Keystone Company Companions (KAP), a US-based insurance coverage brokerage platform, has entered a definitive settlement to purchase Keystone Insurers Group (Keystone) for an undisclosed sum.
This transfer goals to bolster KAP’s market place by integrating Keystone’s unbiased company community into KAP’s brokerage platform.
KAP was arrange in 2020 by way of a collaboration between Keystone and associates of funding firm Bain Capital.
The mixed organisation will characterize greater than 380 businesses throughout the US, enhancing KAP’s means to ship options in danger administration, worker advantages, and monetary providers.
Publish completion of this transaction and different imminent offers, KAP anticipates reaching round $375m in run-rate income.
Since its inception, the corporate claims to have closed practically 100 transactions. The organisation’s presence spans 31 states, with a workforce of greater than 1,600.
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KAP CEO Patrick Kinney can be on the helm of the expanded organisation.
Present Keystone CEO David E. Boedker Sr. will retire upon deal completion, transitioning to a strategic advisory position to help Kinney by way of to the top of 2025.
Moreover, Boedker will retain his position as the chief vice chairman of KAP’s board of administrators.
Completion of the deal is contingent upon customary closing circumstances, together with clearance from Keystone’s shareholders.
Kinney stated: “This strategic transfer opens up a brand new chapter in our progress ambitions. By becoming a member of KAP and Keystone, we will ship even higher worth to our unbiased businesses, purchasers and provider companions. Collectively, we’ll proceed to uphold our shared dedication to innovation, service excellence, and group impression.”
Earlier in 2024, KAP expanded its portfolio by buying LifeQuotes, a life insurance coverage worth comparability service, making it the twentieth platform accomplice to hitch KAP’s portfolio.
LifeQuotes, which was established in 1984, provides a paperless, on-line platform for patrons to check quotes from 50 life insurers and buy insurance policies from their chosen firm.
