Keystone Agency Partners Strengthens Strategic Partnership with Keystone Insurers Group
HARRISBURG, Pa., June 19, 2024 /PRNewswire/ -- Keystone Agency Partners (KAP), a rapidly growing insurance brokerage platform, has signed a definitive agreement to acquire Keystone Insurers Group (Keystone) to embark on the next phase of strategic growth. The acquisition of Keystone will enable increased integration and alignment, allowing KAP to continue to be at the forefront of evolving market dynamics without compromising on its commitment to delivering excellent results to agency partners, carriers, and clients. The acquisition will integrate KAP's brokerage platform with a premier independent agency network and collectively KAP will represent 380+ agencies nationwide. The acquisition is subject to customary closing conditions, including the approval of Keystone's shareholders.
Patrick Kinney, CEO of KAP, expressed his enthusiasm about the acquisition, stating, "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."
Established on the principles of collaboration and mutual success, KAP and Keystone have shared a close alignment since KAP's inception. Now, with the integration of the two organizations, KAP aims to leverage the combined strength of the organization to provide even greater support to agency partners and clients at all stages of the agency lifecycle.
Mr. Kinney will lead the combined organization as CEO. David E. Boedker Sr., who has led Keystone as Chief Executive Officer since 1998, will retire from the role upon the closing of the transaction and will continue as a strategic adviser to Mr. Kinney through the end of 2025. Mr. Boedker was Keystone's first employee in 1987 and played a pivotal role in the founding of KAP. He will continue serving as the Executive Vice Chairman of KAP's Board of Directors.
Mr. Boedker, emphasized the positive impact the transaction will have on both organizations' stakeholders. "This step completes our strategic vision of bringing KAP and Keystone together, creating an exciting growth opportunity for our network of agencies to capitalize on our existing relationship while preserving the core values that have defined Keystone for over forty years."
Upon closing of this acquisition and others expected to close in the near term, KAP will have approximately $375 million in run-rate revenue and will have closed 100 transactions since 2020. With over 1,600 employees nationwide, the organization operates across 31 states, providing agency and client-centric solutions in risk management, employee benefits and other financial services.
As KAP and Keystone integrate their operations, they remain collectively committed to ensuring a seamless transition for their agency partners, carriers and clients. The company plans to continue to operate without disruption and provide both immediate and long-term enhancement to its service model.
About Keystone Agency Partners
Keystone Agency Partners is a rapidly growing insurance brokerage platform that acquires and partners with independent insurance agencies throughout the United States. KAP seeks to provide best-in-class services and capital investments that unlock potential and deliver outsized and profitable growth within its Platform agencies. Keystone Agency Partners was founded in 2020 in partnership with Keystone Insurers Group, Inc. and affiliates of Bain Capital, LP. For more information, please visit: www.keystoneagencypartners.com.
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SOURCE Keystone Agency Partners
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