Omnibus Incentive Plan, Obligation Settlement with Advisor Incentive Plan \| IPO
Class of Stock [Line Items]
Stockholders notes receivable	$ 452,000
BRP Group, Inc. Omnibus Incentive Plan, Obligation Settlement with Advisor Incentive Plan \| Class A Common Stock \| IPO
Class of Stock [Line Items]
Restricted stock grants (in shares)	204,807
Restricted stock grants, value	$ 2,200,000
BRP Group, Inc. Omnibus Incentive Plan, Obligation Settlement with Participation Unit Ownership Plan \| Class A Common Stock \| IPO
Class of Stock [Line Items]
Restricted stock grants (in shares)	22,243
Restricted stock grants, value	$ 311,000
Advisor Incentive Units
Class of Stock [Line Items]
Compensation expense		1,100,000	1,200,000
Compensation expense related to buy out		$ 421,000	$ 821,000
Additional Paid-in Capital \| BRP Group, Inc. Omnibus Incentive Plan, Obligation Settlement with Advisor Incentive Plan \| Class A Common Stock \| IPO
Class of Stock [Line Items]
Restricted stock grants, value	(2,600,000)
Additional Paid-in Capital \| BRP Group, Inc. Omnibus Incentive Plan, Obligation Settlement with Participation Unit Ownership Plan \| Class A Common Stock \| IPO
Class of Stock [Line Items]
Restricted stock grants, value	$ (311,000)

Long-term Debt - Additional Information (Details) - USD ($)						3 Months Ended		12 Months Ended
	Mar. 12, 2020	Dec. 19, 2019	Nov. 25, 2019	Oct. 28, 2019	Mar. 13, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	May 31, 2018
Debt Instrument [Line Items]
Proceeds from revolving line of credit								$ 69,592,000	$ 24,451,000
Loss on extinguishment of debt								6,732,000	0
Outstanding balance						$ 33,861,000		40,363,000	33,861,000
Repayment of revolving lines of credit								$ 66,200,000	$ 0
JPMorgan Credit Agreement
Debt Instrument [Line Items]
Maturity Date					Mar. 13, 2024
Interest rate						6.00%		3.81%	6.00%
Commitment Fee						0.25%
Repayment of revolving lines of credit			$ 65,000,000
Remaining borrowing capacity			$ 85,000,000
JPMorgan Credit Agreement \| Term Loan
Debt Instrument [Line Items]
Maximum borrowing amount							$ 3,000,000			$ 2,200,000
Quarterly principal payments									$ 107,648
Maturity Date							May 31, 2023
Long-term Line of Credit						$ 1,900,000			1,900,000
JPMorgan Credit Agreement \| Working Capital Line
Debt Instrument [Line Items]
Maximum borrowing amount				$ 10,000,000			$ 2,000,000			2,000,000
Long-term Line of Credit						500,000			500,000
JPMorgan Credit Agreement \| Acquisitions Line
Debt Instrument [Line Items]
Maximum borrowing amount				$ 115,000,000	$ 103,000,000		$ 20,000,000			$ 50,000,000
Proceeds from revolving line of credit					$ 50,800,000
Long-term Line of Credit						$ 33,400,000			33,400,000
JPMorgan Credit Agreement \| Third Amendment [Member]
Debt Instrument [Line Items]
Debt issuance costs recorded								$ 775,000
Maturity Date				Oct. 28, 2024
Loss on extinguishment of debt								115,000
JPMorgan Credit Agreement \| Second Amendment [Member]
Debt Instrument [Line Items]
Debt issuance costs recorded									$ 356,000
JPMorgan Credit Agreement \| Amendment No. 1 to Third Amendment [Member]
Debt Instrument [Line Items]
Debt issuance costs recorded								179,000
Loss on extinguishment of debt								260,000
JPMorgan Credit Agreement \| Fourth Amendment [Member]
Debt Instrument [Line Items]
Maximum borrowing amount		$ 225,000,000
Capacity available for working capital purposes		$ 65,000,000
Debt issuance costs recorded								541,000
Maturity Date		Sep. 23, 2024
Loss on extinguishment of debt								$ 167,000
Subsequent Event \| JPMorgan Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing amount	$ 300,000,000
Proceeds from revolving line of credit	$ 20,000,000

