By Navneeta Nandan

July 16 - (The Insurer) - Private equity firm Warburg Pincus will acquire a majority stake in Keystone Agency Partners, the insurance broker announced on Wednesday.

Keystone's founding investor Bain Capital will retain a minority stake in the broker through a new investment from Bain Capital Insurance.

The transaction is expected to close in the third quarter of 2025.

Other details of the deal were not disclosed.

Pennsylvania-based Keystone was founded in 2020 in partnership with Keystone Insurers Group and affiliates of Bain.

Keystone said it has grown into a leading national retail broker and agency network, comprising 28 platform partners and more than 350 independent network partners with more than $8 billion in combined annual premium. It ranks among the top 40 U.S. insurance brokers by revenue.

"We're excited to partner with Warburg Pincus, a firm with a proven track record of supporting growth-oriented companies," said Patrick Kinney, CEO of Keystone. "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."

Barclays acted as lead financial adviser to Keystone, while Jefferies served as financial adviser to Warburg Pincus.