Mentor-based Zito Insurance Agency has been acquired by Risk Strategies, a privately held national insurance brokerage and risk management firm. Terms of the deal were not announced.
Founded in 1963, Zito is a second-generation, full-service insurance brokerage firm employing 36 people and providing property and casualty and life and health insurance services to individuals and businesses across a wide array of industries. In addition to its Mentor headquarters, the firm also maintains an office in nearby Rocky River.
“As we build out our capabilities, we are always seeking firms with a track record of excellence in cultivating deep client relationships through superior work,” Risk Strategies CEO John Mina said in a statement. “Zito’s consultative approach to building client solutions and their loyal client base were both strong indicators they’d be a great fit for us.”
Throughout its history, Zito’s approach has focused on client loyalty. The firm’s largest clients have been with the firm for over 15 years on average, with many having been with the firm for 25 years or longer. Industries that Zito serves range from retail and broadcasting to real estate, contracting and manufacturing. The firm also has a long-established presence in the nonprofit world, with a client history in the sector stretching back 35 years.
“Given Zito’s long history in the region, perpetuating and scaling the business required a partner that could preserve our client-centric, high-touch approach,” Zito Insurance Agency President Chris Zito said in a statement. “Risk Strategies was clearly the best fit for both our people and our clients as we sought to ensure a secure, beneficial path forward for our business.”
The majority of Zito’s business is focused on helping clients develop tailored property and casualty coverage. Business placing personal lines coverage and life and health lines almost evenly make up the remainder. The majority of its 36 employees work at the Mentor headquarters.
Risk Strategies’ entry into Ohio came with the 2017 acquisition of Brightstone, a specialist focused on next-day delivery and courier businesses with offices in Cleveland. In 2018, Risk Strategies acquired Cincinnati Intermediaries, a specialty wholesale brokerage and managing general underwriter focused on professional liability, and employee benefits specialist Benefit Networks Insurance Agency, both based in Cincinnati.