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Wood Gutmann & Bogart Insurance Brokers, a Tustin-based insurance broker, has sold most of its assets to BRP Group Inc., parent of Burnham Benefits Insurance Services LLC. Terms of the deal, expected to close Dec. 1, weren’t disclosed.
“We look forward to growing our presence in both California and the Western U.S.,” WGB Chief Executive Kevin Bogart said in a statement.
“Our firms have dovetailed each other nicely, often sharing clients and always having mutual respect for one another,” said Kris Allison, regional president of Burnham.
WGB reported 2020 revenue rose 8% to $36.8 million, ranking it No. 10 on the Business Journal annual list of insurance brokers published in September.
Burnham Benefits’ Irvine office reported 2020 revenue climbed 15% to $37.8 million, good for No. 9 on the list.
Tampa-based BRP Group, Inc. (NASDAQ: BRP) represents over 700,000 clients across the United States and internationally.