Keystone Agency Partners (KAP) is acquiring Keystone Insurers Group (Keystone) as part of its next phase of strategic growth. The deal, the financial terms of which were not disclosed, will unify KAP’s brokerage platform with Keystone’s independent agency network, collectively representing over 380 agencies nationwide.
Lifting the lid on the swoop, KAP chief executive Patrick Kinney said: “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.”
Moving forward, Kinney will lead the combined company as CEO. Meanwhile, David E. Boedker, Sr., Keystone’s chief executive since 1998, will retire after the transaction closes but will serve as a strategic adviser to Kinney until the end of next year.
Boedker, who was Keystone’s first employee in 1987 and played a crucial role in KAP's founding, will also remain the executive vice chairman of the board of directors at KAP.
Boedker highlighted the merger’s benefits, saying: “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 40 years.”
Following this acquisition and others anticipated to close shortly, KAP will have around $375 million in run-rate revenue and will have completed 100 transactions since 2020. The organization, with more than 1,600 colleagues nationwide, operates in 31 states, providing agency and client-focused solutions in risk management, employee benefits, and other financial services.
The acquisition remains subject to standard closing conditions, including Keystone’s shareholder approval.
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