Independent wholesale insurance broker and full service managing general agent Johnson & Johnson has announced that it is acquiring the wholesale brokerage & binding (WB&B) and managing general underwriting (MGU) units of Midlands Management Corporation – a deal which effectively expands Johnson & Johnson’s footprint in both Texas and Oklahoma.
Midlands’ two units in question focus on specialty lines of coverage for both personal and commercial lines of business on an admitted and non-admitted E&S basis, a Press release said.
The MGU unit acts as an underwriting manager for various insurance companies for which it primarily underwrites ICOA insurance, Texas Non-Subscriber and related insurance products. Meanwhile, the WB&B unit distributes admitted and non-admitted general, commercial, and personal P&C products for small- to mid-sized commercial businesses and individuals.
Midlands is a wholly-owned subsidiary of Safety National Casualty Corporation.
"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,” said Safety National president Duane Hercules.
Hercules also clarified in a statement that all of Midlands’ business outside of the two units – including excess workers' compensation and related primary workers' compensation, specialty programs and claims administration – are not part of the transaction, and will continue to operate under the Midlands name as a Safety National entity.
"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," said Johnson & Johnson CEO Francis Johnson.
"Together, we plan to bring a new level of passion, commitment and resources to the Independent Agencies in Texas and Oklahoma," added Johnson & Johnson president and COO Harry Johnson.
Johnson & Johnson made it to Insurance Business America’s list of Five-Star MGAs and Wholesale Brokers for 2021.