Long-term Debt - Schedule of Applicable Interest Rate Spread (Details) - JPMorgan Credit Agreement	3 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019
Debt Instrument [Line Items]
Commitment Fee	0.25%
LIBO Rate [Member]
Debt Instrument [Line Items]
Description of Variable Rate Basis		LIBO Rate
Variable Rate Basis, Floor		0.00%
Base Rate [Member]
Debt Instrument [Line Items]
Description of Variable Rate Basis		Alternate Base Rate
Variable Rate Basis, Floor		1.00%
Net Leverage Ratio Less Than Or Equal To 2.50% [Member]
Debt Instrument [Line Items]
Total Net Leverage Ratio		2.50%
Commitment Fee		0.25%
Net Leverage Ratio Less Than Or Equal To 2.50% [Member] \| Eurodollar [Member]
Debt Instrument [Line Items]
Applicable Margin		2.00%
Net Leverage Ratio Less Than Or Equal To 2.50% [Member] \| Base Rate [Member]
Debt Instrument [Line Items]
Applicable Margin		1.00%
Net Leverage Ratio Greater Than Or Equal To 2.50% And Less Than 3.00% [Member]
Debt Instrument [Line Items]
Commitment Fee		0.30%
Net Leverage Ratio Greater Than Or Equal To 2.50% And Less Than 3.00% [Member] \| Eurodollar [Member]
Debt Instrument [Line Items]
Applicable Margin		2.25%
Net Leverage Ratio Greater Than Or Equal To 2.50% And Less Than 3.00% [Member] \| Base Rate [Member]
Debt Instrument [Line Items]
Applicable Margin		1.25%
Net Leverage Ratio Greater Than Or Equal To 2.50% And Less Than 3.00% [Member] \| Minimum
Debt Instrument [Line Items]
Total Net Leverage Ratio		2.50%
Net Leverage Ratio Greater Than Or Equal To 2.50% And Less Than 3.00% [Member] \| Maximum
Debt Instrument [Line Items]
Total Net Leverage Ratio		3.00%
Net Leverage Ratio Greater Than Or Equal To 3.00% And Less Than 3.75% [Member]
Debt Instrument [Line Items]
Commitment Fee		0.35%
Net Leverage Ratio Greater Than Or Equal To 3.00% And Less Than 3.75% [Member] \| Eurodollar [Member]
Debt Instrument [Line Items]
Applicable Margin		2.50%
Net Leverage Ratio Greater Than Or Equal To 3.00% And Less Than 3.75% [Member] \| Base Rate [Member]
Debt Instrument [Line Items]
Applicable Margin		1.50%
Net Leverage Ratio Greater Than Or Equal To 3.00% And Less Than 3.75% [Member] \| Minimum
Debt Instrument [Line Items]
Total Net Leverage Ratio		3.00%
Net Leverage Ratio Greater Than Or Equal To 3.00% And Less Than 3.75% [Member] \| Maximum
Debt Instrument [Line Items]
Total Net Leverage Ratio		3.75%
Net Leverage Ratio Greater Than Or Equal To 3.75% [Member]
Debt Instrument [Line Items]
Total Net Leverage Ratio		3.75%
Commitment Fee		0.40%
Net Leverage Ratio Greater Than Or Equal To 3.75% [Member] \| Eurodollar [Member]
Debt Instrument [Line Items]
Applicable Margin		3.00%
Net Leverage Ratio Greater Than Or Equal To 3.75% [Member] \| Base Rate [Member]
Debt Instrument [Line Items]
Applicable Margin		2.00%

Mezzanine Equity (Details) - USD ($) $ in Millions		1 Months Ended	12 Months Ended
Mezzanine Equity (Details) - USD ($) $ in Millions	Oct. 28, 2019	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Majority Founder Units
Class of Stock [Line Items]
Shares repurchased (in shares)		595,780
Shares repurchased, purchase price		$ 12.5
Village Units
Class of Stock [Line Items]
Shares transferred (in shares)			293,660	261,604
Class B Common Stock \| Majority Founder Units
Class of Stock [Line Items]
Shares issued in conversion (in shares)	18,933,907
Class B Common Stock \| Voting Common Units
Class of Stock [Line Items]
Shares issued in conversion (in shares)	5,701,107
Class B Common Stock \| Village Units
Class of Stock [Line Items]
Shares issued in conversion (in shares)	3,077,559
Class B Common Stock \| Rollover Member Units
Class of Stock [Line Items]
Shares issued in conversion (in shares)	9,615,911
Villages Credit Agreement, Issuance Of Voting Common Units \| Voting Common Units
Class of Stock [Line Items]
Shares issued as transaction costs (in shares)			293,660	261,604

Members' Equity (Deficit) and Noncontrolling Interest (Details) - USD ($) $ in Thousands		1 Months Ended		12 Months Ended
	Oct. 28, 2019	May 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Shares issued, purchase price		$ 612
Majority Founder Units \| Class B Common Stock
Class of Stock [Line Items]
Shares issued in conversion (in shares)	18,933,907
Non-Voting Common Units
Class of Stock [Line Items]
Shares issued (in shares)		61,982	4,658	6,765
Shares issued, purchase price			$ 433
Non-Voting Common Units \| Class B Common Stock
Class of Stock [Line Items]
Shares issued in conversion (in shares)	232,596

