Baltimore-based insurance agency Maury, Donnelly & Parr, Inc. has acquired another Maryland agency, Wetzel & Lanzi, Inc.
Maury, Donnelly and Parr (MDP), an insurance agency dating back to the 1800s, is acquiring Wetzel and Lanzi, a smaller agency based in Lutherville. The deal, which closed earlier this month, will see seven of Wetzel and Lanzi’s employees move to MDP’s Cockeysville office. Dennis Lawson, president of Wetzel and Lanzi, said not all of the firm’s employees were brought over as a result of the acquisition and that some of the positions were eliminated.
Hayward Howard, a senior vice president for MDP, said the move continues a buying spree of sorts for MDP. Howard said the company has made a “strategic growth investment” once a year, whether that is acquiring a firm or adding a team from another insurance agency. Howard said Wetzel and Lanzi has been a target for MDP because the two firms know each other well.
“The merger will expand MDP’s high-net-worth personal lines practice, a key area of focus for the firm,” said Brian Phoebus, managing partner and executive vice president of MDP in a news release.
The acquisition continues MDP’s aggressive expansion along the East Coast. Howard said MDP has about 200 employees, and has been expanding its reach in other states in recent years. He said MDP has about 100 to 150 employees locally and that the firm has been making moves to open offices in states like Florida, South Carolina and Georgia in recent years. Howard said it isn’t easy balancing the company’s expansion locally and nationally, but the firm plans to continue broadening its reach while consolidating the Greater Baltimore market.
Wetzel & Lanzi is a family-owned, independent insurance agency located in Lutherville-Timonium. Since 1974, W&L has offered personal insurance coverage as well as coverages for contractors, physicians, manufacturers, technology companies, and mercantile offices.
Wetzel & Lanzi will become a part of MDP and will join MDP’s team at its Cockeysville location, one of MDP’s nine locations along the East Coast including Georgia and South Carolina.
Wetzel & Lanzi was represented by Michael Stanley of Wright Constable & Skeen, LLP. MDP was represented by Justin Batoff of Batoff Associates, P.A.
MDP was founded in 1875 as a marine insurer for the businesses utilizing the port of Baltimore. In addition to continuing to serve the marine industry, MDP today offers personal and commercial coverages as well as programs for a number of niche markets including art organizations, non-profits, asset managers, historic properties, restaurants and hospitality firms.
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