Keystone has appointed Mike Walsh as its chief executive, completing a leadership handover that had already been set out in the company’s succession plan.
He takes over from Patrick Kinney, who is joining Keystone’s Board of Directors.
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The move concludes the group’s planned transition process as it enters its next stage, with the company saying this will preserve continuity for customers, staff and business partners.
While leading the company, Kinney oversaw efforts to reinforce Keystone’s operating base and advance its objectives across the business.
As a board member, Kinney is expected to work alongside Walsh and the wider leadership team to help ensure an orderly transition and support strategy execution, the company said.
Kinney commented: “I am incredibly proud of where Keystone is today, of the team we have built, the progress we have made and the strong foundation in place for continued growth. Mike is a proven leader with deep industry experience and a track record of driving growth. I am excited to support him and the team from the board as Keystone enters its next chapter.”
Walsh takes on the role with experience from across the insurance sector.
Before joining Keystone, he was president of commercial property and casualty at NFP, where he was involved in organic expansion, broader new business activity and acquisition-related work.
Walsh said: “I am honoured to step into the CEO role. Our strategy and priorities remain unchanged: deliver outstanding service to customers, invest in our people and capabilities, and pursue disciplined growth.
“I am grateful for Patrick’s leadership and partnership, and I look forward to working closely with him and our board as we move forward.”
Last year, private equity firm Warburg Pincus purchased a majority stake in Bain Capital-backed insurer Keystone Agency Partners.
Bain Capital retained a minority holding in the business through a reinvestment by its subsidiary, Bain Capital Insurance.
