The Baldwin Insurance Group, Inc. (BWIN) 10-Q 7 Nov 22 2022 Q3 Quarterly report Financial data

DEI Statement

DEI Statement - shares	9 Months Ended
	Sep. 30, 2022	Nov. 01, 2022
Document Information [Line Items]
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001781755
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-39095
Entity Registrant Name	BRP GROUP, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	61-1937225
Entity Address, Address Line One	4211 W. Boy Scout Blvd.
Entity Address, Address Line Two	Suite 800
Entity Address, City or Town	Tampa
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33607
City Area Code	866
Local Phone Number	279-0698
Title of 12(b) Security	Class A Common Stock, par value $0.01 per share
Trading Symbol	BRP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		61,428,515
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		54,600,460

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 158,600	$ 138,292
Restricted cash	92,017	89,445
Premiums, commissions and fees receivable, net	446,112	340,837
Prepaid expenses and other current assets	12,318	8,151
Due from related parties	1,844	1,668
Total current assets	710,891	578,393
Property and equipment, net	24,500	17,474
Right-of-use assets	98,049	81,646
Other assets	39,890	25,586
Intangible assets, net	1,118,129	944,467
Goodwill	1,420,929	1,228,741
Total assets	3,412,388	2,876,307
Current Liabilities
Premiums payable to insurance companies	356,671	310,045
Producer commissions payable	60,789	41,833
Accrued expenses and other current liabilities	114,198	92,223
Related party notes payable	0	61,500
Current portion of contingent earnout liabilities	41,645	35,088
Total current liabilities	573,303	540,689
Revolving line of credit	527,000	35,000
Long-term debt, less current portion	810,973	814,614
Contingent earnout liabilities, less current portion	187,969	223,501
Operating lease liabilities, less current portion	88,749	71,357
Other liabilities	330	3,590
Total liabilities	2,188,324	1,688,751
Mezzanine Equity
Redeemable noncontrolling interest	424	269
Stockholders' Equity Attributable to BRP Group, Inc.
Additional paid-in capital	699,415	663,002
Accumulated deficit	(48,274)	(54,992)
Stockholder notes receivable	(63)	(219)
Total stockholders’ equity attributable to BRP Group, Inc.	651,695	608,383
Noncontrolling interest	571,945	578,904
Total stockholders’ equity	1,223,640	1,187,287
Total liabilities, mezzanine equity and stockholders’ equity	3,412,388	2,876,307
Common Class A
Stockholders' Equity Attributable to BRP Group, Inc.
Common stock	612	586
Common Class B
Stockholders' Equity Attributable to BRP Group, Inc.
Common stock	5	6
Variable Interest Entity, Primary Beneficiary
Current Assets
Cash and cash equivalents	239	303
Premiums, commissions and fees receivable, net	356	272
Total current assets	595	575
Property and equipment, net	11	15
Other assets	5	5
Total assets	611	595
Current Liabilities
Premiums payable to insurance companies	38	0
Producer commissions payable	45	41
Accrued expenses and other current liabilities	1	4
Total liabilities	$ 84	$ 45

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Common Class A
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	61,227,330	58,602,859
Common stock, shares outstanding	61,227,330	58,602,859
Common Class B
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	54,611,484	56,338,051
Common stock, shares outstanding	54,611,484	56,338,051

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Commissions and fees	$ 259,368	$ 135,556	$ 734,676	$ 408,090
Operating expenses:
Commissions, employee compensation and benefits	195,920	100,081	522,518	278,521
Other operating expenses	47,212	27,968	124,424	64,380
Amortization expense	23,180	12,596	59,912	33,875
Change in fair value of contingent consideration	21,695	11,341	(10,809)	23,163
Depreciation expense	1,216	753	3,309	1,920
Total operating expenses	289,223	152,739	699,354	401,859
Operating income (loss)	(29,855)	(17,183)	35,322	6,231
Interest expense, net	(20,766)	(6,940)	(45,748)	(18,431)
Other income (expense), net	3,914	(478)	25,151	(1,535)
Total other expense	(16,852)	(7,418)	(20,597)	(19,966)
Net income (loss)	(46,707)	(24,601)	14,725	(13,735)
Less: net income (loss) attributable to noncontrolling interests	(21,914)	(11,389)	8,007	(5,736)
Net income (loss) attributable to BRP Group, Inc.	(24,793)	(13,212)	6,718	(7,999)
Comprehensive income (loss)	(46,707)	(24,601)	14,725	(13,735)
Comprehensive income (loss) attributable to noncontrolling interests	(21,914)	(11,389)	8,007	(5,736)
Comprehensive income (loss) attributable to BRP Group, Inc.	$ (24,793)	$ (13,212)	$ 6,718	$ (7,999)
Basic earnings (loss) per share	$ (0.43)	$ (0.28)	$ 0.12	$ (0.18)
Diluted earnings (loss) per share	$ (0.43)	$ (0.28)	$ 0.11	$ (0.18)
Weighted-average shares of Class A common stock outstanding - basic	57,282,132	46,446,254	56,430,095	45,132,217
Weighted-average shares of Class A common stock outstanding - diluted	57,282,132	46,446,254	59,895,371	45,132,217

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity and Mezzanine Equity (Unaudited) - USD ($) $ in Thousands	Total	Additional Paid-In Capital	Accumulated Deficit	Notes Receivable from Stockholders	Noncontrolling Interest	Redeemable Noncontrolling Interest	Common Class A Common Stock	Common Class B Common Stock
Balance at beginning of period (in shares) at Dec. 31, 2020							44,953,166	49,828,383
Balance at beginning of period, stockholders' equity at Dec. 31, 2020	$ 769,870	$ 392,139	$ (24,346)	$ (465)	$ 402,087		$ 450	$ 5
Balance at beginning of period, mezzanine equity at Dec. 31, 2020						$ 98
Stockholders' Equity [Roll Forward]
Net income (loss)	(13,860)		(7,999)		(5,861)	125
Issuance of Class A common stock in offering, net of underwriting discounts and offering costs (in shares)							9,200,000
Issuance of Class A common stock in offering, net of underwriting discounts and offering costs	268,321	159,101			109,128		$ 92
Equity issued in business combinations (in shares)							737,065	2,967,730
Equity issued in business combinations	75,633	43,616			32,010		$ 7
Share-based compensation, net of forfeitures (in shares)							1,184,897
Share-based compensation, net of forfeitures	11,303	10,942			349		$ 12
Redemption and cancellation of Class B common stock (in shares)							311,798	(311,798)
Redemption and cancellation of Class B common stock	0	2,493			(2,496)		$ 3
Repayment of stockholder notes receivable	202			202
Balance at end of period (in shares) at Sep. 30, 2021							56,386,926	52,484,315
Balance at end of period, stockholders' equity at Sep. 30, 2021	1,111,469	608,291	(32,345)	(263)	535,217		$ 564	$ 5
Balance at end of period, mezzanine equity at Sep. 30, 2021						223
Balance at beginning of period (in shares) at Jun. 30, 2021							46,583,582	49,575,871
Balance at beginning of period, stockholders' equity at Jun. 30, 2021	792,530	404,025	(19,133)	(306)	407,473		$ 466	$ 5
Balance at beginning of period, mezzanine equity at Jun. 30, 2021						173
Stockholders' Equity [Roll Forward]
Net income (loss)	(24,651)		(13,212)		(11,439)	50
Issuance of Class A common stock in offering, net of underwriting discounts and offering costs (in shares)							9,200,000
Issuance of Class A common stock in offering, net of underwriting discounts and offering costs	268,321	159,101			109,128		$ 92
Equity issued in business combinations (in shares)							520,781	2,967,730
Equity issued in business combinations	71,919	41,757			30,157		$ 5
Share-based compensation, net of forfeitures (in shares)							23,277
Share-based compensation, net of forfeitures	3,307	2,963			344
Redemption and cancellation of Class B common stock (in shares)							59,286	(59,286)
Redemption and cancellation of Class B common stock		445			(446)		$ 1
Repayment of stockholder notes receivable	43			43
Balance at end of period (in shares) at Sep. 30, 2021							56,386,926	52,484,315
Balance at end of period, stockholders' equity at Sep. 30, 2021	1,111,469	608,291	(32,345)	(263)	535,217		$ 564	$ 5
Balance at end of period, mezzanine equity at Sep. 30, 2021						223
Balance at beginning of period (in shares) at Dec. 31, 2021							58,602,859	56,338,051
Balance at beginning of period, stockholders' equity at Dec. 31, 2021	1,187,287	663,002	(54,992)	(219)	578,904		$ 586	$ 6
Balance at beginning of period, mezzanine equity at Dec. 31, 2021						269
Stockholders' Equity [Roll Forward]
Net income (loss)	14,570		6,718		7,852	155
Equity issued in business combinations (in shares)							226,338
Equity issued in business combinations	4,819	(4,331)			9,148		$ 2
Share-based compensation, net of forfeitures (in shares)							663,565	29,430
Share-based compensation, net of forfeitures	21,129	22,488			(1,365)		$ 6
Redemption and cancellation of Class B common stock (in shares)							1,734,568	(1,755,997)
Redemption and cancellation of Class B common stock		18,256			(18,273)		$ 18	$ (1)
Tax distributions to BRP LLC members	(4,321)				(4,321)
Repayment of stockholder notes receivable	156			156
Balance at end of period (in shares) at Sep. 30, 2022							61,227,330	54,611,484
Balance at end of period, stockholders' equity at Sep. 30, 2022	1,223,640	699,415	(48,274)	(63)	571,945		$ 612	$ 5
Balance at end of period, mezzanine equity at Sep. 30, 2022						424
Balance at beginning of period (in shares) at Jun. 30, 2022							60,122,842	55,442,435
Balance at beginning of period, stockholders' equity at Jun. 30, 2022	1,259,535	683,331	(23,481)	(131)	599,209		$ 601	$ 6
Balance at beginning of period, mezzanine equity at Jun. 30, 2022						350
Stockholders' Equity [Roll Forward]
Net income (loss)	(46,781)		(24,793)		(21,988)	74
Equity issued in business combinations (in shares)							129,182
Equity issued in business combinations	2,949	(66)			3,014		$ 1
Share-based compensation, net of forfeitures (in shares)							114,925	29,430
Share-based compensation, net of forfeitures	7,869	7,871			(3)		$ 1
Redemption and cancellation of Class B common stock (in shares)							860,381	(860,381)
Redemption and cancellation of Class B common stock		8,279			(8,287)		$ 9	$ (1)
Repayment of stockholder notes receivable	68			68
Balance at end of period (in shares) at Sep. 30, 2022							61,227,330	54,611,484
Balance at end of period, stockholders' equity at Sep. 30, 2022	$ 1,223,640	$ 699,415	$ (48,274)	$ (63)	$ 571,945		$ 612	$ 5
Balance at end of period, mezzanine equity at Sep. 30, 2022						$ 424

