Keystone Agency Investors Expands into Texas by Partnering with Garrett Insurance Agency

Keystone Agency Partners

HARRISBURG, Pa.–(BUSINESS WIRE)–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.

About Garrett Insurance Agency

Garrett Insurance Agency’s mission is to provide insurance of any kind that can suit anyone, with an attitude of care and industriousness. As a family-owned business, they take a hands-on approach to delivering service, treating clients like family since their inception in 1918. Deeply committed to the communities in which they live and work, the agency supports a variety of organizations by volunteering, donating, or serving on the boards of key local organizations including the Kerrville chamber, rotary club, and lions club. They are avid supporters of Bark for Life and Relay for Life. Learn more at https://www.garrettinsurance.com/.

About Keystone Agency Investors (KAI)

Keystone Agency Investors (KAI) is a retail insurance brokerage and wealth advisory firm that helps insurance agencies grow and thrive into the future through strategic acquisition and partnership. Through autonomy, financial security and access to our agency resources, KAI affords owners preservation of their operations and local presence while monetizing their assets and providing an unrivaled blueprint for maximizing value. KAI was formed in 2020 as a strategic partnership between Keystone Insurers Group and Bain Capital Credit. For more information, go to https://kaiagencies.com/.

Contacts

Dan Girardi
(570) 473-4362
dgirardi@kaiagencies.com