Keystone Agency Partners (KAP), the prominent insurance brokerage platform, has secured an additional $330m in financing, surpassing a total raised capital of $1bn.
The firm upsized their existing debt facility with financing that was led by Apogem Capital and featured involvement from Crescent Capital, according to InsurTech Insights.
Both companies are existing lenders to KAP, and their involvement in this latest capital injection saw the round face significant oversubscription.
This recent funding adds to the impressive total of nearly $1bn raised since May 2021. KAP’s mission is to collaborate with premier independent insurance agency platforms, offering effective client solutions and fostering growth through an integrated services and operations platform.
Since 2020, KAP has executed 88 transactions, closing out 2023 with a remarkable run-rate revenue approaching $300 million. Operating in 14 states with over 1,300 employees nationwide, KAP focuses on delivering client-centric solutions in risk management, employee benefits, and various other financial services. This underscores its commitment to driving innovation and excellence in the insurance brokerage industry.
KAP CEO Patrick Kinney, stated, “We are thrilled to broaden our reach and to continue delivering unparalleled value to our clients and partners. The future is promising, and we are strategically positioned to expand our impact in the industry.” –
Tony Rossi, Chief Financial Officer of Keystone Agency Partners, spoke positievely on the financing. He said, “This recent round of financing further validates the value of KAP’s unique and differentiated offering and that we are delivering exceptional financial results. We believe we are well positioned to achieve our ambitious organic and inorganic growth objectives by continuing to invest and elevate the level of services and integration we deliver to our Partners.
Bill Kindorf, Managing Director at Apogem, added, “This significant facility expansion not only reflects our belief in KAP’s strategic vision but also fortifies their capacity to drive impactful growth in the insurance industry. We look forward to continuing our collaborative journey.
To read the latest breaking InsurTech stories as they happen visit www.insurtechanalyst.com
Keep up with all the latest FinTech news here
Copyright © 2024 FinTech Global