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income (loss)	$ 14,725	$ (13,735)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	63,221	35,795
Change in fair value of contingent consideration	(10,809)	23,163
Share-based compensation expense	26,065	11,921
(Gain) loss on interest rate caps	(25,420)	1,159
Payment of contingent earnout consideration in excess of purchase price accrual	(48,943)	(602)
Amortization of deferred financing costs	3,894	2,301
Other fair value adjustments	369	217
Changes in operating assets and liabilities, net of effect of acquisitions:
Premiums, commissions and fees receivable, net	(97,126)	(58,150)
Prepaid expenses and other current assets	(10,911)	(5,604)
Due to/from related parties	(176)	19
Right-of-use assets	(15,076)	(66,373)
Accounts payable, accrued expenses and other current liabilities	70,282	28,818
Operating lease liabilities	16,992	68,112
Other liabilities	(3,740)	0
Net cash provided by (used in) operating activities	(16,653)	27,041
Cash flows from investing activities:
Cash consideration paid for business combinations, net of cash received	(387,919)	(218,818)
Cash consideration paid for asset acquisitions, net of cash received	(3,356)	(1,575)
Capital expenditures	(15,400)	(3,188)
Investment in business venture	(791)	0
Net cash used in investing activities	(407,466)	(223,581)
Cash flows from financing activities:
Proceeds from issuance of Class A common stock, net of underwriting discounts	0	269,376
Payment of common stock offering costs	0	(1,055)
Payment of contingent earnout consideration up to amount of purchase price accrual	(47,218)	(1,078)
Proceeds from revolving line of credit	512,000	120,000
Payments on revolving line of credit	(20,000)	0
Proceeds from long-term debt	0	97,914
Payments on long-term debt	(6,382)	(2,250)
Payments of debt issuance costs	(1,751)	(693)
Proceeds from the sales and settlements of interest rate caps	19,587	0
Tax distributions to BRP LLC members	(9,393)	0
Purchase of interest rate caps	0	(6,461)
Proceeds from repayment of stockholder notes receivable	156	202
Net cash provided by financing activities	446,999	475,955
Net increase in cash and cash equivalents and restricted cash	22,880	279,415
Cash and cash equivalents and restricted cash at beginning of period	227,737	142,022
Cash and cash equivalents and restricted cash at end of period	250,617	421,437
Supplemental schedule of cash flow information:
Cash paid during the period for interest	41,225	15,177
Cash paid during the period for taxes	1,056	0
Disclosure of non-cash investing and financing activities:
Right-of-use assets obtained in exchange for operating lease liabilities	23,444	12,495
Contingent earnout liabilities recognized in business combinations	16,495	60,865
Equity issued in business combinations	4,819	75,634
Right-of-use assets increased through lease modifications and reassessments	4,732	5,676
Increase in goodwill resulting from measurement period adjustments for prior year business combinations	3,455	0
Capital expenditures incurred but not yet paid	1,198	493
Equity issued in satisfaction of a liability	711	0
Conversion of contingent earnout liability to related party notes payable	0	61,500
Noncash debt issuance costs incurred	$ 0	$ 3,823

Business and Basis of Presentat

Business and Basis of Presentation (Notes)	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Basis of Presentation	Business and Basis of Presentation BRP Group, Inc. (“BRP Group” or the “Company”) was incorporated in the state of Delaware on July 1, 2019. BRP Group is a diversified insurance agency and services organization that markets and sells insurance products and services to its customers throughout the U.S. A significant portion of the Company’s business is concentrated in the Southeastern U.S. with several other regional concentrations. BRP Group and its subsidiaries operate through four Operating Groups, including Middle Market, Specialty, MainStreet and Medicare, which are discussed in more detail in Note 15. Principles of Consolidation The consolidated financial statements include the accounts of BRP Group and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. As the sole manager of Baldwin Risk Partners, LLC (“BRP”), BRP Group operates and controls all the business and affairs of BRP, and has the sole voting interest in, and controls the management of, BRP. Accordingly, BRP Group consolidates BRP in its consolidated financial statements, resulting in a noncontrolling interest related to the membership interests of BRP (the “LLC Units”) held by BRP’s LLC members in its consolidated financial statements. The Company has prepared these condensed consolidated financial statements in accordance with Accounting Standards Codification (“ASC”) Topic 810, Consolidation (“Topic 810”). Topic 810 requires that if an enterprise is the primary beneficiary of a variable interest entity, the assets, liabilities, and results of operations of the variable interest entity should be included in the consolidated financial statements of the enterprise. The Company has recognized certain entities as variable interest entities of which the Company is the primary beneficiary and has included the accounts of these entities in the consolidated financial statements. Refer to Note 3 for additional information regarding the Company’s variable interest entities. Topic 810 also requires that the equity of a noncontrolling interest shall be reported on the condensed consolidated balance sheets within total equity of the Company. Certain redeemable noncontrolling interests are reported on the condensed 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. Unaudited Interim Financial Reporting The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all the information and related notes required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments, consisting of recurring accruals, considered necessary for fair statement have been included. The accompanying balance sheet for the year ended December 31, 2021 was derived from audited financial statements, but does not include all disclosures required by GAAP. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 1, 2022. Use of Estimates The preparation of consolidated financial statements in conformity with 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; the determination of fair value in relation to business combinations, purchase price allocation and valuation of intangible assets and contingent consideration; impairment of long-lived assets including goodwill; valuation of the Tax Receivable Agreement liability and income taxes; and share-based compensation. Changes in Presentation Certain prior year amounts have been reclassified to conform to current year presentation. The Company reclassified its wealth business revenue from other income to consulting and service fee revenue in the disaggregated revenue table in Note 4. Recently Issued Accounting Pronouncements In October 2021, the FASB issued Accounting Standards Update (“ASU”) No. 2021-08, Business Combinations (Topic 805)—Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”) to improve the accounting for acquired revenue contracts with customers in business combinations by addressing diversity in practice and inconsistency related to (i) the recognition of an acquired contract liability and (ii) payment terms and their effect on subsequent revenue recognized by the acquirer. ASU 2021-08 requires that, at acquisition date, an entity recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC Topic 606, Revenue from Contracts with Customers (“Topic 606”) as if it had originated the contracts, while also taking into account how the acquiree applied Topic 606. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022, with early adoption permitted. The adoption of this standard will not have any impact on the Company’s results of operations or financial condition. Adoption of the Lease Accounting Standard Under Topic 842 On December 31, 2021, the Company adopted ASU No. 2016-02, Leases (“Topic 842”) in connection with the loss of its emerging growth company status. Topic 842 was adopted effective January 1, 2021 (the “adoption date”) on a modified retrospective basis, under which the Company applied the new guidance to leases existing at, or entered into after, the adoption date. The Company revised its previously reported consolidated financial statements effective January 1, 2021 in its Form 10-K for the year ended December 31, 2021 without filing amendments to its previously filed quarterly reports on Form 10-Q for the same year. Accordingly, our prior period condensed consolidated financial statements and information, as presented herein, have been revised to conform to the standard. The following table summarizes the effects of adopting Topic 842 on our condensed consolidated statements of comprehensive income (loss) for the three and nine months ended September 30, 2021: For the Three Months Ended For the Nine Months Ended (in thousands, except per share data) As Previously Reported Effect of Adoption of Topic 842 As Adjusted As Previously Reported Effect of Adoption of Topic 842 As Adjusted Operating expenses: Other operating expenses $ 27,589 $ 379 $ 27,968 $ 64,357 $ 23 $ 64,380 Total operating expenses 152,360 379 152,739 401,836 23 401,859 Operating income (loss) (16,804) (379) (17,183) 6,254 (23) 6,231 Net loss (24,222) (379) (24,601) (13,712) (23) (13,735) Net loss attributable to BRP Group, Inc. (12,833) (379) (13,212) (7,976) (23) (7,999) Basic loss per share $ (0.28) $ — $ (0.28) $ (0.18) $ — $ (0.18) Diluted loss per share $ (0.28) $ — $ (0.28) $ (0.18) $ — $ (0.18) The following table summarizes the effects of adopting Topic 842 on our condensed consolidated statement of cash flows for the nine months ended September 30, 2021: For the Nine Months Ended September 30, 2021 (in thousands) As Previously Reported Effect of Adoption of Topic 842 As Adjusted Cash flows from operating activities: Net loss $ (13,712) $ (23) $ (13,735) Changes in operating assets and liabilities, net of effect of acquisitions: Prepaid expenses and other current assets (5,773) 169 (5,604) Right-of-use assets — (66,373) (66,373) Accounts payable, accrued expenses and other current liabilities 30,703 (1,885) 28,818 Operating lease liabilities — 68,112 68,112

Business Combinations (Notes)

Business Combinations (Notes)	Apr. 01, 2020
Business Combinations [Abstract]
Business Combination Disclosure	Business Combinations The Company completed three business combinations for an aggregate purchase price of $415.4 million during the nine months ended September 30, 2022. 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 or change in circumstances occurs that indicates goodwill may be impaired. For tax purposes, goodwill is deductible and will be amortized over a period of 15 years. The Company completed the following business combinations during the nine months ended September 30, 2022: • The Company acquired all the equity interests of Westwood Insurance Agency (“Westwood”), a MainStreet Partner effective April 29, 2022, to enhance the Company’s expertise and capabilities in embedded, tech-enabled homeowners’ insurance solutions. • The Company acquired substantially all the assets and assumed certain liabilities of Venture Captive Management, LLC (“VCM”), a Specialty Partner effective June 3, 2022, to expand its capabilities into captive management and alternative risk funding solutions for Clients. • The Company acquired substantially all the assets and assumed certain liabilities of National Health Plans & Benefits Agency, LLC (“NHPBA”), a Medicare Partner effective August 1, 2022, to enhance the Company’s expertise and expand its offerings within the individual health insurance market. The recorded purchase price for business combinations includes an estimation of the fair value of contingent earnout obligations associated with contractual earnout provisions and other similar provisions providing for post-closing contingent consideration payments, which are based on recurring revenue, the insured value of sourced homeowners’ insurance of Westwood or other similar post-closing metrics. The contingent earnout consideration amounts identified in the table below are measured at fair value within Level 3 of the fair value hierarchy as discussed further in Note 13. Any subsequent changes in the fair value of contingent earnout liabilities will be recorded in the condensed 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 equity interests, which is calculated based on the value of the Company’s Class A common stock on the closing date taking into account a discount for lack of marketability. The operating results of these business combinations have been included in the condensed consolidated statements of comprehensive income (loss) since their respective acquisition dates. The Company recognized total revenues and net income from these business combinations of $31.5 million and $10.0 million, respectively, for the three months ended September 30, 2022 and $49.7 million and $17.1 million, respectively, for the nine months ended September 30, 2022. Acquisition-related costs incurred in connection with these business combinations are recorded in other operating expenses in the condensed consolidated statements of comprehensive income (loss). The Company incurred acquisition-related costs from these business combinations of $2.3 million for the nine months ended September 30, 2022. 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. Specifically, the Company's valuations of premiums, commissions and fees receivable in accordance with Topic 606 are estimates subject to change based on relevant factors over the policy period. The valuations of intangible assets are also estimates based on assumptions of factors such as discount rates and growth rates. Accordingly, these assets are subject to measurement period adjustments as determined after the passage of time. Any measurement period adjustments related to prior period business combinations are reflected as current period adjustments in accordance with Topic 805. 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 nine months ended September 30, 2022. (in thousands) Westwood All Others (1) Totals Cash consideration paid $ 372,939 $ 17,415 $ 390,354 Fair value of contingent earnout consideration 12,724 3,771 16,495 Fair value of equity interest — 4,819 4,819 Deferred payment — 3,716 3,716 Total consideration $ 385,663 $ 29,721 $ 415,384 Cash $ 658 $ 1,727 $ 2,385 Restricted cash 50 — 50 Premiums, commissions and fees receivable 4,225 157 4,382 Other assets 392 1,281 1,673 Intangible assets 209,200 15,124 224,324 Goodwill 174,727 14,006 188,733 Total assets acquired 389,252 32,295 421,547 Premiums payable to insurance companies (218) — (218) Producer commissions payable (2,488) — (2,488) Other liabilities (883) (2,574) (3,457) Total liabilities acquired (3,589) (2,574) (6,163) Net assets acquired $ 385,663 $ 29,721 $ 415,384 Maximum potential contingent earnout consideration $ 15,000 $ 12,294 $ 27,294 __________ (1) The "All Others" column includes amounts for the VCM and NHPBA business combinations. The factors contributing to the recognition of goodwill are based on expanding business presence into new service markets, strategic benefits expected to be realized from acquiring the Partners’ assembled workforce and technology, in addition to other synergies gained from integrating the Partners’ operations into our consolidated structure. The intangible assets acquired in connection with business combinations during the nine months ended September 30, 2022 have the following values and estimated weighted-average lives: (in thousands, except weighted-average lives) Amount Weighted-Average Life Purchased customer accounts $ 30,600 20.0 years Distributor relationships 159,800 20.0 years Software 29,500 5.0 years Trade names 4,424 4.9 years Future annual estimated amortization expense over the next five years for intangible assets acquired in connection with business combinations during the nine months ended September 30, 2022 is as follows: (in thousands) Amount For the remainder of 2022 $ 4,453 2023 20,140 2024 22,349 2025 23,940 2026 24,231 2027 18,565 The following pro forma consolidated results of operations are provided for illustrative purposes only and have been presented as if the acquisitions of Westwood, VCM and NHPBA occurred on January 1, 2021. This 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 Three Months For the Nine Months (in thousands, except per share data) 2022 2021 2022 2021 Pro forma results: Revenues $ 260,051 $ 160,131 $ 768,444 $ 477,928 Net income (loss) (46,133) (26,883) 11,969 (23,056) Net income (loss) attributable to BRP Group, Inc. (24,491) (14,327) 5,290 (12,511) Basic earnings (loss) per share $ (0.43) $ (0.31) $ 0.09 $ (0.28) Diluted earnings (loss) per share $ (0.43) $ (0.31) $ 0.09 $ (0.28) Weighted-average shares of Class A common stock outstanding - basic 57,327 46,673 56,586 45,358 Weighted-average shares of Class A common stock outstanding - diluted 57,327 46,673 60,190 45,358

