Overview of Transaction

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• Founded in 1978 and headquartered just outside of Pittsburgh, Pennsylvania, Duncan Financial Group (Duncan or DFG) is an end-to-end insurance and risk management firm. For businesses, Duncan offers insurance/risk management, group benefits, retirement plans, and accounting. For individuals, the Company offers insurance, estate planning, wealth management, and tax services.

• Duncan elected to partner with Keystone Agency Investors (KAI) due to its long-standing close relationship with affiliate Keystone Insurers Group (Keystone) and in order to continue to grow as part of the KAI organization.

• Keystone, based out of Central Pennsylvania, counts almost 300 independent agency partners as members across 14 states. Keystone is ranked number three on Insurance Journal’s 2019 list of Top 20 Agency Partnerships.

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Significance of Transaction

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• The acquisition is a major step in the development of KAI as an acquisition vehicle for Keystone and positions KAI for future expansion.

• Duncan will benefit from leveraging Keystone’s brand to accelerate growth via greater distribution and cross-selling. The partnership creates long-term synergies due to similar culture and seamless product fit.

 

Sica | Fletcher's Role

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• Sica | Fletcher was hired to serve as strategic and financial advisor to DFG. Through a collaborative approach, multiple options were explored for the firm culminating in a sale to KAI.

• The Duncan transaction builds on Sica | Fletcher's track record of success with large, complex transactions.