Safety National Casualty Corporation, a multi-line specialty re/insurer and member of the Tokio Marine Group, has acquired U.S broker Midlands Management Corporation.
Midlands Management is a managing general agent (MGA), wholesale broker, program administrator and insurance services provider with a specialty in excess workers’ compensation.
Following the transaction, the company will become a wholly-owned subsidiary of Safety National and a member of the Tokio Marine Group.
Safety National claimed that it had no plans to make any changes to the executive team or personnel at Midlands Management, and explained that the company would remain headquartered in Oklahoma City, OK.
“We are very excited about this opportunity,” said Mark Wilhelm, Chief Executive Officer (CEO) at Safety National. “Safety National is gaining a specialty MGA with a successful long-term track record, proven leadership and a talented team of customer-focused employees.”
Duane Hercules, President of Safety National, also commented: “It is business as usual for Midlands from an operations standpoint, but not from an offerings perspective.”
“Midlands’ customers will continue working with their existing Midlands’ contacts, however, they will gain access to new products and services backed by an A+ rated carrier,” he continued.
“In turn, Safety National gets the opportunity to offer its market-leading products and services to an expanded audience. We are enthusiastic about our future together.”