Variable Interest Entities (Not

Variable Interest Entities (Notes)	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities Topic 810 requires a reporting entity to consolidate a variable interest entity (“VIE”) when the reporting entity has a variable interest or combination of variable interests that provide the entity with a controlling financial interest in the VIE. The Company continually assesses whether it has a controlling financial interest in each of its VIEs to determine if it is the primary beneficiary of the VIE and should, therefore, consolidate each of the VIEs. A reporting entity is considered to have a controlling financial interest in a VIE if it has (i) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb the losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. The Company determined that it is the primary beneficiary of its VIEs, which, at September 30, 2022 and December 31, 2021, include Laureate Insurance Partners, LLC, BKS Smith, LLC, BKS MS, LLC and BKS Partners Galati Marine Solutions, LLC. The Company has consolidated its VIEs into the condensed consolidated financial statements. Total revenues and expenses of the Company’s consolidated VIEs included in the condensed consolidated statements of comprehensive income (loss) were $0.5 million and $0.2 million, respectively, for the three months ended September 30, 2022 and $0.3 million and $0.1 million, respectively, for the three months ended September 30, 2021. Total revenues and expenses of the Company’s consolidated VIEs included in the condensed consolidated statements of comprehensive income (loss) were $1.3 million and $0.8 million, respectively, for the nine months ended September 30, 2022 and $0.7 million and $0.5 million, respectively, for the nine months ended September 30, 2021.

Revenue (Notes)

Revenue (Notes)	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The following table provides disaggregated commissions and fees revenue by major source: For the Three Months For the Nine Months (in thousands) 2022 2021 2022 2021 Direct bill revenue (1) $ 111,369 $ 58,582 $ 336,563 $ 203,302 Agency bill revenue (2) 92,895 53,495 255,087 136,271 Profit-sharing revenue (3) 15,044 8,105 49,422 26,572 Consulting and service fee revenue (4) 17,572 7,893 44,097 22,470 Policy fee and installment fee revenue (5) 18,036 5,146 37,163 14,414 Other income (6) 4,452 2,335 12,344 5,061 Total commissions and fees $ 259,368 $ 135,556 $ 734,676 $ 408,090 __________ (1) Direct bill revenue represents commission revenue earned by facilitating the arrangement between individuals or businesses and Insurance Company Partners by providing 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 by providing insurance placement services to Clients wherein the Company acts as an agent on behalf of the Client. (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) Service fee revenue is earned by receiving negotiated fees in lieu of a commission and consulting revenue is earned by providing specialty insurance consulting. (5) Policy fee revenue represents revenue earned for acting in the capacity of an MGA on behalf of Insurance Company Partners 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. (6) Other income consists of Medicare marketing income that is based on agreed-upon cost reimbursement for fulfilling specific targeted marketing campaigns in addition to other ancillary income and premium financing income generated across all Operating Groups. 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 the Company 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. • 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 estimates of profit-sharing revenue. • Costs to obtain a contract are deferred and recognized 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. • 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

Contract Assets and Liabilities (Notes)	9 Months Ended
	Sep. 30, 2022
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract Assets and Liabilities	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 condensed consolidated balance sheets. The balances of contract assets and liabilities arising from contracts with customers are as follows: (in thousands) September 30, 2022 December 31, 2021 Contract assets $ 192,176 $ 168,550 Contract liabilities 25,060 18,178 Contract assets related to 2022 business combinations comprised $3.6 million at September 30, 2022. During the nine months ended September 30, 2022, the Company recognized revenue of $17.9 million related to the contract liabilities balance at December 31, 2021.

Deferred Commission Expense (No

Deferred Commission Expense (Notes)	9 Months Ended
	Sep. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Commission Expense	Deferred Commission Expense The Company pays an incremental amount of compensation in the form of producer commissions on new business. In accordance with ASC Topic 340, Other Assets and Deferred Costs, these incremental costs are deferred and amortized over five years, which represents management’s estimate of the average benefit period for new business. Deferred commission expense represents advisor commissions that are capitalized and not yet expensed and are included in other assets on the condensed consolidated balance sheets. The table below provides a rollforward of deferred commission expense for the periods presented: For the Three Months For the Nine Months (in thousands) 2022 2021 2022 2021 Balance at beginning of period $ 16,198 $ 6,036 $ 11,336 $ 4,751 Costs capitalized 3,641 3,966 10,509 6,152 Amortization (1,206) (587) (3,212) (1,488) Balance at end of period $ 18,633 $ 9,415 $ 18,633 $ 9,415

Intangible Assets, Net and Good

Intangible Assets, Net and Goodwill (Notes)	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets, Net and Goodwill	Intangible Assets, Net and Goodwill The Company recognizes certain separately identifiable intangible assets acquired in connection with business combinations and asset acquisitions. Intangible assets consist of the following: September 30, 2022 December 31, 2021 (in thousands) Gross Carrying Value Accumulated Amortization Net Carrying Value Gross Carrying Value Accumulated Amortization Net Carrying Value Purchased customer accounts $ 885,401 $ (94,268) $ 791,133 $ 851,445 $ (54,481) $ 796,964 Distributor relationships 260,421 (11,418) 249,003 100,621 (3,814) 96,807 Software 77,138 (27,178) 49,960 41,743 (18,265) 23,478 Trade names 28,613 (6,909) 21,704 24,189 (3,583) 20,606 Carrier relationships 7,859 (1,530) 6,329 7,859 (1,247) 6,612 Totals $ 1,259,432 $ (141,303) $ 1,118,129 $ 1,025,857 $ (81,390) $ 944,467 Amortization expense recorded for intangible assets was $23.2 million and $12.6 million for the three months ended September 30, 2022 and 2021, respectively, and $59.9 million and $33.9 million for the nine months ended September 30, 2022 and 2021, respectively. Refer to Note 2 for a summary of goodwill recorded in connection with business combinations during the nine months ended September 30, 2022. The changes in carrying value of goodwill by Operating Group for the periods are as follows: (in thousands) Middle Market Specialty MainStreet Medicare Total Balance at December 31, 2021 $ 901,127 $ 264,018 $ 38,892 $ 24,704 $ 1,228,741 Goodwill of acquired businesses — 6,865 174,727 7,141 188,733 Measurement period adjustments (1) 2,939 516 — — 3,455 Balance at September 30, 2022 $ 904,066 $ 271,399 $ 213,619 $ 31,845 $ 1,420,929 __________ (1) Measurement period adjustments recorded during 2022 relating to businesses acquired in the fourth quarter of 2021 increased premiums, commissions and fees receivable by $3.7 million, increased current liabilities by $7.0 million and increased consideration by $0.2 million.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities (Notes)	9 Months Ended
	Sep. 30, 2022
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities Disclosure	Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following: (in thousands) September 30, 2022 December 31, 2021 Accrued compensation and benefits $ 39,225 $ 22,460 Contract liabilities 25,060 18,178 Current portion of operating lease liabilities 13,447 12,520 Accrued expenses 11,862 9,731 Deferred consideration payments 10,543 12,355 Current portion of long-term debt 8,509 8,521 Tax distribution payable — 5,072 Other 5,552 3,386 Accrued expenses and other current liabilities $ 114,198 $ 92,223 BRP previously had advisor incentive agreements with several of its Risk Advisors to incentivize them to stay with the Company and grow their Book of Business. 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 Company’s obligation related to advisor incentive liabilities of all but one Risk Advisor was settled in connection with its reorganization during 2019. One Risk Advisor chose not to convert his incentive rights into common stock of BRP Group. As a result, the remaining advisor incentive liability has been reported at expected value of the expected buyout amount each reporting period as a component of other liabilities in the accompanying balance sheets.

Long-term Debt (Notes)

Long-term Debt (Notes)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Long-term Debt	Long-Term Debt As of December 31, 2021, the JPM Credit Agreement provided for senior secured credit facilities in an aggregate principal amount of $1.325 billion, which consisted of (i) a term loan facility in the principal amount of $850.0 million maturing in 2027 (the “Term Loan B”) and (ii) a revolving credit facility with commitments in an aggregate principal amount of $475.0 million maturing in 2025 (the “Revolving Facility”). On March 28, 2022, the Company entered into Amendment No. 5 to the JPM Credit Agreement, under which (i) the aggregate principal amount of the Revolving Facility was increased from $475.0 million to $600.0 million, (ii) the interest rate on the Revolving Facility changed to the SOFR, plus a credit spread adjustment of 10 bps plus an amount between 200 bps and 300 bps based on the total net leverage ratio, (iii) the total net leverage ratio covenant increased to 7.0x consolidated earnings before interest, taxes, depreciation and amortization (“EBITDA”) and (iv) the maturity of the Revolving Facility was extended to April 1, 2027. The other terms of the Revolving Facility and the terms of the Term Loan B remained unchanged. The JPM Credit Agreement also provides for a benchmark replacement to SOFR for the Term Loan B such that there are no material contract modifications resulting from a transition from LIBOR. The Term Loan B bears interest at LIBOR plus 350 bps, subject to a LIBOR floor of 50 bps. At September 30, 2022, the outstanding borrowings on the Term Loan B were $840.2 million and had an applicable interest rate of 6.26% at September 30, 2022. The outstanding borrowings on the Term Loan B are offset by unamortized debt discount and issuance costs of $20.8 million on the balance sheet at September 30, 2022. The outstanding borrowings on the Revolving Facility of $527.0 million had an applicable interest rate of 6.07% at September 30, 2022. The Revolving Facility is also subject to a commitment fee of 0.40% on the unused capacity at September 30, 2022. The JPM Credit Agreement requires the Company to meet certain financial covenants and comply with customary affirmative and negative covenants as listed in the underlying agreement. The Company was in compliance with these covenants at September 30, 2022. Interest Rate Caps The Company enters into interest rate caps to mitigate its exposure to interest rate risk on its debt by limiting the impact of interest rate changes on cash flows. On May 5, 2022, the Company sold its $300.0 million notional, 2.50% interest rate cap expiring March 8, 2026 and two $100.0 million notional, 3.00% interest rate caps expiring August 13, 2028 for aggregate proceeds of $19.0 million. The Company retained its $300.0 million notional, 1.50% interest rate cap expiring on March 10, 2024. The interest rate caps are recorded at an aggregate fair value of $12.2 million and $6.3 million at September 30, 2022 and December 31, 2021, respectively. The interest rate caps are included as a component of other assets on the condensed consolidated balance sheets. The Company recognized a fair value gain on interest rate caps, net of cash received for settlement of $3.6 million and $24.9 million for the three and nine months ended September 30, 2022, respectively, and a fair value loss on interest rate caps of $0.3 million and $1.2 million, respectively, for the three and nine months ended September 30, 2021. In addition, the Company recognized a gain on interest rate caps related to settlements received of $0.5 million for each of the three and nine months ended September 30, 2022. The fair value gain or loss on interest rate caps and the gain on interest rate caps related to settlements received are included as components of other income (expense), net in the condensed consolidated statements of comprehensive income (loss).

