Workers expect their defined contribution plans to play a greater role in their retirement income than annuities.
Family-owned and operated Managing General Agency acquires Statewide Underwriting Agency, Crystal Lake, IL
CHARLESTON, SC – April 1, 2014 - Johnson & Johnson has acquired Stateside Underwriting Agency, Inc (SUA). Johnson & Johnson is a fourth generation, family owned managing general agency based in Charleston, South Carolina. Founded in 1930, the company recently celebrated its 80th anniversary of providing superior service and products to Independent Agents while maintaining its family culture. Under its new ownership, SUA will continue to offer the same first-class products and services as it has in the past. SUA has offices located in Crystal Lake, IL and Chagrin Falls, OH.
Stateside Underwriting Agency is celebrating its fifteenth year as an Underwriting Manager for specialty Professional Liability risk products such as the Mortgage Bankers Bond, Mortgage Company Professional Liability, Employment Practices Liability, Architects & Engineers, Property Manager Professional Liability Insurance, Lawyers Professional Liability and other classes of professional liability insurance. In addition, SUA provides coverage for exposures such as Directors & Officers Liability (Public Company, Private Company and Nonprofit), Financial Institution Protection for banks, and professional liability for most classes of Miscellaneous Professional Liability. SUA has underwriting contracts with Domestic (Best Rated A+ Class XV) as well as London Underwriters and provides various forms of special risk insurance through these markets. SUA is one of the leading writers of fidelity bonds for title agents.
“This is the perfect fit for our organization, and the entire Stateside Underwriting Agency team is honored to be joining this highly respected and successful organization. Most importantly, we believe that our alignment with Johnson & Johnson will allow us to further develop a national program business platform for the future. I am confident that the combined company will present many new program business opportunities in the financial institution sector as well as other new specialty risk programs,” said Richard Nowell, President, Stateside Underwriting Agency, Inc.
"Bringing this agency into the Johnson & Johnson fold provides us with a clear path to our long-term goals of expansion into the Program business. SUA will continue to operate under the successful leadership of Richard Nowell and Chad Gaizutis," said Francis Johnson, President, Johnson & Johnson. “We are so excited about the acquisition of SUA. It diversifies J&J into the program business space and expands our reach nationwide. The talent of their people will be a great asset,” said Harry Johnson, Chief Operating Officer, Johnson & Johnson.
Johnson & Johnson is a full-service MGA offering Programs to all 50 states and E&S markets, Standard markets, and Premium Financing to Independent Insurance Agents within Alabama, Connecticut, Delaware, Florida, Georgia, Maine, Maryland, Massachusetts, Mississippi, New Hampshire, New Jersey, North Carolina, Pennsylvania, Rhode Island, South Carolina, Tennessee, Virginia, and Vermont.
Peter Burrous, Chief Marketing Officer