Keystone Agency Partners acquires Keystone Insurers Group to bolster strategic growth
Keystone Agency Partners (KAP) has officially announced its acquisition of Keystone Insurers Group (Keystone), marking a significant step in its strategic expansion. This merger is designed to enhance operational integration and alignment, positioning KAP at the forefront of the rapidly evolving market dynamics. This acquisition not only signifies a pivotal moment for both entities but also aims to reinforce their commitment to delivering exceptional results to their partners, carriers, and clients.
By consolidating KAP’s robust brokerage platform with Keystone’s premier independent agency network, the unified entity will now represent over 380 agencies across the nation. This merger is pending customary closing conditions, including the nod from Keystone’s shareholders. Patrick Kinney, the CEO of KAP, emphasized the merger’s role in KAP’s growth ambitions, 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.”
Post-merger, Patrick Kinney will helm the combined organization as CEO. David E. Boedker Sr., a pivotal figure in Keystone’s history and its CEO since 1998, will retire following the transaction’s closure. He will transition to a strategic advisory role to Mr. Kinney through the end of 2025 and will also serve as the Executive Vice Chairman of KAP’s Board of Directors.
The merger is expected to substantially benefit the stakeholders of both organizations. David Boedker highlighted the positive outcomes anticipated from this transaction: “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.”
Following this acquisition and others slated to close shortly, KAP projects to achieve approximately $375 million in run-rate revenue and will have completed 100 transactions since 2020. With a workforce exceeding 1,600 employees across 31 states, KAP is set to continue its nationwide operations without disruptions, aiming to enhance both immediate and long-term service offerings to its clients.
The consolidation of Keystone and KAP is a strategic maneuver that underscores the growing trend of integration within the insurance brokerage sector. It reflects a calculated effort to leverage combined strengths to better serve agency partners and enhance competitive positioning in a dynamic market.