The four insurance agencies have been integrated to form Midwest Risk Partners, an insurance platform to serve the greater St. Louis area
KAI acquires insurance agencies in Missouri. (Credit: Pixabay/Allan Lau)
Keystone Agency Investors (KAI), a US-based insurance agency, has acquired four St. Louis, Missouri-based insurance agencies for an undisclosed amount.
The four insurance agencies include St. Charles Insurance Group, Jerome L. Howe, Eagle Insurance Agency and Bowersox Insurance Agency.
The insurance agent said that the four insurance agencies will now form Midwest Risk Partners, a custom insurance platform that will serve greater St. Louis area from 1 September 2020.
The new entity to offer full-line of insurance and risk management services for businesses
The combined entity’s product suite will now include insurance and risk management services for businesses such as workers’ compensation, claim and risk management programs, health and wellness programs, benefits, and financial services, along with a full line of personal insurance products.
Keystone Agency Investors CEO David Boedker, Sr., said: “Combined, these agencies form a unique regional platform with a strong foundation of talented insurance professionals who bring decades of expertise and a strong track records of growth.
“By partnering with KAI, the agencies will be able to enhance their product capabilities with a full suite of products to serve any client type.”
Midwest Risk Partners is Keystone Agency Investors’ fourth acquisition since launching this July.
According to Keystone Agency Investors, its partnership structure will allow owners to monetise their important assets while continuing to operate their agencies and growing through enhanced resources and support.
Midwest Partners agency principal Heath Greer said: “This new partnership further enables Midwest Risk Partners core focus ‘To earn the trust of our co-workers, customers and community, while providing protection and peace of mind.’
“KAI creates opportunities for our clients, employees, and further expansion throughout the Midwest. We are excited to join the KAI family and look forward to capitalizing on new opportunities for both our clients and employees as we seek to further strengthen our Midwest presence.”
In July this year, Keystone Agency Investors was formed by a strategic partnership between Keystone Insurers Group and Bain Capital Credit.
Keystone Agency Investors will act as a platform to acquire and invest in retail insurance agencies in the US. The entity aims to invest at least $500m in capital over the next several years.