Warburg Pincus to acquire majority stake in Keystone Agency Partners
Insurance broker and agency network Keystone Agency Partners announced that private equity firm Warburg Pincus will acquire a majority stake in the company. Bain Capital, which launched Keystone in 2020, will retain a minority ownership in Keystone through a new investment from Bain Capital Insurance.
Founded in 1983, Keystone has grown into a national retail broker and agency network, comprised of 28 Platform Partners and over 350 independent network partners combining for over $8B in annual premium. Agencies gain access to growth resources, including risk management solutions and market insights to expand their client base and drive profitable growth.
The transaction is expected to close in Q3 2025 and is subject to customary regulatory approvals.
“We’re excited to partner with Warburg Pincus, a firm with a proven track record of supporting growth-oriented companies. 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.” – Patrick Kinney, CEO of 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. As a long-term investor in the insurance sector, we believe that Keystone has significant growth potential and are excited to partner with Patrick and the Keystone team in this exciting next phase of growth.” – Jeff Stein, Managing Director and Head of U.S. Financial Services at Warburg Pincus.
“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. The Company’s substantial growth speaks to the strength of the management team and their deep commitment to delivering value to agency partners across the nation by providing the resources for success. We are excited to partner with the management team, our agency partners and Warburg Pincus for Keystone’s next chapter. We only wish that our dear friend and partner David was still with us to celebrate this significant milestone.” – Matt Popoli, Partner and Global Head of Bain Capital Insurance.
