HARRISBURG, Pa.–Keystone Agency Investors (“KAI”), a strategic partnership between Keystone Insurers Group and Bain Capital Credit, today announced a new partnership with Garrett Insurance Agency, a custom insurance solutions provider serving communities across Texas. Financial terms of the private transaction were not disclosed.
Founded in 1918 and headquartered in Kerrville, TX, Garrett Insurance Agency is an independent insurance agency offering a comprehensive suite of personal, commercial, group health insurance, financial services, and workers compensation. The company’s product suite includes coverage for farms and ranches, business owners, consultants, manufacturers, contractors, professionals, and many others. The team also features an in-house subsidiary – Frantzen, Kaderli & Klier – to specifically handle agricultural business placement and benefits.
KAI is a unique partnership structure that allows owners to monetize their most important asset while continuing to operate their agencies, leveraging growth through enhanced resources and support as they prepare for leadership succession. Garrett Insurance Agency marks KAI’s eighth transaction since launching in July 2020.
“Garrett Insurance Agency marks our first partnership in the great Lonestar state of Texas, and we are excited that Stephen and his agency partners have joined our growing family,” said David E. Boedker, Sr., CEO of KAI. “Their client-centric culture matches perfectly with our organization. Combined with the resources of Keystone, Stephen and the Garrett team are presented with unparalleled opportunity for growth and continued expansion across the west.”
“The KAI partnership provides the ideal framework for our historic and local agency to leverage the support and resources of a top national brand while still maintaining our foothold in the communities we serve,” explained agency President Stephen Schmerbeck. “Our industry is changing very quickly, and small agencies in rural communities can sometimes be forgotten by the large insurance companies. With this new partnership, we are gaining access to markets and resources that will enable us to be at the forefront of continuing to offer our clients the latest and most innovative insurance products while maintaining our goal of enhancing the agency’s legacy.”
Penwell Bowman + Curran LLC provided legal counsel to KAI on the transaction and Reagan Consulting, Inc. provided due diligence advisory.
Source: Keystone Agency Investors
“Some of the statements in this third party article may be forward-looking statements and perhaps even inaccurate statements. AgencyEquity or Strategic Agencies LLC does not make any representation or warranty, express or implied, as to the accuracy, completeness, or updated status of such statements. Therefore, in no case whatsoever will AgencyEquity or Strategic Agencies LLC be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or for any related damages.”
