BRP Group acquires Texas-based Arcana Insurance Services

• BRP Group's (NASDAQ:BRP) subsidiary Millennial Specialty Insurance has acquired all of the assets of Arcana Insurance Services, based in Dallas, Texas.
• Arcana is a national insurance agency and program administrator and generates an annual revenues of approximately $3.6M.
• The terms of the transaction not disclosed.
• "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," says Jim Roche, Chief Insurance Innovation Officer of BRP Group.
• Earlier, Jefferies analyst Yaron Kinar initiated Hold rating on BRP Group.