Stockholders’ Equity (Deficit) and Noncontrolling Interest - Additional Information (Details)	Dec. 31, 2019 $ / shares shares
Class of Stock [Line Items]
Preferred Stock, shares authorized (in shares) \| shares	50,000,000
Preferred Stock, par value (in dollars per share) \| $ / shares	$ 0.01
Class A Common Stock
Class of Stock [Line Items]
Shares authorized (in shares) \| shares	300,000,000
Par value (in dollars per share) \| $ / shares	$ 0.01
Class B Common Stock
Class of Stock [Line Items]
Shares authorized (in shares) \| shares	50,000,000
Par value (in dollars per share) \| $ / shares	$ 0.0001

Stockholders' Equity (Deficit) and Noncontrolling Interest - Rollforward of Common Stock Outstanding since the Initial Public Offering (Details) - shares				2 Months Ended
	Dec. 27, 2019	Dec. 05, 2019	Oct. 28, 2019	Dec. 31, 2019
Class A Common Stock
Shares Issued
Balance at beginning of period (in shares)				0
Balance of end of period (in shares)			0	19,362,984
Class A Common Stock \| IPO
Shares Issued
Restricted stock grants (in shares)			500,930
Class B Common Stock
Shares Issued
Balance at beginning of period (in shares)				0
Balance of end of period (in shares)			0	43,257,738
Voting Common Units \| Class B Common Stock
Shares Issued
Shares issued in conversion (in shares)			5,701,107
Village Units \| Class B Common Stock
Shares Issued
Shares issued in conversion (in shares)			3,077,559
Rollover Member Units \| Class B Common Stock
Shares Issued
Shares issued in conversion (in shares)			9,615,911
Majority Founder Units \| Class B Common Stock
Shares Issued
Shares issued in conversion (in shares)			18,933,907
Non-Voting Common Units \| Class B Common Stock
Shares Issued
Shares issued in conversion (in shares)			232,596
Management Incentive Units \| Class B Common Stock
Shares Issued
Shares issued in conversion (in shares)			5,627,155
Director \| Class A Common Stock
Shares Issued
Restricted stock grants (in shares)		2,754
Executive Officer \| Class B Common Stock
Shares Issued
Share-based compensation (in shares)	69,503
BRP Group, Inc. \| Class A Common Stock \| IPO
Shares Issued
Shares issued (in shares)			18,859,300

Stockholders' Equity (Deficit) and Noncontrolling Interest - Ownership Interest (Details)	Dec. 31, 2019 shares
Units
Interest in BRP held by BRP Group	19,362,984
Noncontrolling interest in BRP held by BRP’s LLC Members	43,257,738
Total	62,620,722
Percentage
Interest in BRP held by BRP Group	31.00%
Noncontrolling interest in BRP held by BRP’s LLC Members	69.00%
Total	100.00%

Related Party Transactions - Additional Information (Details) - USD ($)			1 Months Ended	12 Months Ended
	Oct. 28, 2019	Mar. 13, 2019	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Due from related parties			$ 43,000	$ 43,000	$ 117,000
Debt issuance costs recorded				481,000	356,000
Repayment of related party debt and interest				88,425,000	0
Loss on extinguishment of debt				6,732,000	0
Related party debt			0	0	36,880,000
Villages Credit Agreement
Related Party Transaction [Line Items]
Maximum borrowing amount		$ 125,000,000			$ 100,000,000
Interest rate		8.75%			6.50%
Payment terms					beginning July 1, 2016 and continuing on the first day of each calendar quarter thereafter
Maturity Date		Sep. 13, 2024			Apr. 13, 2023
Debt issuance costs recorded				1,700,000
Repayment of related party debt and interest	$ 89,000,000
Loss on extinguishment of debt				6,200,000
Related Party interest expense				4,900,000	$ 1,800,000
Villages Credit Agreement, Issuance Of Voting Common Units
Related Party Transaction [Line Items]
Noncash debt issuance costs recorded				5,500,000
Related Party interest expense					3,000,000
Villages Broker Commissions
Related Party Transaction [Line Items]
Related party commissions revenue				1,300,000	1,400,000
Villages Leased Facilities
Related Party Transaction [Line Items]
Related party rent expense				499,000	493,000
Director Broker Commissions [Member]
Related Party Transaction [Line Items]
Related party commissions revenue				238,000	255,000
Other Related Parties Leased Facilities
Related Party Transaction [Line Items]
Related party rent expense				$ 761,000	$ 422,000
Minimum \| Villages Leased Facilities
Related Party Transaction [Line Items]
Monthly rent expense			2,000
Minimum \| Other Related Parties Leased Facilities
Related Party Transaction [Line Items]
Monthly rent expense			1,000
Maximum \| Villages Leased Facilities
Related Party Transaction [Line Items]
Monthly rent expense			$ 12,500
Leases expire through date			Dec. 31, 2023
Maximum \| Other Related Parties Leased Facilities
Related Party Transaction [Line Items]
Monthly rent expense			$ 21,000
Leases expire through date			Dec. 31, 2029
Voting Common Units \| Villages Credit Agreement, Issuance Of Voting Common Units
Related Party Transaction [Line Items]
Shares issued as transaction costs (in shares)				293,660	261,604
Share price		$ 18.76			$ 11.50

