The Pennsylvania-based Keystone Agency Partners (KAP) insurance brokerage platform reported that it has secured an additional $330 million of financing.
Apogem Capital led the financing which was significantly over-subscribed and jointly arranged by Crescent Capital, both existing lenders to KAP.
Since May of 2021, the company said it has raised nearly $1.0 billion to pursue its objectives of partnering with independent insurance agency platforms through its integrated services and operations platform.
KAP said it completed 2023 approaching $300 million in run-rate revenue and has closed 88 transactions since 2020.
KAP and its platform partners operate across 14 states, providing risk management, employee benefits and other financial services.
“This recent round of financing further validates the value of KAP’s unique and differentiated offering and that we are delivering exceptional financial results,” said Tony Rossi, chief financial officer of KAP. He said KAP is “well positioned” to achieve its ambitious organic and inorganic growth objectives.
KAP was founded in 2020 in partnership with Keystone Insurers Group, Inc. and affiliates of Bain Capital.
Keystone Insurers Group ranks third in Insurance Journal’s 2023 Top 20 Agency Partnerships.
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