Keystone Agency Partners (KAP), an insurance brokerage platform, has signed a definitive agreement to acquire Keystone Insurers Group (Keystone), a premier independent agency network, marking a significant milestone in its strategic growth plan.
This acquisition aims to strengthen integration and alignment, enabling KAP to maintain its leadership in a dynamic market environment while ensuring continued excellence for agency partners, carriers, and clients.
Upon completion, KAP will integrate its brokerage platform with Keystone’s prestigious independent agency network, creating a unified representation of more than 380 agencies nationwide. The transaction is subject to customary closing conditions, including approval by Keystone’s shareholders.
Patrick Kinney, CEO of KAP, commented: “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.”
Founded on principles of collaboration and shared success, KAP and Keystone have maintained a strong alignment since KAP’s inception. Now, with the integration of these two entities, KAP aims to capitalise on their combined strengths to provide enhanced support to agency partners and clients across all stages of their journey.
Kinney will lead the merged organisation as CEO David E. Boedker Sr., who has led Keystone as CEO since 1998, will retire from this role upon the transaction’s completion but will serve as a strategic adviser to Kinney until the end of 2025.
Boedker, Keystone’s inaugural employee in 1987 and instrumental in KAP’s establishment, will continue as Executive Vice Chairman of KAP’s Board of Directors.
Boedker added: “This step completes our strategic vision of bringing KAP and Keystone together, creating an exciting growth opportunity for our network of agencies to capitalise on our existing relationship while preserving the core values that have defined Keystone for over forty years.”
Upon finalising this acquisition and other forthcoming transactions, KAP anticipates achieving approximately $375 million in annual revenue and completing 100 transactions since 2020.
With a workforce spanning over 1,600 employees across 31 states, the organisation delivers client-focused solutions in risk management, employee benefits, and other financial services.
As KAP and Keystone integrate operations, they are committed to ensuring a smooth transition for agency partners, carriers, and clients alike. The company plans to maintain uninterrupted service delivery and enhance its operational model in the short and long term.