Related Party Transactions (Not

Related Party Transactions (Notes)	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Notes Payable In September 2021, the Company accelerated recognition of MSI’s maximum contingent earnout and entered into notes payable agreements with each of MSI’s shareholders for a combined principal amount of $61.5 million. The related party notes were subsequently paid in full in April 2022. Commission Revenue The Company serves as a broker for Holding Company of the Villages, Inc. (“The Villages”), a significant shareholder, and certain affiliated entities. Commission revenue recorded as a result of transactions with The Villages was $0.3 million and $1.0 million for the three months ended September 30, 2022 and 2021, respectively, and $2.0 million and $2.3 million for the nine months ended September 30, 2022 and 2021, respectively. 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 $0.1 million for each of the three months ended September 30, 2022 and 2021 and $0.3 million and $0.1 million for the nine months ended September 30, 2022 and 2021, respectively. Commissions and Consulting Expense Two brothers of Lowry Baldwin, our Board Chair, earned Risk Advisor commissions from the Company of $0.2 million and $0.1 million for the three months ended September 30, 2022 and 2021, respectively, and $0.5 million and $0.4 million for the nine months ended September 30, 2022 and 2021, respectively. The Company has a consulting agreement with Accenture, with which an independent member of our board of directors holds an executive leadership position. Consulting expense recorded as a result of these transactions was $0.7 million for each of the three and nine months ended September 30, 2022. Rent Expense The Company has various agreements to lease office space from wholly-owned subsidiaries of The Villages. Total rent expense incurred with respect to The Villages and its wholly-owned subsidiaries was $0.1 million for each of the three months ended September 30, 2022 and 2021 and $0.3 million and $0.4 million for the nine months ended September 30, 2022 and 2021, respectively. The Company has various agreements to lease office space from other related party entities. Total rent expense incurred with respect to other related parties was $0.9 million and $0.6 million for the three months ended September 30, 2022 and 2021, respectively, and $2.8 million and $1.7 million for the nine months ended September 30, 2022 and 2021, respectively. Total right-of-use assets and operating lease liabilities included on the Company’s balance sheet related to these agreements were $15.8 million and $16.2 million, respectively, at September 30, 2022 and $17.9 million and $18.2 million, respectively, at December 31, 2021.

Share-Based Compensation (Notes

Share-Based Compensation (Notes)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation The Company has an Omnibus Incentive Plan (the “Omnibus Plan”) and a Partnership Inducement Award Plan (the “Inducement Plan” and collectively, the “Plans”) to motivate and reward Colleagues and other individuals, including those who join the Company through Partnerships, to perform at the highest level and contribute significantly to the Company’s success, thereby furthering the best interests of its shareholders. The Omnibus Plan and the Inducement Plan provide for the Company to make awards of 6,142,862 and 3,000,000 shares of Class A common stock, respectively, at September 30, 2022. During the nine months ended September 30, 2022, the Company made awards of restricted stock, unrestricted stock and performance-based restricted stock units under the Plans to its non-employee directors, Colleagues and executive officers. Shares of unrestricted stock issued to directors during the nine months ended September 30, 2022 were vested upon issuance, while restricted stock issued to Colleagues, Risk Advisors and executive officers generally either cliff vest after 3 to 4 years or vest ratably over 3 to 5 years. The following table summarizes the activity for non-vested awards granted by the Company under the Plans: Shares Weighted-Average Grant-Date Fair Value Per Share Outstanding at December 31, 2021 3,215,731 $ 28.83 Granted 1,048,937 26.62 Vested and settled (545,204) 25.53 Forfeited (92,533) 26.52 Outstanding at September 30, 2022 3,626,931 28.77 The total fair value of shares that vested and settled under the Plans was $13.9 million and $5.7 million for the nine months ended September 30, 2022 and 2021, respectively. Share-based compensation includes expense recognized for management incentive units and advisor incentives, in addition to issuances under the Plans. The Company recognizes share-based compensation expense for the Plans net of actual forfeitures. The Company recorded total share-based compensation expense of $8.4 million and $3.8 million for the three months ended September 30, 2022 and 2021, respectively, and $26.1 million and $11.9 million for the nine months ended September 30, 2022 and 2021, respectively, which is included in commissions, employee compensation and benefits expense in the condensed consolidated statements of comprehensive income (loss).

Earnings (Loss) Per Share (Note

Earnings (Loss) Per Share (Notes)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Earnings (Loss) Per ShareBasic earnings per share is computed by dividing net income attributable to BRP Group, Inc. by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted earnings per share is computed giving effect to all potentially dilutive shares of common stock. During the periods presented, potentially dilutive securities include restricted stock awards and shares of Class B common stock, which can be exchanged (together with a corresponding number of LLC Units) for shares of Class A common stock on a one-for-one basis. The following potentially dilutive securities were excluded from the Company's diluted weighted-average number of shares outstanding calculation for the periods presented as their inclusion would have been anti-dilutive. For the Three Months For the Nine Months 2022 2021 2022 2021 Unvested restricted shares of Class A common stock 3,338,908 1,801,394 — 1,801,394 Shares of Class B common stock 54,611,484 52,484,315 54,611,484 52,484,315 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 earnings (loss) per share for the three and nine months ended September 30, 2022 and 2021: For the Three Months For the Nine Months (in thousands, except per share data) 2022 2021 2022 2021 Basic earnings (loss) per share: Net income (loss) attributable to BRP Group, Inc. $ (24,793) $ (13,212) $ 6,718 $ (7,999) Shares used for basic earnings (loss) per share: Weighted-average shares of Class A common stock outstanding - basic 57,282 46,446 56,430 45,132 Basic earnings (loss) per share $ (0.43) $ (0.28) $ 0.12 $ (0.18) Diluted earnings (loss) per share: Net income (loss) attributable to BRP Group, Inc. $ (24,793) $ (13,212) $ 6,718 $ (7,999) Shares used for diluted earnings (loss) per share: Weighted-average shares of Class A common stock outstanding 57,282 46,446 56,430 45,132 Dilutive effect of unvested restricted shares of Class A common stock — — 3,465 — Weighted-average shares of Class A common stock outstanding - diluted 57,282 46,446 59,895 45,132 Diluted earnings (loss) per share $ (0.43) $ (0.28) $ 0.11 $ (0.18)

Fair Value Measurements (Notes)

Fair Value Measurements (Notes)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements ASC Topic 820, Fair Value Measurement (“Topic 820”) established a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy under Topic 820 are described below: Level 1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access. Level 2: Inputs to the valuation methodology are quoted market prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The fair value measurement level for assets and liabilities within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis within each level of the fair value hierarchy: (in thousands) September 30, 2022 December 31, 2021 Level 2 Interest rate caps $ 12,172 $ 6,338 Level 2 Assets $ 12,172 $ 6,338 Level 3 Contingent earnout liabilities $ 229,614 $ 258,589 Level 3 Liabilities $ 229,614 $ 258,589 Methodologies used for liabilities measured at fair value on a recurring basis within Level 3 of the fair value hierarchy at September 30, 2022 and December 31, 2021 are based on limited unobservable inputs. These methods may produce a fair value calculation that may not be indicative of the net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The fair value of interest rate caps was $12.2 million at September 30, 2022. The fair value of interest rate caps is determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The fair value of contingent earnout liabilities is based on sales projections for the acquired entities, which are reassessed each reporting period. Based on the Company’s ongoing assessment of the fair value of its contingent earnout liabilities, the Company recorded a net increase in the estimated fair value of such liabilities of $21.7 million for the three months ended September 30, 2022 and a net decrease of $10.8 million for the nine months ended September 30, 2022. The Company has assessed the maximum estimated exposure to the contingent earnout liabilities to be approximately $980.5 million at September 30, 2022. The Company measures 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 liability with a higher liability capped by the contractual maximum of the contingent earnout liabilities. Ultimately, the liability will be equivalent to the amount settled, and the difference between the fair value estimate and amount settled will be recorded in earnings for business combinations, or as a reduction of the cost of the assets acquired for asset acquisitions. The fair value of the contingent earnout liabilities is based on Monte Carlo simulations that measure the present value of the expected future payments to be made to Partners in accordance with the provisions outlined in the respective purchase agreements, which is a Level 3 fair value measurement. In determining fair value, the Company estimates the Partner’s future performance using financial projections developed by management for the Partner and market participant assumptions that were derived for revenue growth, profitability based on EBITDA, the number of rental units tracked or the insured value of sourced homeowners’ insurance. Revenue and EBITDA growth rates generally ranged from 7% to 35% at September 30, 2022 and from 5% to 22% at December 31, 2021. 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 8.25% to 18.00% at September 30, 2022 and from 5.00% to 15.50% at December 31, 2021. 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 following table sets forth a summary of the changes in the fair value of the Company’s contingent earnout liabilities, which are measured at fair value on a recurring basis utilizing Level 3 assumptions in their valuation: For the Three Months For the Nine Months (in thousands) 2022 2021 2022 2021 (1) Balance at beginning of period $ 209,996 $ 178,252 $ 258,589 $ 164,819 Fair value of contingent consideration issuances (1) 3,097 53,102 16,495 56,143 Change in fair value of contingent consideration 21,695 11,341 (10,809) 23,163 Settlement of contingent consideration (2) (5,174) (61,750) (34,661) (63,180) Balance at end of period $ 229,614 $ 180,945 $ 229,614 $ 180,945 __________ (1) During the nine months ended September 30, 2021, the Company recorded measurement period adjustments relating to businesses acquired in the fourth quarter of 2020. These adjustments decreased contingent earnout liabilities by $4.7 million, which offsets issuances of $60.9 million from business combinations for the period. (2) During the three and nine months ended September 30, 2021, the Company settled $61.5 million of its contingent earnout liabilities through the issuance of related party notes payable, of which $35.9 million is included in payment of contingent earnout consideration in excess of purchase price accrual in the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2022. Refer to Note 10 for additional information. Fair Value of Other Financial Instruments The fair value of long-term debt and the revolving line of credit is based on an estimate using a discounted cash flow analysis based on current borrowing rates for similar types of borrowing arrangements. The carrying amount and estimated fair value of long-term debt and the revolving line of credit were as follows: Fair Value Hierarchy September 30, 2022 December 31, 2021 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Long-term debt (1) Level 2 $ 840,241 $ 800,330 $ 846,623 $ 870,120 Revolving line of credit Level 2 527,000 501,967 35,000 33,968 __________ (1) The carrying amount of the long-term debt does not reflect unamortized debt discount and issuance costs of $20.8 million and $23.5 million at September 30, 2022 and December 31, 2021, respectively, which are netted against long-term debt for balance sheet presentation.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In April 2022, BRP made a commitment to the University of South Florida (“USF”) to donate a total of $5.3 million through October 2028. The gift will provide support for the School of Risk Management and Insurance in the USF Muma College of Business. It is currently anticipated that Lowry Baldwin, our Board Chair, will fund half of the amounts to be donated by BRP. No payments have been made toward this commitment as of September 30, 2022. The Company is involved in various claims and legal actions arising in the ordinary course of business. A liability is recorded when a loss is considered probable and is reasonably estimable in accordance with GAAP. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s consolidated financial position, results of operations or liquidity. The Company is in negotiations to settle one or more disputes relating to alleged restrictive covenant violations on the part of certain of its Risk Advisors. The Company has determined that a loss with an estimated range between $1.5 million and $1.8 million is probable. The Company accrued $1.5 million relating to this contingency during the three and nine months ended September 30, 2022 as a component of other operating expenses in the condensed consolidated statements of comprehensive income (loss).

