Warburg Pincus, a global leader in private equity growth investing, plans to acquire a majority stake in Keystone Agency Partners, a prominent insurance broker network. While financial details remain undisclosed, the investment aims to boost Keystone’s innovation and expansion. Bain Capital, which launched Keystone in 2020, will retain a minority stake through a new investment from Bain Capital Insurance.
Founded in 1983, Keystone has grown into a leading national retail broker with 28 Platform Partners and over 350 independent network partners, generating over $8 billion in annual premiums. Its unique model provides essential resources and expertise to help agencies grow in a dynamic insurance market. Recently, Keystone was recognized as the 31st largest broker in the U.S. by Business Insurance.
Advisors/counsel/support: The acquisition is expected to close in Q3 2025, pending regulatory approvals. Barclays is the lead financial advisor to Keystone, with Goldman Sachs, KBW, and Dowling Hales providing additional advisory services. Kirkland & Ellis serves as legal counsel for Keystone, while Jefferies advises Warburg Pincus, with legal support from Wachtell, Lipton, Rosen & Katz and Paul, Weiss, Rifkind, Wharton & Garrison.
KEY QUOTES:
“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
“This transaction reflects our collaborative, cross-platform approach, combining the expertise of our insurance team and the flexible solutions provided by our special situations group to support Keystone’s impressive national expansion and successfully build its leadership position as one of the largest broker networks in the country.”
Angelo Rufino, Partner and Head of Special Situations in North America at Bain Capital