Share-Based Compensation - Activity for Awards Granted under the Management Incentive Units Plan (Details) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Weighted-Average Contractual Term (in years)
Weighted-Average Contractual Term (in years)		1 year 10 months 24 days	11 months 22 days
Management Incentive Units
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding at beginning of period (in shares)	720,180	376,520
Granted (in shares)	475,900	343,660
Forfeitures (in shares)	(40,000)
Exchanged for options (in shares)	(10,000)
Exchanged for Class B common stock (in shares)	(1,146,080)
Outstanding at end of period (in shares)	0	720,180	376,520
Share-Based Compensation Arrangement By Share-Based Payment Award, Non-Option Equity Instruments, Weighted Average Grant Date Fair Value [Roll Forward]
Outstanding at beginning of period, weighted-average grant-date fair value per share (in dollars per share)	$ 3.15	$ 2.20
Granted, weighted-average grant-date fair value per share (in dollars per share)	7.34	4.18
Forfeitured, weighted average exercise price (in dollars per share)	2.97
Exchanged for options, weighted average grant date fair value (in dollars per share)	2.97
Exchanged for Class B common stock, weighted-average grant-date fair value per share (in dollars per share)	4.90
Outstanding at end of period, weighted-average grant-date fair value per share (in dollars per share)	$ 0.00	$ 3.15	$ 2.20

Share-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands						1 Months Ended		2 Months Ended	12 Months Ended
	Jan. 01, 2020	Dec. 27, 2019	Dec. 05, 2019	Oct. 28, 2019	Oct. 24, 2019	Sep. 30, 2019	May 31, 2019	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield									0.20%	0.00%
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)									173,440
Shares granted (in shares)									503,684
Fair value of shares that vested and settled									$ 2,400
Total unrecognized compensation cost related to unvested shares of restricted stock								$ 4,000	$ 4,000
Total unrecognized compensation cost related to unvested shares of restricted stock, weighted average period of recognition									3 years 9 months 7 days
Grant-date fair value									$ 14.00
Grant date fair value (in dollars per share)								$ 14.00	$ 14.00
Management Incentive Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense									$ 1,900	$ 309
Expected dividend yield						1.40%	1.20%
BRP Group, Inc. Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense									$ 204
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 authorized (in shares)								192,316	192,316
BRP Group, Inc. Omnibus Incentive Plan \| Share-based Payment Arrangement, Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period					10 years
Employee \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)				273,880
Vesting period				4 years
Class B Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)								43,257,738	43,257,738
Class B Common Stock \| Management Incentive Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)				2,504,341				1,165,586
Class B Common Stock \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation (in shares)		69,503
Vesting percentage									20.00%
Grant date fair value (in dollars per share)								$ 15.55	$ 15.55
Vesting period		5 years							4 years 8 months 12 days
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)								19,362,984	19,362,984
Class A Common Stock \| BRP Group, Inc. Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)								696,000	696,000
Class A Common Stock \| Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock grants (in shares)			2,754
Subsequent Event \| Class A Common Stock \| BRP Group, Inc. Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional shares authorized (in shares)	1,252,414
Management Incentive Units \| Class B Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued in conversion (in shares)				5,627,155
Share-based Payment Arrangement, Tranche One \| Class B Common Stock \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period									1 year
Share-based Payment Arrangement, Tranche Two \| Class B Common Stock \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period									1 year
Share-based Payment Arrangement, Tranche Three \| Class B Common Stock \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period									1 year
Share-Based Compensation Award, Tranche Four \| Class B Common Stock \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period									1 year
Share-Based Compensation Award, Tranche Five \| Class B Common Stock \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period									1 year
IPO \| Management Incentive Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense									$ 1,100
IPO \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock grants (in shares)				500,930
IPO \| Class A Common Stock \| BRP Group, Inc. Omnibus Incentive Plan, Obligation Settlement with Advisor Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock grants (in shares)				204,807
IPO \| Class A Common Stock \| BRP Group, Inc. Omnibus Incentive Plan, Obligation Settlement with Participation Unit Ownership Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock grants (in shares)				22,243
Common Stock \| Class B Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued in conversion (in shares)				43,188,235
Share-based compensation (in shares)								69,503
Common Stock \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued in conversion (in shares)				227,050
Share-based compensation (in shares)								276,634

Share-Based Compensation - Non-Vested Shares of Class B Common Stock related to Management Incentive Plan Expected to Vest (Details) - Class B Common Stock - Management Incentive Units	12 Months Ended
	Dec. 31, 2019 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
2020 (in shares)	609,500
2021 (in shares)	466,279
2022 (in shares)	451,222
2023 (in shares)	430,227

Share-Based Compensation - Schedule of Valuation Assumptions (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement [Abstract]
Expected volatility	26.10%	26.00%
Expected dividend yield	0.20%	0.00%
Expected life (in years)	7 years	7 years
Risk-free interest rate	3.10%	3.20%

