BRP Group, Inc. (“BRP Group” or the “Company”) (NASDAQ: BRP) today announced that Millennial Specialty Insurance, LLC (“MSI”), an indirect subsidiary of BRP Group, has acquired substantially all of the assets of Arcana Insurance Services, LP (“Arcana”), a Dallas, Texas-based national insurance agency and program administrator, focused on better serving the real estate investor and property management markets.
As a result of this Partnership, BRP Group’s nomenclature for a strategic acquisition, Arcana will bring to BRP Group unique product capabilities in the single-family real estate market, which has powered strong organic growth over Arcana’s history. Arcana generates annual revenues of approximately $3.6 million1.
“We are incredibly excited to welcome the Arcana team to the BRP Group and MSI family,” said Jim Roche, Chief Insurance Innovation Officer of BRP Group. “Arcana’s real estate investor programs provide MSI immediate scale and product capabilities in the rapidly growing single-family rental space, and Mark, Susan and the entire team bring deep industry relationships and expertise that are important additions to MSI’s real estate platform. We believe there is a tremendous opportunity to leverage our collective relationships, proprietary technology and product offerings for future growth.”
“When Arcana decided to explore a potential Partnership, finding a Partner with integrity and a client and colleague-centric culture was top of mind,” said Mark Gannaway, Chief Executive Officer of Arcana. “Our Partnership with BRP Group brings an amazing home to our clients and colleagues, and provides us with capital, technology and resources to take our business to the next level. It is an honor and a privilege to join the BRP Group family, and we look forward to all the great things to come.”
MarshBerry acted as exclusive financial advisor to Arcana in the transaction.
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