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Segment Reporting	Segment InformationBRP Group’s business is divided into four Operating Groups: Middle Market, Specialty, MainStreet, and Medicare. • The Middle Market Operating Group provides expertly-designed commercial risk management, employee benefits solutions and private risk management for mid-to-large size businesses and high net worth individuals, as well as their families. • The Specialty Operating Group consists of two distinct businesses. Our specialty wholesale broker businesses deliver specialty insurers, professionals, individuals and niche industry businesses expanded access to exclusive specialty markets, capabilities and programs requiring complex underwriting and placement. Specialty also houses our MGA of the Future platform, in which we manufacture proprietary, technology enabled insurance products that are then distributed (in many instances via technology and/or API integrations) internally via our Risk Advisors in Middle Market and MainStreet and externally via select distribution partners, with a focus on sheltered channels where our products deliver speed, ease of use and certainty of execution, an example of which is our national embedded renter’s insurance product sold at point of lease via integrations with property management software providers. • The MainStreet Operating Group offers personal insurance, commercial insurance and life and health solutions to individuals and businesses in their communities. • The Medicare Operating Group offers consultation for government assistance programs and solutions, including traditional Medicare, Medicare Advantage and Affordable Care Act, to seniors and eligible individuals, through a network of primarily independent contractor agents. In 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 our Insurance Company Partners. 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, the Company 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 and Specialty Operating Groups, 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, the Company 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 (loss) and net income (loss) before interest, taxes, depreciation, amortization, and one-time transactional-related expenses or non-recurring items to manage resources and make decisions about the business. Summarized financial information concerning the Company’s Operating Groups is shown in the following tables. The Corporate and Other non-reportable segment includes any expenses not allocated to the Operating Groups and corporate-related items, including related party and third-party interest expense. Intersegment revenue and expenses are eliminated through the Corporate and Other column. 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 Three Months Ended September 30, 2022 (in thousands) Middle Market Specialty MainStreet Medicare Corporate and Other Total Commissions and fees (1) $ 130,216 $ 97,929 $ 39,894 $ 7,890 $ (16,561) $ 259,368 Net income (loss) (25,050) 14,734 7,008 (227) (43,172) (46,707) For the Three Months Ended September 30, 2021 (in thousands) Middle Market Specialty MainStreet Medicare Corporate and Other Total Commissions and fees (2) $ 80,087 $ 41,986 $ 8,760 $ 5,665 $ (942) $ 135,556 Net income (loss) (7,395) 930 1,180 40 (19,356) (24,601) For the Nine Months Ended September 30, 2022 (in thousands) Middle Market Specialty MainStreet Medicare Corporate and Other Total Commissions and fees (1) $ 433,151 $ 221,753 $ 78,601 $ 28,166 $ (26,995) $ 734,676 Net income (loss) 63,296 31,060 10,509 4,359 (94,499) 14,725 For the Nine Months Ended September 30, 2021 (in thousands) Middle Market Specialty MainStreet Medicare Corporate and Other Total Commissions and fees (2) $ 266,751 $ 97,173 $ 25,558 $ 20,269 $ (1,661) $ 408,090 Net income (loss) 28,586 4,434 3,503 2,809 (53,067) (13,735) __________ (1) During the three and nine months ended September 30, 2022, the Middle Market Operating Group recorded intercompany commissions and fees from activity with the Specialty Operating Group of $0.4 million and $1.1 million, respectively; the Specialty Operating Group recorded intercompany commissions and fees from activity with the MainStreet Operating Group and itself of $15.8 million and $24.5 million, respectively; the MainStreet Operating Group recorded intercompany commissions and fees from activity with the Middle Market and Specialty Operating Groups of $0.2 million and $0.4 million, respectively; and the Medicare Operating Group recorded intercompany commissions and fees from activity with itself of $0.2 million and $1.0 million, respectively. These intercompany commissions and fees are eliminated through Corporate and Other. (2) During the three and nine months ended September 30, 2021, the Middle Market Operating Group recorded intercompany commissions and fees from activity with the Specialty Operating Group of $0.6 million and $1.1 million, respectively; the Specialty Operating Group recorded intercompany commissions and fees from activity with itself of less than $0.1 million for each period; the MainStreet Operating Group recorded intercompany commissions and fees from activity with the Middle Market Operating Group of $0.1 million and $0.2 million, respectively; and the Medicare Operating Group recorded intercompany commissions and fees from activity with itself of $0.2 million and $0.3 million, respectively. These intercompany commissions and fees are eliminated through Corporate and Other. (in thousands) Middle Market Specialty MainStreet Medicare Corporate and Other Total Total assets at September 30, 2022 $ 2,204,872 $ 597,662 $ 467,066 $ 72,693 $ 70,095 $ 3,412,388 Total assets at December 31, 2021 2,142,485 549,662 61,322 56,472 66,366 2,876,307

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Principles of Consolidation	The consolidated financial statements include the accounts of BRP Group and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. As the sole manager of Baldwin Risk Partners, LLC (“BRP”), BRP Group operates and controls all the business and affairs of BRP, and has the sole voting interest in, and controls the management of, BRP. Accordingly, BRP Group consolidates BRP in its consolidated financial statements, resulting in a noncontrolling interest related to the membership interests of BRP (the “LLC Units”) held by BRP’s LLC members in its consolidated financial statements. The Company has prepared these condensed consolidated financial statements in accordance with Accounting Standards Codification (“ASC”) Topic 810, Consolidation (“Topic 810”). Topic 810 requires that if an enterprise is the primary beneficiary of a variable interest entity, the assets, liabilities, and results of operations of the variable interest entity should be included in the consolidated financial statements of the enterprise. The Company has recognized certain entities as variable interest entities of which the Company is the primary beneficiary and has included the accounts of these entities in the consolidated financial statements. Refer to Note 3 for additional information regarding the Company’s variable interest entities. Topic 810 also requires that the equity of a noncontrolling interest shall be reported on the condensed consolidated balance sheets within total equity of the Company. Certain redeemable noncontrolling interests are reported on the condensed 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.
Use of Estimates	The preparation of consolidated financial statements in conformity with 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; the determination of fair value in relation to business combinations, purchase price allocation and valuation of intangible assets and contingent consideration; impairment of long-lived assets including goodwill; valuation of the Tax Receivable Agreement liability and income taxes; and share-based compensation.
Recent Accounting Pronouncements	In October 2021, the FASB issued Accounting Standards Update (“ASU”) No. 2021-08, Business Combinations (Topic 805)—Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”) to improve the accounting for acquired revenue contracts with customers in business combinations by addressing diversity in practice and inconsistency related to (i) the recognition of an acquired contract liability and (ii) payment terms and their effect on subsequent revenue recognized by the acquirer. ASU 2021-08 requires that, at acquisition date, an entity recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC Topic 606, Revenue from Contracts with Customers (“Topic 606”) as if it had originated the contracts, while also taking into account how the acquiree applied Topic 606. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022, with early adoption permitted. The adoption of this standard will not have any impact on the Company’s results of operations or financial condition.

Business and Basis of Present_2

Business and Basis of Presentation (Tables)	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Effects of Adopting ASC 842	The following table summarizes the effects of adopting Topic 842 on our condensed consolidated statements of comprehensive income (loss) for the three and nine months ended September 30, 2021: For the Three Months Ended For the Nine Months Ended (in thousands, except per share data) As Previously Reported Effect of Adoption of Topic 842 As Adjusted As Previously Reported Effect of Adoption of Topic 842 As Adjusted Operating expenses: Other operating expenses $ 27,589 $ 379 $ 27,968 $ 64,357 $ 23 $ 64,380 Total operating expenses 152,360 379 152,739 401,836 23 401,859 Operating income (loss) (16,804) (379) (17,183) 6,254 (23) 6,231 Net loss (24,222) (379) (24,601) (13,712) (23) (13,735) Net loss attributable to BRP Group, Inc. (12,833) (379) (13,212) (7,976) (23) (7,999) Basic loss per share $ (0.28) $ — $ (0.28) $ (0.18) $ — $ (0.18) Diluted loss per share $ (0.28) $ — $ (0.28) $ (0.18) $ — $ (0.18) The following table summarizes the effects of adopting Topic 842 on our condensed consolidated statement of cash flows for the nine months ended September 30, 2021: For the Nine Months Ended September 30, 2021 (in thousands) As Previously Reported Effect of Adoption of Topic 842 As Adjusted Cash flows from operating activities: Net loss $ (13,712) $ (23) $ (13,735) Changes in operating assets and liabilities, net of effect of acquisitions: Prepaid expenses and other current assets (5,773) 169 (5,604) Right-of-use assets — (66,373) (66,373) Accounts payable, accrued expenses and other current liabilities 30,703 (1,885) 28,818 Operating lease liabilities — 68,112 68,112

Business Combinations (Tables)

Business Combinations (Tables)	9 Months Ended
	Sep. 30, 2022
Business Combinations [Abstract]
Schedule of Business Acquisitions	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 nine months ended September 30, 2022. (in thousands) Westwood All Others (1) Totals Cash consideration paid $ 372,939 $ 17,415 $ 390,354 Fair value of contingent earnout consideration 12,724 3,771 16,495 Fair value of equity interest — 4,819 4,819 Deferred payment — 3,716 3,716 Total consideration $ 385,663 $ 29,721 $ 415,384 Cash $ 658 $ 1,727 $ 2,385 Restricted cash 50 — 50 Premiums, commissions and fees receivable 4,225 157 4,382 Other assets 392 1,281 1,673 Intangible assets 209,200 15,124 224,324 Goodwill 174,727 14,006 188,733 Total assets acquired 389,252 32,295 421,547 Premiums payable to insurance companies (218) — (218) Producer commissions payable (2,488) — (2,488) Other liabilities (883) (2,574) (3,457) Total liabilities acquired (3,589) (2,574) (6,163) Net assets acquired $ 385,663 $ 29,721 $ 415,384 Maximum potential contingent earnout consideration $ 15,000 $ 12,294 $ 27,294 __________ (1) The "All Others" column includes amounts for the VCM and NHPBA business combinations.
Schedule of Weighted-Average Useful Lives of Intangible Assets Acquired in Business Combinations	The intangible assets acquired in connection with business combinations during the nine months ended September 30, 2022 have the following values and estimated weighted-average lives: (in thousands, except weighted-average lives) Amount Weighted-Average Life Purchased customer accounts $ 30,600 20.0 years Distributor relationships 159,800 20.0 years Software 29,500 5.0 years Trade names 4,424 4.9 years
Schedule of Future Amortization Expense for Intangible Assets Acquired in Business Combinations	Future annual estimated amortization expense over the next five years for intangible assets acquired in connection with business combinations during the nine months ended September 30, 2022 is as follows: (in thousands) Amount For the remainder of 2022 $ 4,453 2023 20,140 2024 22,349 2025 23,940 2026 24,231 2027 18,565
Schedule of Pro Forma Information	The following pro forma consolidated results of operations are provided for illustrative purposes only and have been presented as if the acquisitions of Westwood, VCM and NHPBA occurred on January 1, 2021. This 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 Three Months For the Nine Months (in thousands, except per share data) 2022 2021 2022 2021 Pro forma results: Revenues $ 260,051 $ 160,131 $ 768,444 $ 477,928 Net income (loss) (46,133) (26,883) 11,969 (23,056) Net income (loss) attributable to BRP Group, Inc. (24,491) (14,327) 5,290 (12,511) Basic earnings (loss) per share $ (0.43) $ (0.31) $ 0.09 $ (0.28) Diluted earnings (loss) per share $ (0.43) $ (0.31) $ 0.09 $ (0.28) Weighted-average shares of Class A common stock outstanding - basic 57,327 46,673 56,586 45,358 Weighted-average shares of Class A common stock outstanding - diluted 57,327 46,673 60,190 45,358

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregated Revenue	The following table provides disaggregated commissions and fees revenue by major source: For the Three Months For the Nine Months (in thousands) 2022 2021 2022 2021 Direct bill revenue (1) $ 111,369 $ 58,582 $ 336,563 $ 203,302 Agency bill revenue (2) 92,895 53,495 255,087 136,271 Profit-sharing revenue (3) 15,044 8,105 49,422 26,572 Consulting and service fee revenue (4) 17,572 7,893 44,097 22,470 Policy fee and installment fee revenue (5) 18,036 5,146 37,163 14,414 Other income (6) 4,452 2,335 12,344 5,061 Total commissions and fees $ 259,368 $ 135,556 $ 734,676 $ 408,090 __________ (1) Direct bill revenue represents commission revenue earned by facilitating the arrangement between individuals or businesses and Insurance Company Partners by providing 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 by providing insurance placement services to Clients wherein the Company acts as an agent on behalf of the Client. (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) Service fee revenue is earned by receiving negotiated fees in lieu of a commission and consulting revenue is earned by providing specialty insurance consulting. (5) Policy fee revenue represents revenue earned for acting in the capacity of an MGA on behalf of Insurance Company Partners 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. (6) Other income consists of Medicare marketing income that is based on agreed-upon cost reimbursement for fulfilling specific targeted marketing campaigns in addition to other ancillary income and premium financing income generated across all Operating Groups.

