Warburg Pincus Acquires Majority Stake in Keystone Agency Partners; Bain Capital Reinvests

Keystone Agency Partners Acquires Keystone Insurers Group

July 1, 2024

Insurance

Keystone Agency Partners (KAP) completed its acquisition of Keystone Insurers Group effective July 1, 2024. The deal brings Keystone Insurers Group’s franchise network into KAP’s PE-backed agency platform, expanding KAP’s regional footprint, distribution capabilities and service offerings to clients.

Keystone Agency Partners Invests in Walton Insurance Group

March 1, 2023

Insurance

Keystone Agency Partners (KAP) made a capital investment in Walton Insurance Group, bringing the Jackson, Michigan–based agency into KAP's platform while allowing Walton to retain significant local ownership. The partnership gives Walton access to KAP's carrier network, marketing, technology and operational support to expand its insurance offerings and accelerate growth in Michigan.

Audax Private Equity Acquires Majority Stake in Keystone

January 15, 2026

Consulting

Audax Private Equity has acquired a majority stake in Keystone, purchasing the global technology and advisory services practice from RLH Equity Partners in a recapitalization that closed January 2, 2026. Concurrently, Keystone spun out its Core AI business as an independent B2B AI SaaS company (Keystone.AI) with RLH retaining a minority stake; Jeff Marowits was named CEO and Greg Richards will remain as a senior strategic advisor.

Warburg Pincus Acquires K2 Insurance Services from Lee Equity Partners

December 1, 2022

Insurance

Warburg Pincus has agreed to acquire K2 Insurance Services from Lee Equity Partners to support the company's next phase of growth, including M&A and de-novo incubation. K2, a San Diego-based specialty insurance program manager that services over $1 billion in premiums through a portfolio of MGAs, will be backed by Warburg Pincus to expand its underwriting and distribution capabilities.

Oak Hill Capital Joins Warburg Pincus in Recapitalization of Kestra Holdings

September 30, 2022

Financial Services

Kestra Holdings, an Austin-based wealth management platform, completed a recapitalization in which Oak Hill Capital acquired the minority equity position previously held by funds managed by Stone Point Capital, while Warburg Pincus remains the majority investor. The transaction brings a new private capital partner to support Kestra’s continued scaling, platform investments and capability expansion across its wealth management businesses.

Keystone Agency Partners Adds Arnold Insurance to Its Platform

June 1, 2022

Insurance

Keystone Agency Partners (KAP) announced a strategic partnership to add Arnold Insurance, an independent, female-owned agency based in Missouri, to its platform. Arnold operates 11 offices across multiple states with about 52 employees; financial terms were not disclosed. The deal deepens KAP's footprint in Missouri and expands its presence in Arizona, Colorado, Florida, Oklahoma and Oregon.