Keystone Agency Partners (KAP), an independent insurance agency partnership platform, has announced it has received a significant preferred equity investment from Flexpoint Ford Asset Opportunity Fund II.
KAP was launched in 2020 with support from its parent Keystone Insurers Group alongside Bain Capital.
Since then, it has attracted an array of partners across the US, enabling it to become a top 50 agency with over $200 million of revenue and a presence across 17 states.
The firm suggests this new investment will allow it to further execute its growth strategy and fund the expansion of its pipeline of platform partners.
Private equity investment firm, Flexpoint, which has approximately $7.8 billion of assets under management, specialises in privately negotiated investments in the financial services and healthcare industries.
The new capital of this announcement is being provided by Flexpoint Asset Opportunity Fund II, which leverages the firm’s institutional knowledge and relationships in financial services.
Mike Morris, Managing Director of Flexpoint, noted that the company is excited to support KAP management and the shareholders with its investment.
Dominic Hood, Managing Director of Flexpoint, added, “Our partnership with KAP represents a great example of Flexpoint’s ability to combine our deep knowledge of the insurance sector with our experience structuring flexible capital solutions.”
Matt Popoli, KAP’s Chairman and Global Head of Insurance at Bain Capital, commented, “This investment represents a significant next step in KAP’s growth trajectory and demonstrates the Company’s commitment to providing best-in-class services and capital support for its platform agencies.
“Flexpoint is a trusted partner to the companies in which it invests and brings significant institutional expertise and capabilities to the organization and we are excited to welcome them as a new financial and strategic partner for KAP.”
KAP CEO, Jeff Turner, said, “Flexpoint’s experience investing across the insurance value chain for nearly two decades will offer deep expertise and strategic insight as KAP continues to expand,
“This new investment will enable us to drive additional value in our business and continue our fast-paced growth.”
