Workers compensation carrier Safety National Casualty Corp. has acquired Midlands Management Corporation, a managing general agent and wholesale broker.
The deal gives both companies access to new markets and resources. With the sale complete, Midlands is a wholly owned subsidiary of Safety National.
Neither side is disclosing financial terms.
Safety National, a wholly owned subsidiary of global insurer Tokio Marine Holdings, also offers other specialty insurance products for large commercial and public entity clients. Midland is also a program administrator and insurance services provider.
Safety National CEO Mark Wilhelm framed the acquisition as a situation where everybody wins.
“Safety National gains access to new markets and Midlands attains access to market-leading resources and significant financial security,” Wilhelm said in prepared remarks. “Both companies are entering into a mutually beneficial business relationship and we are committed to a smooth transition.”
Midlands CEO Charles Caldwell said his company’s customers “will gain exclusive access to new products and services backed by an ‘A+’-rated carrier.”
Caldwell, in prepared remarks, said customers would go on with “business as usual” and operate “the same today as yesterday, but with access to world-class services and enhanced financial security.”
Both companies’ executive teams will remain intact, and they say that the deal won’t affect daily operations. There are also no plans to make any personnel changes, and Midlands will still keep its headquarters in Oklahoma city, Okla.
Sources: Safety National/Midlands Management Corp.