Boston-based Risk Strategies is one of the Top 35 brokers in the U.S.
Boston-based Risk Strategies, Inc. has acquired Lester Brokerage, of Englewood Cliffs, New Jersey. Founded over 60 years by Jack M. Lester, Lester Brokerage offers customized programs simplifying the complex risk management and insurance needs to high net-worth clients. According to the terms of the transaction, Michael Elitzer, who has led Lester Brokerage during the past 21 years, will continue on with Risk Strategies after the sale of the firm.
“I’m excited to be joining such a stellar Private Client practice and contribute to their efforts to change the way personal risk management is done,” said Elitzer. “It’s clear Risk Strategies understands the high-net-worth market’s desire for technical expertise and a working relationship that is personal, local and rooted in confidentiality.”
Prior to running Lester Brokerage, Mr. Elitzer was an attorney with Davis Polk & Wardwell in New Yorkand is a graduate of both Harvard Law School and Harvard Business School. He is a leading national practitioner in the area of group personal excess liability and has developed a strong practice with law firm partners and private equity organizations.
“Risk Strategies Company’s Private Client Group is focused on building a nationwide practice unmatched in both technical capability and high-touch, personalized service,” said Bob Courtemanche, senior managing director and national private client practice leader for Risk Strategies Company. “Michael as an individual and his team at Lester Brokerage as a whole embody that goal and will make an impressive addition to the practice.”
Risk Strategies’ financial backing from private equity firm fuels growth
Founded in 1997, Risk Strategies has grown over the last 18 years to become one of the largest insurance brokerage firms in the U.S. The privately-held Risk Strategies focuses on middle and upper-middle market commercial and high-net-worth clients with its vertical industry expertise including healthcare, higher education, manufacturing, professional liability, construction, entertainment, fine arts, private equity, private client and real estate.
In October of 2014 Risk Strategies acquired the DeWitt Stern Group, greatly expanding its Private Client practices into New York City, Chicago, Los Angeles and Sacramento. In July 2015, it went on to acquire the Burlingame, California-based MacCorkle Insurance Services giving it a foothold in the San Francisco area. In October 2015, the firm established a new Private Client practice in the Southern states of Tennessee, Georgia, and Alabama via its previous acquisition of the Crow Friedman Group.
In November 2015, Kelso & Co., one of the oldest and most established firms in the private equity industry as well as a leading investor in the insurance sector, announced that it had acquired a majority stake in Risk Strategies.