Keystone Agency Investors (KAI), a partnership between Keystone Insurers Group and Bain Capital Credit, entered into a $105 million senior credit facility with Madison Capital Funding.
KAI will use the facility to accelerate its ability to continue acquiring insurance agency partners within the United States. KAI expedited the close of the facility to help facilitate the company’s ninth partnership since launching in July 2020. Over time, and subject to certain terms and conditions, KAI expects to close increases in the facility.
“We are thrilled by the confidence and appreciate the partnership that Madison Capital affords our company and look forward to delivering on our commitments,” Jeff Turner, COO of KAI, said.
“This facility provides us with the opportunity to capitalize on the unique partnership we offer agencies across the United States. It also signifies strong market support of the company’s investment thesis, operational strength and distinct value proposition,” Tony Rossi, CFO of KAI, said.
“As an institution, Madison Capital has a long history supporting and financing the insurance brokerage industry,” Clayton Bruce, a director within Madison Capital’s insurance and financial services team, said. “We were very impressed with the KAI management team and look forward to supporting the next phase of their growth.”
Keystone Agency Investors is a retail insurance brokerage and wealth advisory firm.