Share-Based Compensation - Activity for Non-Vested Awards Granted under Omnibus Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Weighted-Average Contractual Term (in years)
Outstanding at end of period, weighted-average contractual term		1 year 10 months 24 days	11 months 22 days
Restricted Stock
Shares
Outstanding at beginning of period (in shares)	0
Granted (in shares)	503,684
Vested and settled (in shares)	(173,440)
Outstanding at end of period (in shares)	330,244	0
Weighted-Average Grant-Date Fair Value Per Share
Granted (in dollars per share)	$ 14.00
Vested and settled (in dollars per share)	13.99
Outstanding at end of period (in dollars per share)	$ 14.00
Weighted-Average Contractual Term (in years)
Granted, weighted-average contractual term	2 years 6 months 7 days
Outstanding at end of period, weighted-average contractual term	3 years 7 months 27 days
Aggregate Intrinsic value (in thousands)
Vested and settled, aggregate intrinsic value	$ 0
Outstanding at end of period, aggregate intrinsic value	$ 677
Non-vested shares expected to vest at end of period (in shares)	258,333
Non-vested shares expected to vest at end of period, weighted-average grant-date fair value per share (in dollars per share)	$ 14.00
Non-vested shares expected to vest at end of period, weighted-average contractual term	3 years 7 months 17 days
Non-vested shares expected to vest at end of period, aggregate intrinsic value	$ 530

Retirement Plan (Details) - USD ($)	12 Months Ended
Retirement Plan (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Retirement Benefits [Abstract]
Company Contribution Amount	$ 700,000	$ 458,000

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	Oct. 28, 2019	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Valuation allowance		$ 35,503
Income tax benefit, percentage of benefit payable to noncontrolling owners	85.00%

Income Taxes - Schedule of Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Federal					$ 13
State and local					4
Income Tax Expense	$ 17	$ 0	$ 0	$ 0	$ 17	$ 0

Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income (loss) before income taxes	$ (26,914)	$ (2,306)	$ (2,949)	$ 9,732	$ (22,437)	$ 2,689
Noncontrolling interest					3,138
Tax provision at statutory rate (21%)					(4,712)
Valuation allowance					2,228
State and local income tax					(1,064)
MIU issuance					328
Meals and entertainment					79
Disability and life insurance					20
Income tax expense	$ 17	$ 0	$ 0	$ 0	$ 17	$ 0

Income Taxes - Schedule of Deferred Tax assets and Liabilities (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Income Tax Disclosure [Abstract]
Investment in Partnerships	$ 34,729
163(j) limitation carryforward	538
Net operating loss	236
Total deferred tax assets	35,503
Valuation allowance	(35,503)
Net deferred tax assets	$ 0

Earnings (Loss) Per Share - Additional Information (Details)	2 Months Ended
	Dec. 31, 2019 shares
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	330,244
Class B Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	43,257,738

Earnings (Loss) Per Share Schedule of Earnings Per Share Basic and Diluted (Details) $ / shares in Units, $ in Thousands	2 Months Ended
	Dec. 31, 2019 USD ($) $ / shares shares
Earnings Per Share [Abstract]
Net loss attributable to BRP Group, Inc. \| $	$ (8,650)
Basic and diluted weighted-average shares of Class A common stock outstanding \| shares	17,916,735
Basic and diluted net loss per share \| $ / shares	$ (0.48)

Fair Value Measurements - Schedule of Fair Value by Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Level 3 Assets	$ 398,768	$ 139,825
Level 3 Liabilities	161,494	117,022
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Contingently returnable consideration	70
Level 3 Assets	70
Contingent earnout liabilities	48,769	9,249
Level 3 Liabilities	$ 48,769	$ 9,249

Fair Value Measurements - Additional Information (Details)	12 Months Ended
	Dec. 31, 2019 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Maximum estimated refund tor contingently returnable consideration	$ 1,300,000
Change in estimated fair value of contingent earnout liabilities	10,600,000
Maximum estimated exposure to contingent earnout liabilities	$ 103,900,000
Maximum \| Revenue or EBITDA Growth Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent earnout measurement input	0.20
Maximum \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent earnout measurement input	0.1825
Minimum \| Revenue or EBITDA Growth Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent earnout measurement input	0.10
Minimum \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent earnout measurement input	0.0725

Fair Value Measurements - Schedule of Changes in Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Contingent Earnout Liability
Liabilities
Balance at beginning of year	$ 9,249	$ 4,055
Payment of contingent consideration	(175)	(2,892)
Change in fair value of contingent consideration	(10,578)	(1,228)
Balance at end of year	48,769	9,249
Contingent Earnout Liability \| Business Combinations
Liabilities
Fair value of contingent consideration recorded	29,101	5,815
Contingent Earnout Liability \| Asset Acquisitions
Liabilities
Fair value of contingent consideration recorded	16	1,043
Contingently returnable consideration
Assets
Balance at beginning of year	0
Fair value of contingent consideration recorded in connection with business combinations	321
Change in fair value of contingent consideration	251
Balance at end of year	$ 70	$ 0

