– Adds Approximately $3.6 Million1 of Revenue –
– Arcana’s Real Estate Investor Programs Add to the Product Suite of BRP Group’s MGA of the Future Platform –
– Strong Track Record of Growth; +29%2 Year-Over-Year Revenue Growth YTD in 20212 –
– Brings BRP Group’s Total Revenue from 2021 Announced Partnerships to $204 Million3 –
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.
ABOUT BRP GROUP, INC.
BRP Group, Inc. (NASDAQ: BRP) is an independent insurance distribution firm delivering tailored insurance and risk management insights and solutions that give our clients the peace of mind to pursue their purpose, passion and dreams. We are innovating the industry by taking a holistic and tailored approach to risk management, insurance and employee benefits, and support our clients, Colleagues, Insurance Company Partners and communities through the deployment of vanguard resources and capital to drive our growth. BRP Group represents over 700,000 clients across the United States and internationally. For more information, please visit www.baldwinriskpartners.com. Learn more about MSI at www.msimga.com.
ABOUT ARCANA INSURANCE SERVICES LP
Founded in 2005, Arcana is a national insurance agency and program administrator with the primary purpose to better serve the real estate and property management markets. With a commitment to becoming an invaluable and indispensable partner, Arcana prides itself on the highest level of customer service so that individuals and organizations can meet their goals. For more information, please visit www.arcanainsurance.com.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release may contain various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which represent BRP Group’s expectations or beliefs concerning future events. Forward-looking statements are statements other than historical facts and may include statements that address future operating, financial or business performance or BRP Group’s strategies or expectations, including those about this Partnership. In some cases, you can identify these statements by forward-looking words such as “may”, “might”, “will”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, “outlook” or “continue”, or the negative of these terms or other comparable terminology. Forward-looking statements are based on management’s current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements.
Factors that could cause actual results or performance to differ from the expectations expressed or implied in such forward-looking statements include, but are not limited to, those described under the caption “Risk Factors” in BRP Group’s Annual Report on Form 10-K for the year ended December 31, 2020, and BRP Group’s other filings with the SEC, which are available free of charge on the Securities and Exchange Commission's website at: www.sec.gov, including those risks and other factors relevant to BRP Group’s integration of this Partnership, matters assessed in BRP Group’s due diligence, risks related to the disruption of management time from ongoing business operations due to this Partnership, the business, financial condition and results of operations of BRP Group or this Partner, or both, and factors related to the potential effects of the COVID-19 pandemic on BRP Group’s business, financial condition and results of operations. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All forward-looking statements and all subsequent written and oral forward-looking statements attributable to BRP Group or to persons acting on behalf of BRP Group are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and BRP Group does not undertake any obligation to update them in light of new information, future developments or otherwise, except as may be required under applicable law.
1 Calculated as revenue attributable to acquired business for the most recent trailing twelve-month period prior to acquisition by BRP Group at the time the due diligence was concluded based on a quality of earnings review and not an audit.
2 Based on a quality of earnings review and not an audit. Represents year-to-date gross revenue growth through August 2021 vs. the prior year period.
3 Represents the aggregate revenue of Partners acquired (or announced to be acquired) during 2021, for the most recent trailing twelve-month period prior to acquisition by BRP Group, in each case, at the time the due diligence was concluded based on a quality of earnings review and not an audit.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211207005993/en/
Bonnie Bishop, Executive Director
Baldwin Risk Partners
(813) 259-8032 | IR@baldwinriskpartners.com
Rachel DeAngelo, Communications Manager
Baldwin Risk Partners
(813) 387-6842 | email@example.com