BRP Group, Inc. (NASDAQ:BRP) Q1 2024 Earnings Call Transcript

And that’s unlocked real opportunity that’s being leveraged in the field to deliver that expertise, and ultimately, convert that into new client relationships. So it’s broad-based, and I’d say we saw a recovery in our construction practice in the quarter as we signaled that we had expected last call. It wasn’t anything outlier in nature. It was more just regular way, that type of growth and new business results we would expect to see.

Pablo Singzon: Got it. That makes sense. And then last one for me. I was curious to hear if you’re any seeing change in, I guess, the compensation you’re receiving from your insurance versus on an overall basis, I guess, particularly in the main three channels, right? Where I guess the past several years, like I love, cars have been under pressure, and I think some of them have adjusted compensation for their further program for Christmas and any significant changes you’re seeing, I guess for the overall company, right? And perhaps even touch on Medicare or the commercial side. And then specifically the retail, I mean, three things.

Trevor Baldwin: Yeah, so on a high level, Palbo, we’re not seeing any abnormal changes there. When we look at both our IS and our main street business, client retention continues to it will operate in line with where we have historically. Overall premium retention, if anything, is well above the intermediate to longer-term historical standards, based on where we are in the rate cycle. And look, I’d say from time to time, do you see insurance companies pull on the commission lever if they’re experiencing pretty significant financial challenges? Yeah, you do. And do we see that from time to time? Absolutely. Do we ever see that in a manner that’s noticeable or impactful to our overall results. Now we haven’t and we’re not seeing that today and we wouldn’t anticipate that going forward.

Brad Hale: Thank you. Ladies and gentlemen, as there are no further questions, I now hand the conference over to Trevor Baldwin for his closing comments. Trevor?

Trevor Baldwin: Thank you, Ron. I want to thank everyone for joining us on the call this afternoon. And in closing, I want to thank our colleagues for their hard work and dedication. I also want to thank our clients for their continued trust and confidence. Thank you all very much, and I look forward to speaking with you again next quarter.

Operator: Thank you. The conference of The Baldwin Group has now concluded. Thank you for your participation. You may now disconnect your line.