Commitments and Contingencies Schedule of Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2020	$ 4,586
2021	5,580
2022	5,280
2023	4,784
2024	4,223
Thereafter	16,742
Total future minimum lease payments	$ 41,195

Segment Reporting - Summarized Financial Information by Operating Group (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Commissions and fees	$ 36,560	$ 38,383	$ 33,062	$ 29,836	$ 20,856	$ 18,539	$ 18,694	$ 21,791	$ 137,841	$ 79,880
Commissions, employee compensation and benefits									96,955	51,654
Other operating expenses									24,576	14,379
Change in fair value of contingent consideration									10,829	1,228
Amortization expense									10,007	2,582
Depreciation expense									542	508
Total operating expenses	55,099	36,909	32,387	18,514	20,101	17,196	17,580	15,474	142,909	70,351
Operating income (loss)	(18,539)	1,474	675	11,322	755	1,343	1,114	6,317	(5,068)	9,529
Interest income (expense), net									(10,640)	(6,625)
Loss on extinguishment of debt									(6,732)	0
Other income (expense), net									3	(215)
Total other income (expense)	(8,375)	(3,780)	(3,624)	(1,590)	(1,618)	(1,290)	(2,303)	(1,629)	(17,369)	(6,840)
Income (loss) before income taxes	(26,914)	(2,306)	(2,949)	9,732					(22,437)	2,689
Income tax expense	17	0	0	0					17	0
Net income (loss)	(26,931)	$ (2,306)	$ (2,949)	$ 9,732	(863)	$ 53	$ (1,189)	$ 4,688	(22,454)	2,689
Capital expenditures									1,718	525
Total assets	398,768				139,825				398,768	139,825
Middle Market
Segment Reporting Information [Line Items]
Commissions and fees									56,394	36,629
Commissions, employee compensation and benefits									37,560	25,905
Other operating expenses									8,396	6,083
Change in fair value of contingent consideration									(1,378)	325
Amortization expense									1,861	588
Depreciation expense									344	251
Total operating expenses									46,783	33,152
Operating income (loss)									9,611	3,477
Interest income (expense), net									37	3
Loss on extinguishment of debt									0
Other income (expense), net									3	(142)
Total other income (expense)									40	(139)
Income (loss) before income taxes									9,651
Income tax expense									0
Net income (loss)									9,651	3,338
Capital expenditures									256	177
Total assets	105,353				59,043				105,353	59,043
Specialty
Segment Reporting Information [Line Items]
Commissions and fees									44,913	12,729
Commissions, employee compensation and benefits									32,505	9,437
Other operating expenses									3,318	1,285
Change in fair value of contingent consideration									13,513	383
Amortization expense									6,466	909
Depreciation expense									11	6
Total operating expenses									55,813	12,020
Operating income (loss)									(10,900)	709
Interest income (expense), net									(32)	(15)
Loss on extinguishment of debt									0
Other income (expense), net									0	(73)
Total other income (expense)									(32)	(88)
Income (loss) before income taxes									(10,932)
Income tax expense									0
Net income (loss)									(10,932)	621
Capital expenditures									23	43
Total assets	154,983				28,684				154,983	28,684
MainStreet
Segment Reporting Information [Line Items]
Commissions and fees									25,533	20,940
Commissions, employee compensation and benefits									14,727	11,237
Other operating expenses									3,888	3,562
Change in fair value of contingent consideration									(971)	520
Amortization expense									1,280	756
Depreciation expense									81	216
Total operating expenses									19,005	16,291
Operating income (loss)									6,528	4,649
Interest income (expense), net									(8)	(4)
Loss on extinguishment of debt									0
Other income (expense), net									0	0
Total other income (expense)									(8)	(4)
Income (loss) before income taxes									6,520
Income tax expense									0
Net income (loss)									6,520	4,645
Capital expenditures									417	124
Total assets	60,253				27,622				60,253	27,622
Medicare
Segment Reporting Information [Line Items]
Commissions and fees									11,001	9,582
Commissions, employee compensation and benefits									5,576	4,503
Other operating expenses									2,079	1,779
Change in fair value of contingent consideration									(335)	0
Amortization expense									381	259
Depreciation expense									17	17
Total operating expenses									7,718	6,558
Operating income (loss)									3,283	3,024
Interest income (expense), net									0	0
Loss on extinguishment of debt									0
Other income (expense), net									0	0
Total other income (expense)									0	0
Income (loss) before income taxes									3,283
Income tax expense									0
Net income (loss)									3,283	3,024
Capital expenditures									10	4
Total assets	17,533				17,972				17,533	17,972
Corporate and Other
Segment Reporting Information [Line Items]
Commissions and fees									0	0
Commissions, employee compensation and benefits									6,587	572
Other operating expenses									6,895	1,670
Change in fair value of contingent consideration									0	0
Amortization expense									19	70
Depreciation expense									89	18
Total operating expenses									13,590	2,330
Operating income (loss)									(13,590)	(2,330)
Interest income (expense), net									(10,637)	(6,609)
Loss on extinguishment of debt									(6,732)
Other income (expense), net									0	0
Total other income (expense)									(17,369)	(6,609)
Income (loss) before income taxes									(30,959)
Income tax expense									17
Net income (loss)									(30,976)	(8,939)
Capital expenditures									1,012	177
Total assets	$ 60,646				$ 6,504				$ 60,646	$ 6,504

