Keystone Agency Partners

Keystone Agency Partners (KAP) operates as a swiftly expanding insurance brokerage platform in the United States, established in 2020 through a strategic alliance between Keystone Insurers Group, Inc., and affiliates of Bain Capital, LP. This partnership was conceived to acquire and collaborate with independent insurance agencies, providing them with essential capital and comprehensive support services. A pivotal figure in KAP's creation was David E. Boedker Sr., who has been with Keystone Insurers Group since 1987 and played a crucial role in founding KAP, now serving as the Executive Vice Chairman of the Board. The company's business model centers on a "connected autonomy" philosophy, allowing partner agencies to maintain their brand identity and local presence while gaining access to a breadth of resources typically available only to national brokers.

KAP's revenue is generated through its strategic partnerships and the enhanced growth of the agencies it acquires. The firm makes majority-stake investments in high-performing independent agencies and supports their growth, which in turn fuels KAP's financial performance. By the end of 2023, the company was approaching a run-rate revenue of $300 million and had closed 88 transactions since its inception. Following a definitive agreement in June 2024 to acquire its founding partner, Keystone Insurers Group, KAP's projected run-rate revenue is expected to reach approximately $375 million, with a total of 100 transactions and a network of over 380 agencies across 31 states.

The firm offers its platform partners a suite of services across functional areas like human resources, finance, IT, legal, marketing, and M&A support. This support structure is designed to streamline agency operations, boost efficiency, and allow agency leaders to concentrate on strategic expansion and client services. The leadership team, currently headed by CEO Patrick J. Kinney who joined in 2023, possesses extensive experience in the insurance industry. Kinney, a veteran of nearly four decades at Travelers, brings a focus on creating replicable processes and driving operational excellence. The company has secured significant financing to fuel its acquisition strategy, raising nearly $1.0 billion since May 2021, including a $330 million financing round in early 2024.

Keywords: insurance brokerage platform, independent insurance agencies, agency acquisition, insurance M&A, connected autonomy, agency partnerships, risk management solutions, employee benefits services, insurance consolidation, private equity insurance, Bain Capital, Keystone Insurers Group, agency growth capital, insurance operational support, financial services partnerships, insurance agency network, brokerage support services, property and casualty insurance, agency succession planning, commercial insurance brokers