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.
Media Inquiries
Stuart
Kail, Director of Brand & Communications
skail@keystoneagencypartners.com
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SOURCE Keystone Agency Partners