Keystone Agency Partners (KAP), a US-based insurance brokerage platform, has entered a definitive agreement to buy Keystone Insurers Group (Keystone) for an undisclosed sum.
This move aims to bolster KAP’s market position by integrating Keystone’s independent agency network into KAP’s brokerage platform.
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KAP was set up in 2020 through a collaboration between Keystone and affiliates of investment company Bain Capital.
The combined organisation will represent more than 380 agencies across the US, enhancing KAP’s ability to deliver solutions in risk management, employee benefits, and financial services.
Post completion of this transaction and other imminent deals, KAP anticipates reaching around $375m in run-rate revenue.
Since its inception, the company claims to have closed nearly 100 transactions. The organisation’s presence spans 31 states, with a workforce of more than 1,600.
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By GlobalDataKAP CEO Patrick Kinney will be at the helm of the expanded organisation.
Existing Keystone CEO David E. Boedker Sr. will retire upon deal completion, transitioning to a strategic advisory role to support Kinney through to the end of 2025.
Additionally, Boedker will retain his role as the executive vice chairman of KAP’s board of directors.
Completion of the deal is contingent upon customary closing conditions, including clearance from Keystone’s shareholders.
Kinney said: “This strategic move opens up a new chapter in our growth ambitions. By joining KAP and Keystone, we can deliver even greater value to our independent agencies, clients and carrier partners. Together, we will continue to uphold our shared commitment to innovation, service excellence, and community impact.”
Earlier in 2024, KAP expanded its portfolio by acquiring LifeQuotes, a life insurance price comparison service, making it the 20th platform partner to join KAP’s portfolio.
LifeQuotes, which was established in 1984, offers a paperless, online platform for customers to compare quotes from 50 life insurers and purchase policies from their chosen company.
