Keystone Agency Partners

KAP has struck a deal to acquire Keystone Insurers Group – its affiliated agency network – for less than $100mn.

The $330mn funding round was led by Apogem Capital and jointly arranged by Crescent Capital, both existing lenders to the brokerage firm.

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.

Inside P&C’s news team runs you through the key highlights of the week.

This publication revealed this morning that Bain-backed retail broker raised ~$100mn of preference shares in a deal with the private equity.

The acquisitive, Bain-backed retail broker has struck a deal with private equity firm Flexpoint Ford.

Increased multiples of 16x-17x in the independent agencies sector and uncontemplated perpetuation plans are some of the factors driving the survey’s results.

The partnership expands KAP's reach in Florida and its depth in construction and surety lines.

The executive said recent volatility may lead some peer companies to delay their public debuts.

The Bain-backed consolidator is tied to the fourth-largest agency network, giving it an additional pool of potential acquisitions.

Gupta joins Keystone after spending nearly 10 years at Liberty Mutual.

Keystone Agency Partners said it has named Todd Jones, CEO of QBE North America, as an independent director to its board.