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Operating Lease, Expense	$ 4.2	$ 3.0

Quarterly Results of Operations (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Commissions and fees	$ 36,560	$ 38,383	$ 33,062	$ 29,836	$ 20,856	$ 18,539	$ 18,694	$ 21,791	$ 137,841	$ 79,880
Total operating expenses	55,099	36,909	32,387	18,514	20,101	17,196	17,580	15,474	142,909	70,351
Operating income (loss)	(18,539)	1,474	675	11,322	755	1,343	1,114	6,317	(5,068)	9,529
Total other expenses	(8,375)	(3,780)	(3,624)	(1,590)	(1,618)	(1,290)	(2,303)	(1,629)	(17,369)	(6,840)
Income (loss) before income taxes	(26,914)	(2,306)	(2,949)	9,732					(22,437)	2,689
Income tax expense	17	0	0	0					17	0
Net income (loss)	(26,931)	(2,306)	(2,949)	9,732	(863)	53	(1,189)	4,688	(22,454)	2,689
Net income (loss) attributable to noncontrolling interests	(18,281)	(2,306)	(2,949)	9,732	603	863	700	1,147	(13,804)	3,313
Net income (loss) attributable to BRP Group, Inc.	$ (8,650)	$ 0	$ 0	$ 0	$ (1,466)	$ (810)	$ (1,889)	$ 3,541	$ (8,650)	$ (624)

Subsequent Events (Details) - USD ($) $ in Thousands				12 Months Ended
Subsequent Events (Details) - USD ($) $ in Thousands	Mar. 12, 2020	Feb. 01, 2020	Jan. 01, 2020	Dec. 31, 2019	Dec. 31, 2018
Subsequent Event [Line Items]
Proceeds from revolving line of credit				$ 69,592	$ 24,451
Cash consideration paid				104,899
Maximum contingent earnout				$ 103,900
Subsequent Event \| VibrantUSA Inc. [Member]
Subsequent Event [Line Items]
Cash consideration paid		$ 6,200
Maximum contingent earnout		379
Subsequent Event \| AgencyRM LLC [Member]
Subsequent Event [Line Items]
Cash consideration paid		7,100
Maximum contingent earnout		$ 3,000
Subsequent Event \| AgencyRM LLC [Member] \| Class A Common Stock \| Common Stock
Subsequent Event [Line Items]
Common stock issued		97,807
Subsequent Event \| Highland Risk Services LLC [Member]
Subsequent Event [Line Items]
Cash consideration paid			$ 6,500
Maximum contingent earnout			$ 2,500
Subsequent Event \| Highland Risk Services LLC [Member] \| Member Units
Subsequent Event [Line Items]
Common stock issued			286,624
Subsequent Event \| Highland Risk Services LLC [Member] \| Class B Common Stock \| Common Stock
Subsequent Event [Line Items]
Common stock issued			286,624
Subsequent Event \| Lanier Upshaw Inc [Member]
Subsequent Event [Line Items]
Cash consideration paid			$ 24,500
Maximum contingent earnout			$ 11,000
Subsequent Event \| Lanier Upshaw Inc [Member] \| Class A Common Stock \| Common Stock
Subsequent Event [Line Items]
Common stock issued			389,727
JPMorgan Credit Agreement \| Subsequent Event
Subsequent Event [Line Items]
Maximum borrowing amount	$ 300,000
Proceeds from revolving line of credit	$ 20,000