Contract Assets and Liabiliti_2

Contract Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2022
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Schedule of Contract Assets and Liabilities	The balances of contract assets and liabilities arising from contracts with customers are as follows: (in thousands) September 30, 2022 December 31, 2021 Contract assets $ 192,176 $ 168,550 Contract liabilities 25,060 18,178

Deferred Commission Expense (Ta

Deferred Commission Expense (Tables)	9 Months Ended
	Sep. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Deferred Commission Expense	The table below provides a rollforward of deferred commission expense for the periods presented: For the Three Months For the Nine Months (in thousands) 2022 2021 2022 2021 Balance at beginning of period $ 16,198 $ 6,036 $ 11,336 $ 4,751 Costs capitalized 3,641 3,966 10,509 6,152 Amortization (1,206) (587) (3,212) (1,488) Balance at end of period $ 18,633 $ 9,415 $ 18,633 $ 9,415

Intangible Assets, Net and Go_2

Intangible Assets, Net and Goodwill (Tables)	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	Intangible assets consist of the following: September 30, 2022 December 31, 2021 (in thousands) Gross Carrying Value Accumulated Amortization Net Carrying Value Gross Carrying Value Accumulated Amortization Net Carrying Value Purchased customer accounts $ 885,401 $ (94,268) $ 791,133 $ 851,445 $ (54,481) $ 796,964 Distributor relationships 260,421 (11,418) 249,003 100,621 (3,814) 96,807 Software 77,138 (27,178) 49,960 41,743 (18,265) 23,478 Trade names 28,613 (6,909) 21,704 24,189 (3,583) 20,606 Carrier relationships 7,859 (1,530) 6,329 7,859 (1,247) 6,612 Totals $ 1,259,432 $ (141,303) $ 1,118,129 $ 1,025,857 $ (81,390) $ 944,467
Schedule of Goodwill	The changes in carrying value of goodwill by Operating Group for the periods are as follows: (in thousands) Middle Market Specialty MainStreet Medicare Total Balance at December 31, 2021 $ 901,127 $ 264,018 $ 38,892 $ 24,704 $ 1,228,741 Goodwill of acquired businesses — 6,865 174,727 7,141 188,733 Measurement period adjustments (1) 2,939 516 — — 3,455 Balance at September 30, 2022 $ 904,066 $ 271,399 $ 213,619 $ 31,845 $ 1,420,929 __________ (1) Measurement period adjustments recorded during 2022 relating to businesses acquired in the fourth quarter of 2021 increased premiums, commissions and fees receivable by $3.7 million, increased current liabilities by $7.0 million and increased consideration by $0.2 million.

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	9 Months Ended
	Sep. 30, 2022
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consist of the following: (in thousands) September 30, 2022 December 31, 2021 Accrued compensation and benefits $ 39,225 $ 22,460 Contract liabilities 25,060 18,178 Current portion of operating lease liabilities 13,447 12,520 Accrued expenses 11,862 9,731 Deferred consideration payments 10,543 12,355 Current portion of long-term debt 8,509 8,521 Tax distribution payable — 5,072 Other 5,552 3,386 Accrued expenses and other current liabilities $ 114,198 $ 92,223

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Activity of Non-vested Awards under Omnibus and Partnership Inducement Plans	The following table summarizes the activity for non-vested awards granted by the Company under the Plans: Shares Weighted-Average Grant-Date Fair Value Per Share Outstanding at December 31, 2021 3,215,731 $ 28.83 Granted 1,048,937 26.62 Vested and settled (545,204) 25.53 Forfeited (92,533) 26.52 Outstanding at September 30, 2022 3,626,931 28.77

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of Antidilutive Securities Excluded from Dilutive Weighted Average Number of Shares Outstanding Calculation	The following potentially dilutive securities were excluded from the Company's diluted weighted-average number of shares outstanding calculation for the periods presented as their inclusion would have been anti-dilutive. For the Three Months For the Nine Months 2022 2021 2022 2021 Unvested restricted shares of Class A common stock 3,338,908 1,801,394 — 1,801,394 Shares of Class B common stock 54,611,484 52,484,315 54,611,484 52,484,315
Schedule of Earnings (Loss) Per Share	The following is a calculation of the basic and diluted weighted-average number of shares of Class A common stock outstanding and earnings (loss) per share for the three and nine months ended September 30, 2022 and 2021: For the Three Months For the Nine Months (in thousands, except per share data) 2022 2021 2022 2021 Basic earnings (loss) per share: Net income (loss) attributable to BRP Group, Inc. $ (24,793) $ (13,212) $ 6,718 $ (7,999) Shares used for basic earnings (loss) per share: Weighted-average shares of Class A common stock outstanding - basic 57,282 46,446 56,430 45,132 Basic earnings (loss) per share $ (0.43) $ (0.28) $ 0.12 $ (0.18) Diluted earnings (loss) per share: Net income (loss) attributable to BRP Group, Inc. $ (24,793) $ (13,212) $ 6,718 $ (7,999) Shares used for diluted earnings (loss) per share: Weighted-average shares of Class A common stock outstanding 57,282 46,446 56,430 45,132 Dilutive effect of unvested restricted shares of Class A common stock — — 3,465 — Weighted-average shares of Class A common stock outstanding - diluted 57,282 46,446 59,895 45,132 Diluted earnings (loss) per share $ (0.43) $ (0.28) $ 0.11 $ (0.18)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Fair Value by Balance Sheet Grouping	The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis within each level of the fair value hierarchy: (in thousands) September 30, 2022 December 31, 2021 Level 2 Interest rate caps $ 12,172 $ 6,338 Level 2 Assets $ 12,172 $ 6,338 Level 3 Contingent earnout liabilities $ 229,614 $ 258,589 Level 3 Liabilities $ 229,614 $ 258,589
Schedule of Changes in Liabilities Measured at Fair Value on a Recurring Basis	The following table sets forth a summary of the changes in the fair value of the Company’s contingent earnout liabilities, which are measured at fair value on a recurring basis utilizing Level 3 assumptions in their valuation: For the Three Months For the Nine Months (in thousands) 2022 2021 2022 2021 (1) Balance at beginning of period $ 209,996 $ 178,252 $ 258,589 $ 164,819 Fair value of contingent consideration issuances (1) 3,097 53,102 16,495 56,143 Change in fair value of contingent consideration 21,695 11,341 (10,809) 23,163 Settlement of contingent consideration (2) (5,174) (61,750) (34,661) (63,180) Balance at end of period $ 229,614 $ 180,945 $ 229,614 $ 180,945 __________ (1) During the nine months ended September 30, 2021, the Company recorded measurement period adjustments relating to businesses acquired in the fourth quarter of 2020. These adjustments decreased contingent earnout liabilities by $4.7 million, which offsets issuances of $60.9 million from business combinations for the period. (2) During the three and nine months ended September 30, 2021, the Company settled $61.5 million of its contingent earnout liabilities through the issuance of related party notes payable, of which $35.9 million is included in payment of contingent earnout consideration in excess of purchase price accrual in the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2022. Refer to Note 10 for additional information.
Fair Value Disclosure of Asset and Liability Not Measured at Fair Value	The carrying amount and estimated fair value of long-term debt and the revolving line of credit were as follows: Fair Value Hierarchy September 30, 2022 December 31, 2021 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Long-term debt (1) Level 2 $ 840,241 $ 800,330 $ 846,623 $ 870,120 Revolving line of credit Level 2 527,000 501,967 35,000 33,968 __________ (1) The carrying amount of the long-term debt does not reflect unamortized debt discount and issuance costs of $20.8 million and $23.5 million at September 30, 2022 and December 31, 2021, respectively, which are netted against long-term debt for balance sheet presentation.

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Summarized Financial Information by Operating Group	Summarized financial information concerning the Company’s Operating Groups is shown in the following tables. The Corporate and Other non-reportable segment includes any expenses not allocated to the Operating Groups and corporate-related items, including related party and third-party interest expense. Intersegment revenue and expenses are eliminated through the Corporate and Other column. 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 Three Months Ended September 30, 2022 (in thousands) Middle Market Specialty MainStreet Medicare Corporate and Other Total Commissions and fees (1) $ 130,216 $ 97,929 $ 39,894 $ 7,890 $ (16,561) $ 259,368 Net income (loss) (25,050) 14,734 7,008 (227) (43,172) (46,707) For the Three Months Ended September 30, 2021 (in thousands) Middle Market Specialty MainStreet Medicare Corporate and Other Total Commissions and fees (2) $ 80,087 $ 41,986 $ 8,760 $ 5,665 $ (942) $ 135,556 Net income (loss) (7,395) 930 1,180 40 (19,356) (24,601) For the Nine Months Ended September 30, 2022 (in thousands) Middle Market Specialty MainStreet Medicare Corporate and Other Total Commissions and fees (1) $ 433,151 $ 221,753 $ 78,601 $ 28,166 $ (26,995) $ 734,676 Net income (loss) 63,296 31,060 10,509 4,359 (94,499) 14,725 For the Nine Months Ended September 30, 2021 (in thousands) Middle Market Specialty MainStreet Medicare Corporate and Other Total Commissions and fees (2) $ 266,751 $ 97,173 $ 25,558 $ 20,269 $ (1,661) $ 408,090 Net income (loss) 28,586 4,434 3,503 2,809 (53,067) (13,735) __________ (1) During the three and nine months ended September 30, 2022, the Middle Market Operating Group recorded intercompany commissions and fees from activity with the Specialty Operating Group of $0.4 million and $1.1 million, respectively; the Specialty Operating Group recorded intercompany commissions and fees from activity with the MainStreet Operating Group and itself of $15.8 million and $24.5 million, respectively; the MainStreet Operating Group recorded intercompany commissions and fees from activity with the Middle Market and Specialty Operating Groups of $0.2 million and $0.4 million, respectively; and the Medicare Operating Group recorded intercompany commissions and fees from activity with itself of $0.2 million and $1.0 million, respectively. These intercompany commissions and fees are eliminated through Corporate and Other. (2) During the three and nine months ended September 30, 2021, the Middle Market Operating Group recorded intercompany commissions and fees from activity with the Specialty Operating Group of $0.6 million and $1.1 million, respectively; the Specialty Operating Group recorded intercompany commissions and fees from activity with itself of less than $0.1 million for each period; the MainStreet Operating Group recorded intercompany commissions and fees from activity with the Middle Market Operating Group of $0.1 million and $0.2 million, respectively; and the Medicare Operating Group recorded intercompany commissions and fees from activity with itself of $0.2 million and $0.3 million, respectively. These intercompany commissions and fees are eliminated through Corporate and Other. (in thousands) Middle Market Specialty MainStreet Medicare Corporate and Other Total Total assets at September 30, 2022 $ 2,204,872 $ 597,662 $ 467,066 $ 72,693 $ 70,095 $ 3,412,388 Total assets at December 31, 2021 2,142,485 549,662 61,322 56,472 66,366 2,876,307

Business and Basis of Present_3

Business and Basis of Presentation - Additional Information (Details)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Date of incorporation	Jul. 01, 2019

