Insurance brokerage platform, Keystone Agency Partners (KAP), has amended and upsized its existing debt facility by securing an additional $330 million of financing, led by Apogem Capital, which was significantly over-subscribed and jointly arranged by Crescent Capital, both of whom are existing lenders to KAP.
Since May of 2021, the brokerage has raised nearly $1.0 billion, in order to pursue its goals of partnering with premier independent insurance agency platforms, as well as delivering successful client solutions and accelerating growth through an integrated services and operations platform.
If you recall, the firm recently acquired LifeQuotes, Inc., as its latest Platform Partner, bringing the total number of partners in its portfolio to 20.
The company ended 2023 approaching a staggering $300 million in run-rate revenue.
The brokerage has also closed 88 transactions since it’s inception in 2020.
KAP CEO Patrick Kinney, commented: “We are thrilled to broaden our reach and to continue delivering unparalleled value to our clients and partners. The future is promising, and we are strategically positioned to expand our impact in the industry.”
Adding: “This recent round of financing further validates the value of KAP’s unique and differentiated offering and that we are delivering exceptional financial results,” said Tony Rossi, Chief Financial Officer of Keystone Agency Partners. “We believe we are well positioned to achieve our ambitious organic and inorganic growth objectives by continuing to invest and elevate the level of services and integration we deliver to our Partners.”
