Keystone Agency Partners has announced a significant investment from Warburg Pincus, which will acquire a majority stake in the company. Bain Capital, which helped launch Keystone in 2020, will maintain a minority interest through its new investment from Bain Capital Insurance. The financial terms of this private transaction have not been disclosed.
Keystone was founded in 1983 and has grown into a prominent national retail broker and agency network. It consists of 28 Platform Partners and over 350 independent network partners, collectively generating more than $8 billion in annual premiums. Keystone's model supports its owned Platform Partners and Network agencies by providing resources and expertise to help them succeed in the evolving insurance industry.
"We're excited to partner with Warburg Pincus, a firm with a proven track record of supporting growth-oriented companies," said Patrick Kinney, CEO of Keystone. "This investment will enable us to accelerate our growth initiatives and further support our agency and network partners as they navigate the changing insurance landscape."
Jeff Stein, Managing Director at Warburg Pincus, expressed his enthusiasm for partnering with Keystone: "We have been impressed by Keystone’s model and its ability to empower both its Network and Platform Partners to achieve sustained performance and a clear track record of success."
Matt Popoli from Bain Capital added: "Since we founded the business with David Boedker, Keystone Agency Partners has built a differentiated retail insurance brokerage platform by partnering with best-in-class independent agencies."
Angelo Rufino from Bain Capital noted that the transaction reflects their collaborative approach: “This transaction reflects our collaborative, cross-platform approach...”
The deal is expected to close in Q3 2025 pending customary regulatory approvals.
Barclays acted as lead financial advisor to Keystone. Goldman Sachs, KBW, Dowling Hales also served as advisors alongside Jamieson for executive leadership advice. Kirkland & Ellis LLP provided corporate legal counsel for Keystone. Jefferies advised Warburg Pincus financially while Wachtell Lipton Rosen & Katz served as corporate legal counsel.