Warburg Pincus to Acquire Majority Stake in Keystone Agency Partners, Driving Next Phase of Growth

Keystone Agency Partners (Keystone), a leading national insurance broker and agency network, has announced a transformative investment from Warburg Pincus, a global leader in private equity growth investing. Under the agreement, Warburg Pincus will acquire a majority stake in Keystone, positioning the company for its next expansion phase. Existing investor Bain Capital, which launched Keystone in 2020, will reinvest in the company through Bain Capital Insurance and retain a minority ownership.

Published on July 18, 2025

Keystone

The transaction, expected to close in Q3 2025 following customary regulatory approvals, underscores confidence in Keystone’s unique, partnership-driven business model that empowers independent insurance agencies to thrive in a competitive market.

A Proven Model Empowering Independent Agencies

Since its founding in 1983, Keystone has grown into a nationally recognized retail broker and agency network with 28 Platform Partners and over 350 independent network partners, collectively generating more than $8 billion in annual premium. Keystone’s approach focuses on enabling agency partners to grow profitably by providing market insights, risk management solutions, and resources to expand their client base.

The company’s success has earned it recognition as the 31st largest broker in the U.S. by Business Insurance, highlighting the strength of its innovative model and the value it brings to agencies nationwide.

Leadership Perspectives on the Partnership

Patrick Kinney, CEO of Keystone, said the partnership with Warburg Pincus reflects the company’s vision to accelerate its growth initiatives and provide even greater support to its agency and network partners as they navigate the changing insurance landscape.

Jeff Stein, Managing Director and Head of U.S. Financial Services at Warburg Pincus, explained that Keystone’s ability to empower both Network and Platform Partners to achieve sustained performance has been a key factor in the investment decision. He noted that as a long-term investor in the insurance sector, Warburg Pincus sees significant growth potential in Keystone and is eager to support the next phase of its development.

Bain Capital, which partnered with Keystone co-founder David Boedker to establish the business in 2020, reaffirmed its support through continued investment. Matt Popoli, Partner and Global Head of Bain Capital Insurance, highlighted the company’s substantial growth as evidence of the strength of the management team and their commitment to delivering value to agency partners across the nation. He reflected on the milestone, adding that Bain Capital wished their late colleague and partner David Boedker could have been present to celebrate this achievement.

Angelo Rufino, Partner and Head of Special Situations in North America at Bain Capital, emphasized that the transaction reflects Bain’s collaborative, cross-platform approach to supporting national expansion and reinforcing Keystone’s leadership position as one of the largest broker networks in the country.

Closing and Advisory Team

The transaction’s financial details remain undisclosed. Barclays served as Keystone's lead financial advisor, with Goldman Sachs, KBW, and Dowling Hales also advising the company. Jamieson advised Keystone’s executive leadership team, while Kirkland & Ellis LLP provided corporate legal counsel. Warburg Pincus was advised by Jefferies, Wachtell, Lipton, Rosen & Katz, which served as corporate legal counsel, and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as financing legal counsel.

Looking Ahead

This strategic investment sets the stage for Keystone to build on its strong foundation, expand its network of independent agency partners, and deliver even greater resources and value to its stakeholders. With the combined support of Warburg Pincus and Bain Capital, Keystone is poised to accelerate innovation and growth in a rapidly changing insurance market.

About Keystone Agency Partners

Keystone Agency Partners is recognized by Business Insurance as the 31st largest broker and the fastest-growing in the United States. Leveraging its robust distribution capabilities and strategic partnerships with Platform Partners, Keystone's unique model delivers exceptional growth and profitability. By providing best-in-class services and capital investments, Keystone empowers independent agencies to thrive and unlock their full potential. Founded in 2020, Keystone continues to drive innovation and growth in the insurance industry. For more information, please visit www.keystoneagencypartners.com.

About Warburg Pincus

Warburg Pincus LLC is the pioneer of private equity global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than $87 billion in assets under management, and more than 220 companies in its active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has invested in more than 1,000 companies across its private equity, real estate, and capital solutions strategies.

The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information, please visit www.warburgpincus.com or follow us on LinkedIn.

About Bain Capital

Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $185 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

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