Private equity firm Warburg Pincus has agreed to acquire a majority stake in Bain Capital-backed insurance company Keystone Agency Partners.  

Bain Capital will retain minority a stake in the company through a reinvestment from its subsidiary, Bain Capital Insurance. 

Keystone operates as a retail broker and agency network, with 28 platform partners and collaborations with more than 350 independent network partners, managing in excess of $8bn in annual premiums.  

Keystone’s operational framework is designed to support its platform partners and network agencies, providing them with the means to navigate the insurance market. 

Keystone CEO Patrick Kinney said: “We are excited to partner with Warburg Pincus, a firm with a proven track record of supporting growth-oriented companies. This investment will enable us to accelerate our growth initiatives and further support our agency and network partners as they navigate the changing insurance landscape.” 

The acquisition is expected to close in the third quarter of 2025 (Q3 2025), pending standard regulatory approvals. 

Warburg Pincus MD and US financial services head Jeff Stein stated: “We have been impressed by Keystone’s model and its ability to empower both its network and platform partners to achieve sustained performance and a clear track record of success.  

“As a long-term investor in the insurance sector, we believe that Keystone has significant growth potential and are excited to partner with Patrick and the Keystone team in this exciting next phase of growth.” 

Last month, Warburg Pincus made headlines after looking to divest its 10% stake in India-based SBI General Insurance, which could place the valuation of the company at around $4.5bn (Rs387.3bn).