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June 7, 2022

Johnson & Johnson set to buy two units of Midlands

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.

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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. 

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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