Keystone Insurers Group formed a join venture with Bain Capital Credit.

Keystone Insurers Group, an independent insurance agency network, and Bain Capital Credit formed a joint venture, Keystone Agency Investors, a platform to acquire and invest in US retail insurance agencies. The platform launches with the objective of deploying at least $500m of capital over the next several years. Financial terms were not disclosed. “KAI brings together one of the leading insurance agency networks in the U.S. with one of the leading global investment firms with a long track record of successful investments in financial services businesses. The launch of KAI in partnership with Bain Capital Credit is a natural progression for our growing organization and consistent with our history of providing value-added services to our agency partners for over 37 years. We expect that this will accelerate our national expansion as well as put an end to other organizations acquiring our agency partners and removing them from our network,” David E. Boedker, Keystone Insurers Group CEO.