Business and Basis of Present_4

Business and Basis of Presentation - Cumulative Effect of Applying Topic 842 on Condensed Consolidated Statement of Comprehensive Income (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating expenses:
Other operating expenses	$ 47,212	$ 27,968	$ 124,424	$ 64,380
Total operating expenses	289,223	152,739	699,354	401,859
Operating income (loss)	(29,855)	(17,183)	35,322	6,231
Net income (loss)	(46,707)	(24,601)	14,725	(13,735)
Net loss attributable to BRP Group, Inc.	$ (24,793)	$ (13,212)	$ 6,718	$ (7,999)
Basic earnings (loss) per share	$ (0.43)	$ (0.28)	$ 0.12	$ (0.18)
Diluted earnings (loss) per share	$ (0.43)	$ (0.28)	$ 0.11	$ (0.18)
Cash flows from operating activities:
Net loss	$ (46,707)	$ (24,601)	$ 14,725	$ (13,735)
Changes in operating assets and liabilities, net of effect of acquisitions:
Prepaid expenses and other current assets			(10,911)	(5,604)
Right-of-use assets			(15,076)	(66,373)
Accounts payable, accrued expenses and other current liabilities			70,282	28,818
Operating lease liabilities			$ 16,992	68,112
As Previously Reported
Operating expenses:
Other operating expenses		27,589		64,357
Total operating expenses		152,360		401,836
Operating income (loss)		(16,804)		6,254
Net income (loss)		(24,222)		(13,712)
Net loss attributable to BRP Group, Inc.		$ (12,833)		$ (7,976)
Basic earnings (loss) per share		$ (0.28)		$ (0.18)
Diluted earnings (loss) per share		$ (0.28)		$ (0.18)
Cash flows from operating activities:
Net loss		$ (24,222)		$ (13,712)
Changes in operating assets and liabilities, net of effect of acquisitions:
Prepaid expenses and other current assets				5,773
Right-of-use assets				0
Accounts payable, accrued expenses and other current liabilities				30,703
Operating lease liabilities				0
Effect of Adoption of Topic 842
Operating expenses:
Other operating expenses		379		23
Total operating expenses		379		23
Operating income (loss)		(379)		(23)
Net income (loss)		(379)		(23)
Net loss attributable to BRP Group, Inc.		$ (379)		$ (23)
Basic earnings (loss) per share		$ 0		$ 0
Diluted earnings (loss) per share		$ 0		$ 0
Cash flows from operating activities:
Net loss		$ (379)		$ (23)
Changes in operating assets and liabilities, net of effect of acquisitions:
Prepaid expenses and other current assets				(169)
Right-of-use assets				66,373
Accounts payable, accrued expenses and other current liabilities				(1,885)
Operating lease liabilities				$ 68,112

Business Combinations - Additio

Business Combinations - Additional Information (Details) $ in Thousands				3 Months Ended	9 Months Ended
	Aug. 01, 2022	Jun. 03, 2022	Apr. 29, 2022	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($) numberOfBusinessCombinations
Business Acquisition [Line Items]
Number of business combinations | numberOfBusinessCombinations					3
Business combinations aggregate purchase price					$ 415,384
Goodwill, amortization period for tax purposes					15 years
Total revenues recognized from business combinations				$ 31,500	$ 49,700
Net income (loss) recognized from business combinations				10,000	17,100
Acquisition related costs incurred				$ 2,300	2,300
Westwood
Business Acquisition [Line Items]
Business combinations aggregate purchase price					$ 385,663
Effective date of acquisition			Apr. 29, 2022
VCM
Business Acquisition [Line Items]
Effective date of acquisition		Jun. 03, 2022
NHPBA
Business Acquisition [Line Items]
Effective date of acquisition	Aug. 01, 2022

Business Combinations - Schedul

Business Combinations - Schedule of Business Acquisitions (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Business Combination, Consideration Transferred [Abstract]
Cash consideration paid	$ 390,354
Fair value of contingent earnout consideration	16,495	$ 60,865
Fair value of equity interest	4,819	$ 75,634
Deferred payment	3,716
Total consideration	415,384
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Cash	2,385
Restricted cash	50
Premiums, commissions and fees receivable	4,382
Other assets	1,673
Intangible assets	224,324
Goodwill	188,733
Total assets acquired	421,547
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Premiums payable to insurance companies	(218)
Producer commissions payable	(2,488)
Other liabilities	(3,457)
Total liabilities acquired	(6,163)
Net assets acquired	415,384
Westwood
Business Combination, Consideration Transferred [Abstract]
Cash consideration paid	372,939
Fair value of contingent earnout consideration	12,724
Fair value of equity interest	0
Deferred payment	0
Total consideration	385,663
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Cash	658
Restricted cash	50
Premiums, commissions and fees receivable	4,225
Other assets	392
Intangible assets	209,200
Goodwill	174,727
Total assets acquired	389,252
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Premiums payable to insurance companies	(218)
Producer commissions payable	(2,488)
Other liabilities	(883)
Total liabilities acquired	(3,589)
Net assets acquired	385,663
Maximum potential contingent earnout consideration	15,000
Totals
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Maximum potential contingent earnout consideration	27,294
All Others
Business Combination, Consideration Transferred [Abstract]
Cash consideration paid	17,415
Fair value of contingent earnout consideration	3,771
Fair value of equity interest	4,819
Deferred payment	3,716
Total consideration	29,721
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Cash	1,727
Restricted cash	0
Premiums, commissions and fees receivable	157
Other assets	1,281
Intangible assets	15,124
Goodwill	14,006
Total assets acquired	32,295
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Premiums payable to insurance companies	0
Producer commissions payable	0
Other liabilities	(2,574)
Total liabilities acquired	(2,574)
Net assets acquired	29,721
Maximum potential contingent earnout consideration	$ 12,294

Business Combinations - Sched_2

Business Combinations - Schedule of Weighted-Average Lives of Intangible Assets Acquired in Business Combinations (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Amount	$ 224,324
Purchased customer accounts
Acquired Finite-Lived Intangible Assets [Line Items]
Amount	$ 30,600
Weighted Average Life	20 years
Distributor relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Amount	$ 159,800
Weighted Average Life	20 years
Software
Acquired Finite-Lived Intangible Assets [Line Items]
Amount	$ 29,500
Weighted Average Life	5 years
Trade Names
Acquired Finite-Lived Intangible Assets [Line Items]
Amount	$ 4,424
Weighted Average Life	4 years 10 months 24 days

Business Combinations - Sched_3

Business Combinations - Schedule of Future Amortization of Intangible Assets Acquired in Business Combinations (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Business Combinations [Abstract]
For the remainder of 2022	$ 4,453
2023	20,140
2024	22,349
2025	23,940
2026	24,231
2027	$ 18,565

Business Combinations - Sched_4

Business Combinations - Schedule of Pro Forma Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Business Acquisition, Pro Forma Information [Abstract]
Revenues	$ 260,051	$ 160,131	$ 768,444	$ 477,928
Net income (loss)	(46,133)	(26,883)	11,969	(23,056)
Net income (loss) attributable to BRP Group, Inc.	$ (24,491)	$ (14,327)	$ 5,290	$ (12,511)
Basic loss per share	$ (0.43)	$ (0.31)	$ 0.09	$ (0.28)
Diluted loss per share	$ (0.43)	$ (0.31)	$ 0.09	$ (0.28)
Weighted-average shares of Class A common stock outstanding - basic	57,327	46,673	56,586	45,358
Weighted-average shares of Class A common stock outstanding - diluted	57,327	46,673	60,190	45,358

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details) - Variable Interest Entity, Primary Beneficiary - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Variable Interest Entity [Line Items]
Revenues	$ 0.5	$ 0.3	$ 1.3	$ 0.7
Expenses	$ 0.2	$ 0.1	$ 0.8	$ 0.5

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Total commissions and fees	$ 259,368	$ 135,556	$ 734,676	$ 408,090
Direct Bill Revenue
Disaggregation of Revenue [Line Items]
Commissions and fees	111,369	58,582	336,563	203,302
Agency Bill Revenue
Disaggregation of Revenue [Line Items]
Commissions and fees	92,895	53,495	255,087	136,271
Profit Sharing Revenue
Disaggregation of Revenue [Line Items]
Commissions and fees	15,044	8,105	49,422	26,572
Consulting and Service Fee Revenue
Disaggregation of Revenue [Line Items]
Commissions and fees	17,572	7,893	44,097	22,470
Policy Fee and Installment Fee Revenue
Disaggregation of Revenue [Line Items]
Commissions and fees	18,036	5,146	37,163	14,414
Other Income
Disaggregation of Revenue [Line Items]
Commissions and fees	$ 4,452	$ 2,335	$ 12,344	$ 5,061

Revenue - Additional Informatio

Revenue - Additional Information (Details)	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Capitalized contract cost, amortization period	5 years

Contract Assets and Liabiliti_3

Contract Assets and Liabilities - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract assets	$ 192,176	$ 168,550
Contract liabilities	$ 25,060	$ 18,178

Contract Assets and Liabiliti_4

Contract Assets and Liabilities - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract assets related to 2022 business combinations	$ 3.6
Revenue recognized in current year related to contract liabilities at end of prior year	$ 17.9

Schedule of Deferred Commission

Schedule of Deferred Commission Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Schedule of Deferred Commission Expense [Roll Forward]
Balance at beginning of period	$ 16,198	$ 6,036	$ 11,336	$ 4,751
Costs capitalized	3,641	3,966	10,509	6,152
Amortization	(1,206)	(587)	(3,212)	(1,488)
Balance at end of period	$ 18,633	$ 9,415	$ 18,633	$ 9,415

Intangible Assets, Net and Go_3

Intangible Assets, Net and Goodwill - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 1,259,432	$ 1,025,857
Accumulated Amortization	(141,303)	(81,390)
Net Carrying Value	1,118,129	944,467
Purchased customer accounts
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	885,401	851,445
Accumulated Amortization	(94,268)	(54,481)
Net Carrying Value	791,133	796,964
Distributor relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	260,421	100,621
Accumulated Amortization	(11,418)	(3,814)
Net Carrying Value	249,003	96,807
Software
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	77,138	41,743
Accumulated Amortization	(27,178)	(18,265)
Net Carrying Value	49,960	23,478
Trade Names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	28,613	24,189
Accumulated Amortization	(6,909)	(3,583)
Net Carrying Value	21,704	20,606
Carrier relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	7,859	7,859
Accumulated Amortization	(1,530)	(1,247)
Net Carrying Value	$ 6,329	$ 6,612

Intangible Assets, Net and Go_4

Intangible Assets, Net and Goodwill - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization for intangible assets	$ 23,180	$ 12,596	$ 59,912	$ 33,875

Intangible Assets, Net and Go_5

Intangible Assets, Net and Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Goodwill [Roll Forward]
Balance at December 31, 2021	$ 1,228,741
Goodwill of acquired businesses	188,733
Measurement period adjustments	3,455	$ 0
Balance at September 30, 2022	1,420,929
Measurement period adjustment, premiums, commissions and fees receivable	3,700
Measurement period adjustment, cash consideration	200
Contingent Earnout Liabilities
Goodwill [Roll Forward]
Measurement period adjustment, liabilities		$ (4,700)
Accrued expenses and other current liabilities
Goodwill [Roll Forward]
Measurement period adjustment, liabilities	7,000
Middle Market Segment
Goodwill [Roll Forward]
Balance at December 31, 2021	901,127
Goodwill of acquired businesses	0
Measurement period adjustments	2,939
Balance at September 30, 2022	904,066
Specialty Segment
Goodwill [Roll Forward]
Balance at December 31, 2021	264,018
Goodwill of acquired businesses	6,865
Measurement period adjustments	516
Balance at September 30, 2022	271,399
Mainstreet Segment
Goodwill [Roll Forward]
Balance at December 31, 2021	38,892
Goodwill of acquired businesses	174,727
Measurement period adjustments	0
Balance at September 30, 2022	213,619
Medicare Segment
Goodwill [Roll Forward]
Balance at December 31, 2021	24,704
Goodwill of acquired businesses	7,141
Measurement period adjustments	0
Balance at September 30, 2022	$ 31,845

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued compensation and benefits	$ 39,225	$ 22,460
Contract liabilities	25,060	18,178
Current portion of operating lease liabilities	13,447	12,520
Accrued expenses	11,862	9,731
Deferred consideration payments	10,543	12,355
Current portion of long-term debt	8,509	8,521
Tax distribution payable	0	5,072
Other	5,552	3,386
Accrued expenses and other current liabilities	$ 114,198	$ 92,223

