Johnson & Johnson has announced that it is buying the assets of wholesale brokerage & (WB&B) and managing general underwriting (MGU) units of Midlands, a wholly-owned subsidiary of Safety National.
Johnson & Johnson did not disclose the financial terms of the deal, which will expand its presence in Texas and Oklahoma.
The units being acquired are focused on speciality lines of coverage for both personal and commercial lines of business on an admitted and non-admitted E&S basis, Johnson & Johnson said.
Midlands’ WB&B distributes admitted and non-admitted general, commercial, and personal P&C offerings for both small-to-mid-sized commercial businesses and individuals.
Whereas the MGU, which acts as an underwriting manager for various insurers, underwrites policies including ICOA insurance, Texas Non-Subscriber and related insurance products.
Johnson & Johnson CEO Francis Johnson said: “Adding the Midlands Management Corporation Team and their agency network to Johnson & Johnson will provide us with a terrific group of employees and agencies which will enhance our ‘service first’ approach to the Agents currently served by Midlands.”
Safety National president Duane Hercules said: “This acquisition by Johnson & Johnson, a leading specialist in related businesses, will accelerate the growth in revenue and profitability of these business units and provide greater professional development and career advancement opportunities for the employees in these divisions.
All Midlands’ operations outside WB&B and MGU, including excess workers’ compensation and related primary workers’ compensation, speciality programs and claims administration, are not part of the deal.