Keystone Agency Partners (KAP), a fast-growing insurance brokerage platform, has acquired Keystone Insurers Group (Keystone) to fuel its next stage of strategic expansion. This acquisition strengthens integration and alignment, positioning KAP to lead in a dynamic market while maintaining its commitment to agency partners, carriers, and clients. The combined entity will represent over 380 agencies nationwide, integrating KAP’s brokerage platform with a leading independent agency network.
This strategic acquisition, subject to customary closing conditions and shareholder approval, merges KAP’s brokerage platform with a premier independent agency network. The combined force will represent over 380 agencies across the nation. Patrick Kinney, CEO of KAP, stated, “This strategic move opens 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.” He emphasized the shared commitment to innovation, excellent service, and community impact.
KAP and Keystone have been closely aligned since KAP’s inception, built on collaboration and mutual success. This integration leverages their combined strengths to better support agency partners and clients throughout the agency lifecycle. Keystone, under the leadership of David E. Boedker Sr. since 1998, will benefit from this transition. Mr. Boedker, a pivotal figure in both Keystone and KAP’s founding, will retire as CEO upon transaction close but remain a strategic advisor to Mr. Kinney through 2025. He will also continue as Executive Vice Chairman of KAP’s Board of Directors.
Boedker commented, “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.” This acquisition signifies a significant milestone for both entities.
Following this and other anticipated acquisitions, KAP projects approximately $375 million in run-rate revenue, marking 100 transactions since 2020. With over 1,600 employees across 31 states, KAP offers agency and client-focused solutions in risk management, employee benefits, and financial services. Both KAP and Keystone are dedicated to a seamless transition for all stakeholders, ensuring uninterrupted operations and immediate and long-term service enhancements. The focus remains on delivering exceptional value and support to keystone agency partners, carriers, and clients. This acquisition solidifies KAP’s position as a leading insurance brokerage platform, poised for continued growth and success.
About Keystone Agency Partners:
Keystone Agency Partners is a rapidly expanding insurance brokerage platform acquiring and partnering with independent insurance agencies across the United States. KAP provides best-in-class services and capital investments to unlock potential and drive significant, profitable growth within its platform agencies. Founded in 2020 in partnership with Keystone Insurers Group, Inc. and affiliates of Bain Capital, LP, KAP is committed to empowering independent agencies and delivering exceptional client service. For more information, visit www.keystoneagencypartners.com.
