Keystone Agency Partners, an insurance broker and agency network, has announced that Warburg Pincus, a private equity firm, will acquire a majority stake in the company. The financial terms of the deal have not been disclosed.

Founded in 2020 in collaboration with Keystone Insurers Group Inc. and Bain Capital LP, Keystone has rapidly grown to become one of the largest national retail brokers and agency networks. Its agency network, Keystone Insurers Group Inc., is recognized as the third-largest on Insurance Journal’s 2024 Top Agency Partnerships list.

Bain Capital will maintain a minority stake in Keystone through a new investment from Bain Capital Insurance. This investment aims to support Keystone's ongoing expansion of its network of agency partners.

Keystone, established in 1983, consists of 28 platform partners and over 350 independent network partners, collectively generating more than $8 billion in annual premiums. CEO Patrick Kinney expressed enthusiasm about partnering with Warburg Pincus, highlighting the firm’s strong history of aiding growth-focused companies. He noted that this investment will help Keystone accelerate its growth initiatives and better assist its agency and network partners amid a shifting insurance landscape.

The transaction is anticipated to close in the third quarter of 2025, pending regulatory approvals.