Accrued Expenses and Other Cu_4

Accrued Expenses and Other Current Liabilities - Additional Information (Details) $ in Millions	3 Months Ended
	Sep. 30, 2022 USD ($)
Payables and Accruals [Abstract]
Payments for incentive to advisor	$ 4.8

Long-term Debt - Additional Inf

Long-term Debt - Additional Information (Details) - USD ($)				3 Months Ended		9 Months Ended
	Sep. 30, 2022	May 05, 2022	Mar. 28, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Proceeds from revolving line of credit						$ 512,000,000	$ 120,000,000
Interest Rate Cap, Expiration August 2028
Debt Instrument [Line Items]
Notional amount		$ 100,000,000
Interest Rate Cap, Expiration August 2028 | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Interest rate cap - rate		3%
Interest Rate Cap, Expiration August 2028, One
Debt Instrument [Line Items]
Notional amount		$ 100,000,000
Interest Rate Cap, Expiration August 2028, One | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Interest rate cap - rate		3%
Interest Rate Cap, Expiration March 2024
Debt Instrument [Line Items]
Notional amount		$ 300,000,000
Interest Rate Cap, Expiration March 2024 | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Interest rate cap - rate		1.50%
Interest Rate Cap
Debt Instrument [Line Items]
Proceeds from sale of interest rate caps		$ 19,000,000
Interest rate caps aggregate fair value	$ 12,200,000			$ 12,200,000		12,200,000		$ 6,300,000
Gain on interest rate caps				3,600,000		24,900,000
Loss on interest rate caps					$ 300,000		$ 1,200,000
Cash settlements received on interest rate cap				500,000		500,000
Interest Rate Cap, Expiration March 2026
Debt Instrument [Line Items]
Notional amount		$ 300,000,000
Interest Rate Cap, Expiration March 2026 | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Interest rate cap - rate		2.50%
JPM Credit Agreement | JPMorgan Chase Bank, N.A. | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing amount								1,325,000,000
JPM Credit Agreement | Revolving Credit Facility | JPMorgan Chase Bank, N.A. | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing amount								475,000,000
JPM Credit Agreement | Secured Debt | JPMorgan Chase Bank, N.A. | Medium-term Notes
Debt Instrument [Line Items]
Maximum borrowing amount								$ 850,000,000
Interest rate during period	6.26%
Long-term Debt	$ 840,200,000			840,200,000		$ 840,200,000
JPM Credit Agreement | Secured Debt | London Interbank Offered Rate (LIBOR) | JPMorgan Chase Bank, N.A. | Medium-term Notes
Debt Instrument [Line Items]
Basis spread on variable rate						3.50%
Credit Agreement June 2021 Amendment | Secured Debt | London Interbank Offered Rate (LIBOR) | JPMorgan Chase Bank, N.A. | Medium-term Notes
Debt Instrument [Line Items]
Basis spread on variable rate, floor						0.50%
Credit Agreement Amendment No. 5 March 2022 | Revolving Credit Facility | JPMorgan Chase Bank, N.A. | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing amount			$ 600,000,000
Interest rate during period	6.07%
Outstanding borrowings	$ 527,000,000			$ 527,000,000		$ 527,000,000
Commitment fee	0.40%
Credit Agreement Amendment No. 5 March 2022 | Revolving Credit Facility | secured overnight financing rate | JPMorgan Chase Bank, N.A. | Line of Credit
Debt Instrument [Line Items]
Credit Spread Adjustment			0.10%
Credit Agreement Amendment No. 5 March 2022 | Revolving Credit Facility | secured overnight financing rate | JPMorgan Chase Bank, N.A. | Line of Credit | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			3%
Credit Agreement Amendment No. 5 March 2022 | Revolving Credit Facility | secured overnight financing rate | JPMorgan Chase Bank, N.A. | Line of Credit | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			2%

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Notes Payable, Related Parties					$ 61,500
Right-of-use assets	$ 98,049		$ 98,049		81,646
Villages Broker Commissions
Related Party Transaction [Line Items]
Related party commissions revenue	300	$ 1,000	2,000	$ 2,300
Director Broker Commissions
Related Party Transaction [Line Items]
Related party commissions revenue	100	100	300	100
Villages Leased Facilities
Related Party Transaction [Line Items]
Related party expense	100	100	300	400
Other Related Parties Leased Facilities
Related Party Transaction [Line Items]
Related party expense	900	600	2,800	1,700
Right-of-use assets	15,800		15,800		17,900
Operating lease, liability	16,200		16,200		$ 18,200
Commission Expense | Affiliated Entity
Related Party Transaction [Line Items]
Related party expense	200	$ 100	500	$ 400
Consulting Expense | Affiliated Entity
Related Party Transaction [Line Items]
Related party expense	$ 700		$ 700

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 8.4	$ 3.8	$ 26.1	$ 11.9
Unvested restricted shares of Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards that vested in period			$ 13.9	$ 5.7
Minimum | BRP Group, Inc. Omnibus Incentive and Partnership Inducement Award Plans | Cliff Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Minimum | BRP Group, Inc. Omnibus Incentive and Partnership Inducement Award Plans | Ratable Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Maximum | BRP Group, Inc. Omnibus Incentive and Partnership Inducement Award Plans | Cliff Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			4 years
Maximum | BRP Group, Inc. Omnibus Incentive and Partnership Inducement Award Plans | Ratable Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			5 years
Common Class A | Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards authorized by Plan (in shares)	6,142,862		6,142,862
Common Class A | BRP Group, Inc. Partnership Inducement Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards authorized by Plan (in shares)	3,000,000		3,000,000

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Activity of Non-vested Awards under omnibus Plan (Details) - $ / shares	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Outstanding, Number of Shares	3,626,931	3,215,731
Outstanding, Weighted Average Grant Date Fair Value	$ 28.77	$ 28.83
Granted, Number of Shares	1,048,937
Granted, Weighted Average Grant Date Fair Value	$ 26.62
Vested and Settled, Number of Shares	(545,204)
Vested and Settled, Weighted Average Grant Date Fair Value	$ 25.53
Forfeited, Number of Shares	(92,533)
Forfeited, Weighted Average Grant Date Fair Value	$ 26.52

Earnings (Loss) Per Share - Sch

Earnings (Loss) Per Share - Schedule of Antidilutive Shares (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Unvested restricted shares of Class A common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	3,338,908	1,801,394	0	1,801,394
Shares of Class B common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	54,611,484	52,484,315	54,611,484	52,484,315

Earnings (Loss) Per Share Sched

Earnings (Loss) Per Share Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Basic earnings (loss) per share:
Net income (loss) attributable to BRP Group, Inc.	$ (24,793)	$ (13,212)	$ 6,718	$ (7,999)
Weighted-average shares of Class A common stock outstanding - basic	57,282,132	46,446,254	56,430,095	45,132,217
Basic earnings (loss) per share	$ (0.43)	$ (0.28)	$ 0.12	$ (0.18)
Diluted earnings (loss) per share:
Net income (loss) attributable to BRP Group, Inc.	$ (24,793)	$ (13,212)	$ 6,718	$ (7,999)
Weighted-average shares of Class A common stock outstanding	57,282,132	46,446,254	56,430,095	45,132,217
Dilutive effect of unvested restricted shares of Class A common stock	0	0	3,465,000	0
Weighted-average shares of Class A common stock outstanding - diluted	57,282,132	46,446,254	59,895,371	45,132,217
Diluted earnings (loss) per share	$ (0.43)	$ (0.28)	$ 0.11	$ (0.18)

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value by Balance Sheet Grouping (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate caps	$ 12,200
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate caps	12,172	$ 6,338
Level 2 Assets	12,172	6,338
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Contingent earnout liabilities	229,614	258,589
Level 3 Liabilities	$ 229,614	$ 258,589

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in fair value of contingent consideration	$ 21,695	$ 11,341	$ (10,809)	$ 23,163
Maximum estimated exposure to contingent earnout liabilities	980,500		980,500
Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Interest rate caps	$ 12,200		$ 12,200
Revenue or EBITDA Growth Rate | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent earnout liability input	0.07		0.07		0.05
Revenue or EBITDA Growth Rate | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent earnout liability input	0.35		0.35		0.22
Discount Rate | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent earnout liability input	0.0825		0.0825		0.0500
Discount Rate | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent earnout liability input	0.1800		0.1800		0.1550

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Changes in Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Payment of contingent earnout consideration in excess of purchase price accrual related to payment of related party notes payable			$ 48,943	$ 602
MSI
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Payment of contingent earnout consideration in excess of purchase price accrual related to payment of related party notes payable			35,900
Contingent Earnout Liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 209,996	$ 178,252	258,589	164,819
Fair value of contingent consideration issuances(1)	3,097	53,102	16,495	56,143
Change in fair value of contingent consideration	21,695	11,341	(10,809)	23,163
Settlement of contingent consideration(2)	(5,174)	(61,750)	(34,661)	(63,180)
Balance at end of period	$ 229,614	180,945	$ 229,614	180,945
Measurement period adjustment, liabilities				(4,700)
Issuances from business combinations				60,900
Contingent earnout liabilities settled through issuance of related party notes payable		$ 61,500		$ 61,500

Fair Value Measurements - Sch_3

Fair Value Measurements - Schedule of Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Unamortized debt discount and issuance costs	$ 20,800	$ 23,500
Carrying Amount
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Long-term debt	840,241	846,623
Revolving line of credit	527,000	35,000
Estimated Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Long-term debt	800,330	870,120
Revolving line of credit	$ 501,967	$ 33,968

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Apr. 30, 2022
Loss Contingencies [Line Items]
USF Grant Commitment			$ 5.3
Loss contingency, loss accrued in period	$ 1.5	$ 1.5
Minimum
Loss Contingencies [Line Items]
Loss contingency, estimated range of probable loss	1.5	1.5
Maximum
Loss Contingencies [Line Items]
Loss contingency, estimated range of probable loss	$ 1.8	$ 1.8

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	9 Months Ended
	Sep. 30, 2022 segment
Segment Reporting [Abstract]
Number of Operating Segments	4

Segment Reporting - Summarized

Segment Reporting - Summarized Financial Information by Operating Group (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Commissions and fees	$ 259,368	$ 135,556	$ 734,676	$ 408,090
Net income (loss)	(46,707)	(24,601)	14,725	(13,735)
Total assets	3,412,388		3,412,388		$ 2,876,307
Middle Market Segment
Segment Reporting Information [Line Items]
Commissions and fees	130,216	80,087	433,151	266,751
Net income (loss)	(25,050)	(7,395)	63,296	28,586
Total assets	2,204,872		2,204,872		2,142,485
Middle Market Segment | Intersegment Eliminations
Segment Reporting Information [Line Items]
Commissions and fees	(400)	(600)	(1,100)	(1,100)
Specialty Segment
Segment Reporting Information [Line Items]
Commissions and fees	97,929	41,986	221,753	97,173
Net income (loss)	14,734	930	31,060	4,434
Total assets	597,662		597,662		549,662
Specialty Segment | Intersegment Eliminations
Segment Reporting Information [Line Items]
Commissions and fees	(15,800)	(100)	(24,500)	(100)
Mainstreet Segment
Segment Reporting Information [Line Items]
Commissions and fees	39,894	8,760	78,601	25,558
Net income (loss)	7,008	1,180	10,509	3,503
Total assets	467,066		467,066		61,322
Mainstreet Segment | Intersegment Eliminations
Segment Reporting Information [Line Items]
Commissions and fees	(200)	(100)	(400)	(200)
Medicare Segment
Segment Reporting Information [Line Items]
Commissions and fees	7,890	5,665	28,166	20,269
Net income (loss)	(227)	40	4,359	2,809
Total assets	72,693		72,693		56,472
Medicare Segment | Intersegment Eliminations
Segment Reporting Information [Line Items]
Commissions and fees	(200)	(200)	(1,000)	(300)
Corporate and Other
Segment Reporting Information [Line Items]
Commissions and fees	(16,561)	(942)	(26,995)	(1,661)
Net income (loss)	(43,172)	$ (19,356)	(94,499)	$ (53,067)
Total assets	$ 70,095		$ 70,095		$ 66,366