Published April 8, 2014
This acquisition enables both firms to expand nationally, according to Stateside President Richard Nowell and Johnson & Johnson COO Harry Johnson.
The acquisition price was not disclosed.
Under its new ownership, Stateside Underwriting Agency will continue to offer the same products and services. Nowell and Chad Gaizutis will continue to run Stateside, which has offices in Crystal Lake, Ill., and Chagrin Falls, Ohio.
Stateside is an underwriting manager for specialty professional liability risk products, including the mortgage bankers bond, employment practices liability, architects and engineers, property manager professional liability insurance and lawyers professional liability.
Stateside also provides coverage for directors and officers liability at companies and nonprofits, financial institution protection for banks, and professional liability for most classes of miscellaneous professional liability. It also writes fidelity bonds for title agents.
“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,” Johnson & Johnson President Francis Johnson said in a statement.
Founded in 1930, Johnson & Johnson is a fourth-generation, family-owned managing general agency.
Johnson & Johnson has 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.