Keystone Agency Partners has expanded its Florida presence with the acquisition of Seibert Insurance Agency by its platform partner, Keyes Coverage.
The deal marks the brokerage's first office on the state's West Coast.
Seibert Insurance adds a long-standing personal and commercial lines franchise in the Tampa Bay market. The 18-person team brings more than 150 years of combined experience.
Under the deal, Seibert will continue to operate from its Tampa office and serve clients under the Keyes Coverage brand. The deal gives Keyes a physical foothold in west-central Florida and adds further depth in personal lines, commercial property and casualty, as well as specialty coverages.
“Joining Keyes Coverage is the right next step for our agency, our employees, and our clients,” said Karyn Roeling (pictured, left) CEO of Seibert Insurance Agency. “We have always prioritized integrity and quality service, and Keyes shares those values. With Keyes and Keystone behind us, we can offer broader resources, more carrier access, and enhanced technology, while keeping the local service our clients expect. I am excited to continue leading our team and to help build Keyes across Tampa and Florida’s West Coast.”
Meanwhile, David Ragno (pictured, right), CEO of Keyes Coverage, said the deal gives the company a "true West Coast presence," as well as a "strong foundation to strategically build out the market."
The acquisition is the latest phase of Keyes Coverage’s expansion in Florida, following a series of strategic partnerships that have doubled the agency’s size and revenue since 2021.
Keyes Coverage is one of Keystone Agency Partners’ platform agencies. Keystone Agency Partners (KAP) was launched in 2020 by Keystone Insurance Group and Bain Capital as a buy-and-build platform focused on partnering with legacy-led, high-performing independent agencies.
Backed by Bain Capital and a senior credit facility arranged in its early years, KAP has grown rapidly through acquisitions, positioning itself as one of the more active private equity-backed buyers in the US retail agency space. Its model typically allows partner agencies to retain local leadership and market identity while tapping centralized resources in areas such as carrier relationships, technology, data analytics, and M&A.
The Seibert deal comes as Florida’s property market shows tentative signs of stabilizing after several years of volatility, carrier failures, and sharp rate hikes. Industry analyses have pointed to an improvement in underwriting results for Florida personal property insurers following a package of legislative reforms aimed at curbing litigation costs and assignment-of-benefits abuses, although pricing remains elevated and capacity selective.
At the same time, the state-backed Citizens Property Insurance Corporation has begun to shrink its book as private carriers re-enter or expand. In the Tampa Bay area, Citizens has seen significant de-population as take-out carriers assume policies and regulatory changes push more risks back into the private market.
That combination of improving carrier performance, Citizens depopulation, and strong population and construction growth is creating openings for independent agents and regional brokers that can place both personal and commercial business in a still-challenging capacity environment.
For Keyes Coverage, having an on-the-ground team in Tampa provides closer access to one of the fastest-growing metro areas in the US, with an expanding small-business base and active real estate and construction sectors that drive demand for property and casualty coverage.
From a distribution standpoint, Florida remains highly competitive and heavily intermediated, with local independent agencies playing a central role in matching risks with a mix of admitted and surplus lines carriers.
As carriers refine their appetite by geography, construction type, and proximity to the coast, local market knowledge and the ability to navigate multiple markets have become key differentiators for agencies operating in coastal counties such as Hillsborough and Pinellas.
