NEWS DETAIL

Longtime PK Law Client Joseph W. McCartin Insurance Engages in Strategic Acquisition

JOSEPH W. MCCARTIN INSURANCE COMPANY ACQUIRES STATLAND & KATZ, LTD. AND INTEGRATES SEVEN EMPLOYEES INTO NEW OPERATION 

“Expanded business model leverages existing Statland & Katz clients and relationships into an environment that allows full integration of products and services,” explains Mike McCartin, President Joseph W. McCartin Insurance Company.    

Mike McCartin, President Joseph W. McCartin Insurance Company

“Expanded business model leverages existing Statland & Katz clients and relationships into an environment that allows full integration of products and services,” explains Mike McCartin, President Joseph W. McCartin Insurance Company

Joseph W. McCartin Insurance, Inc., a family-owned independent insurance agency founded in 1967, has announced the acquisition of Statland & Katz, Ltd., a Silver Spring-based insurance agency formerly owned by Samuel and Julie Statland. Financial terms were not revealed. The Beltsville, Maryland-based entity, which also operates a satellite office in Centreville, Maryland, intends to integrate the seven employees of Statland & Katz into the new operation that will feature approximately twenty-five full-time professionals. Pessin Katz Law, P.A. (PK Law) Co-Founding Member David Pessin has represented Joseph McCartin and the McCartin family in estate and business planning for two generations. Gregory Weiner, PK Law Member, managed the acquisition transaction on behalf of Joseph W. McCartin.

“Statland & Katz served as a respected competitor for many years, and this pooling of clients and resources forms the foundation of a powerful regional company that is better positioned to service the insurance needs of businesses and individuals,” explained Mike McCartin, President of the company and one of three sons of the founder, Joseph McCartin. “We intend to fully embrace the former Statland & Katz employees, and assimilate these professionals into our corporate culture so they are better equipped to respond to the needs of existing and future clients.”

Joseph W. McCartin offers a comprehensive range of insurance products suited for automobile, home, life and business coverage, including liability and workers compensation.

“Our agency is differentiated from the national insurance groups by the flexibility we offer our clients to select the perfect coverage that precisely responds to their individual needs,” stated Mike McCartin. “Without exclusive ties to one particular insurance group, we are not beholden to the products, pricing or practices of any one company. Rather, we remain in the preferred position to shop quotes and coverage policies for our clients, to better satisfy their requirements.”

Joseph W. McCartin Insurance maintains relationships with carriers that include Erie Insurance, Safeco Insurance, The Harford Mutual Insurance Companies, Liberty Mutual and Travelers.

The Silver Spring office of Statland & Katz will be closed, with all employees relocated to the Joseph W. McCartin Insurance location on 5000 Sunnyside Avenue. Former owners Samuel and Julie Statland will remain involved with the new entity in sales and community outreach roles.

“This was an extremely strategic acquisition by Joseph W. McCartin Insurance and combined two like-minded insurance companies into one strong regional player,” explained Gregory Weiner of PK Law. “Our team was able to complete this transaction in a timely manner that was acceptable to all parties, and minimized disruption to the day-to-day operations.”

Pessin Katz Law, P.A. (PK Law) is the eleventh largest law firm in the Baltimore area and has been serving clients for close to thirty years. PK Law maintains full-service offices in Towson, Columbia, and Bel Air and is comprised of more than 60 lawyers, paralegals and law clerks. Practice areas include corporate law, real estate and zoning, education law, estate planning, elder law, labor and employment, litigation, insurance law medical malpractice defense, private equity placement and venture capital. PK Law frequently represents insurance agencies and their owners in their mergers, acquisitions, expansion, wealth preservation and succession planning. For additional information, visit www.PKLaw.com