Label	Element	Value
Equity Units Issued During Period, Value, Non Voting Common Units To Members	brp_EquityUnitsIssuedDuringPeriodValueNonVotingCommonUnitsToMembers	$ 998,000
Members' Equity Account, Contributions Through Member Note Receivable	brp_MembersEquityAccountContributionsThroughMemberNoteReceivable	(263,000)
Equity Units Issued During Period, Value, Management Incentive Plan	brp_EquityUnitsIssuedDuringPeriodValueManagementIncentivePlan	1,334,000
Noncontrolling Interest, Change in Redemption Value	us-gaap_MinorityInterestChangeInRedemptionValue	(143,413,000)
Stock Issued During Period, Value, Conversion of Units	us-gaap_StockIssuedDuringPeriodValueConversionOfUnits	259,838,000
Noncontrolling Interest, Increase from Business Combination	us-gaap_NoncontrollingInterestIncreaseFromBusinessCombination	1,000,000
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	us-gaap_NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest	728,000
Reduction Of Equity Loans To Purchase Member Units	brp_ReductionOfEquityLoansToPurchaseMemberUnits	(160,000)
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	210,036,000
Partners' Capital Account, Distributions	us-gaap_PartnersCapitalAccountDistributions	3,216,000
Noncontrolling Interest [Member]
Equity Units Issued During Period, Value, Non Voting Common Units To Members	brp_EquityUnitsIssuedDuringPeriodValueNonVotingCommonUnitsToMembers	386,000
Members' Equity Account, Contributions Through Member Note Receivable	brp_MembersEquityAccountContributionsThroughMemberNoteReceivable	47,000
Stock Issued During Period, Value, Conversion of Units	us-gaap_StockIssuedDuringPeriodValueConversionOfUnits	180,315,000
Noncontrolling Interest, Increase from Business Combination	us-gaap_NoncontrollingInterestIncreaseFromBusinessCombination	1,000,000
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	us-gaap_NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest	126,000
Partners' Capital Account, Distributions	us-gaap_PartnersCapitalAccountDistributions	94,000
Receivables from Stockholder [Member]
Members' Equity Account, Contributions Through Member Note Receivable	brp_MembersEquityAccountContributionsThroughMemberNoteReceivable	(310,000)
Stock Issued During Period, Value, Conversion of Units	us-gaap_StockIssuedDuringPeriodValueConversionOfUnits	(452,000)
Reduction Of Equity Loans To Purchase Member Units	brp_ReductionOfEquityLoansToPurchaseMemberUnits	(160,000)
Additional Paid-in Capital [Member]
Stock Issued During Period, Value, Conversion of Units	us-gaap_StockIssuedDuringPeriodValueConversionOfUnits	(127,624,000)
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	209,847,000
Members' Capital (Deficit) [Member]
Equity Units Issued During Period, Value, Non Voting Common Units To Members	brp_EquityUnitsIssuedDuringPeriodValueNonVotingCommonUnitsToMembers	612,000
Equity Units Issued During Period, Value, Management Incentive Plan	brp_EquityUnitsIssuedDuringPeriodValueManagementIncentivePlan	1,334,000
Noncontrolling Interest, Change in Redemption Value	us-gaap_MinorityInterestChangeInRedemptionValue	(143,413,000)
Stock Issued During Period, Value, Conversion of Units	us-gaap_StockIssuedDuringPeriodValueConversionOfUnits	207,593,000
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	us-gaap_NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest	602,000
Partners' Capital Account, Distributions	us-gaap_PartnersCapitalAccountDistributions	3,122,000
Redeemable Members' Capital [Member]
Noncontrolling Interest, Change in Redemption Value	us-gaap_MinorityInterestChangeInRedemptionValue	91,204,000
Stock Issued During Period, Value, Conversion of Units	us-gaap_StockIssuedDuringPeriodValueConversionOfUnits	(123,115,000)
Stock Repurchased During Period, Value	us-gaap_StockRepurchasedDuringPeriodValue	11,177,000
Repurchase Redemption Value Adjustments	brp_RepurchaseRedemptionValueAdjustments	1,323,000
Issuance Of Voting Common Units To Redeemable Common Equity Holder, Capitalized, Value	brp_IssuanceOfVotingCommonUnitsToRedeemableCommonEquityHolderCapitalizedValue	5,509,000
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest	us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest	699,000
Partners' Capital Account, Distributions	us-gaap_PartnersCapitalAccountDistributions	1,151,000
Redeemable Noncontrolling Interest [Member]
Members' Equity Account, Contributions Through Member Note Receivable	brp_MembersEquityAccountContributionsThroughMemberNoteReceivable	263,000
Noncontrolling Interest, Change in Redemption Value	us-gaap_MinorityInterestChangeInRedemptionValue	52,209,000
Stock Issued During Period, Value, Conversion of Units	us-gaap_StockIssuedDuringPeriodValueConversionOfUnits	(134,261,000)
Noncontrolling Interest, Increase from Business Combination	us-gaap_NoncontrollingInterestIncreaseFromBusinessCombination	37,637,000
Partners' Capital Account, Contributions	us-gaap_PartnersCapitalAccountContributions	35,000
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest	us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest	4,119,000
Partners' Capital Account, Distributions	us-gaap_PartnersCapitalAccountDistributions	6,182,000
Common Class B [Member] \| Common Stock [Member]
Stock Issued During Period, Value, Conversion of Units	us-gaap_StockIssuedDuringPeriodValueConversionOfUnits	4,000
Common Class A [Member] \| Common Stock [Member]
Stock Issued During Period, Value, Conversion of Units	us-gaap_StockIssuedDuringPeriodValueConversionOfUnits	2,000
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	$ 189,000
Stock Issued During Period, Shares, New Issues	us-gaap_StockIssuedDuringPeriodSharesNewIssues	18,859,300