Risk Strategies Co., an insurance brokerage and risk management firm based in Boston, and DeWitt Stern, a brokerage and risk advisory firm based in New York City, announced their merger.
The combined organization will be called Risk Strategies Co. and have nearly $100 million in revenues and almost 400 employees nationwide. DeWitt Stern will become a division of Risk Strategies and will be referred to as “DeWitt Stern a Risk Strategies Company,” Risk Strategies founder and CEO Michael Christian told Insurance Journal.
The existing management teams of both firms will remain in place. Risk Strategies and DeWitt Stern will continue to operate as they have been, and day-to-day roles will not change, Christian said.
Jolyon F. Stern will remain as chairman of DeWitt Stern, and will be appointed vice chairman of the board of Risk Strategies, joining Risk Strategies’ CEO Christian and Risk Strategies Executive Chairman Roger Egan. Further terms of the deal were not disclosed.
Founded in 1997, Risk Strategies is a brokerage with over 260 employees and 12 offices. The firm specializes in property/casualty and employee benefits, with several client specialty areas including higher education, real estate, environmental, professional liability, private equity, construction and healthcare. Kohlberg & Co., a Mount Kisco, N.Y.-based private equity firm, has been Risk Strategies’ majority stakeholder since June 2013.
Founded in 1899, DeWitt Stern is an insurance brokerage and risk advisory firm, specializing in business, personal, fine art, entertainment and media, employee benefits and executive liability insurance. DeWitt Stern provides insurance coverages for feature films, TV commercial productions, Broadway shows and cultural institutions.
Risk Strategies’ CEO Christian said DeWitt Stern brings strategic significance in burgeoning growth areas, including entertainment, private client personal lines, fine arts and real estate.
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