Keystone Agency Partners acquires Keystone Insurers Group

Insurance brokerage platform Keystone Agency Partners has signed a definitive agreement to acquire independent agency network Keystone Insurers Group.

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, 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 Kinney through the end of 2025. 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.

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.

“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.” – Patrick Kinney, CEO of KAP.

“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.” – David E. Boedker Sr.