Keystone Agency Partners
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In September, Insurance Insider US revealed that the firm had instructed a recruiter to search for Kinney’s successor. -
The Insurance Insider US news team runs you through this week’s key agency M&A.
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The succession could take some time, and the current CEO could also move to exec chairman.
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AmeriLife and OneDigital are in the market while Relation is preparing for a liquidity event.
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This publication revealed the planned stake purchase earlier this week.
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In May, this publication revealed that Warburg was among the PE bidders for KAP.
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Flexpoint Ford has also positioned itself as a potential minority backer.
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Insurance Insider US examines potential tariffs’ impact on the PE-backed brokers amid the jammed conveyor belt.
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Sources said the platform has retained Barclays and Goldman Sachs to run a process.
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KAP has struck a deal to acquire Keystone Insurers Group – its affiliated agency network – for less than $100mn.
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The $330mn funding round was led by Apogem Capital and jointly arranged by Crescent Capital, both existing lenders to the brokerage firm.
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In May, KAP named Kinney as president as Turner stepped down as CEO, although the executive remained with the retailer as a strategic adviser to the board through 31 July.
