Warburg Pincus to acquire a majority stake in insurance broker Keystone

Keystone, an insurance broker and agency network, announced that growth investor Warburg Pincus, will acquire a majority stake in the company. The private transaction’s financial details were not disclosed.

According to the announcement, Bain Capital, which launched Keystone in 2020, will retain a minority ownership in Keystone through a new investment from Bain Capital Insurance.

This investment will allow Keystone to continue innovating and expanding its network of agency partners.

The transaction is expected to close in the third quarter of 2025 and is subject to customary regulatory approvals.

“We’re excited to partner with Warburg Pincus, a firm with a proven track record of supporting growth-oriented companies,” said Patrick Kinney, CEO of Keystone. “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.”

Since its funding in 1983, Keystone has grown into a leading national retail broker and agency network made of 28 Platform Partners and over 350 independent network partners combining for over $8 billion in annual premium.

Keystone’s approach enables its Platform Partners and Network agencies to develop by offering expertise and resources essential for success in a dynamic insurance sector.

Agencies benefit from enhanced growth resources, including risk management solutions and market insights, facilitating client expansion and profitable growth.

Jeff Stein, Managing Director and Head of U.S. Financial Services at Warburg Pincus stated: “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.”

Matt Popoli, Partner and Global Head of Bain Capital Insurance, commented: 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.”

This website states: The content on this site is sourced from the internet. If there is any infringement, please contact us and we will handle it promptly.