Berkshire Hathaway’s medical professional liability insurance unit, Medical Protective Co., is purchasing New Jersey-based Princeton Insurance Co., a professional liability insurer for healthcare providers.
Princeton Insurance was previously owned by Medical Liability Mutual Insurance Co., a New York-based professional liability insurance provider. The acquisition, which is subject to customary closing conditions and regulatory approvals, is expected to close in the fourth quarter of 2011.
Based in Princeton, New Jersey, Princeton Insurance employs more than 100 people and serves 13,000 healthcare providers; it has annualized gross written premiums of $140 million and surplus at second quarter-end of $400 million. Princeton’s principal operations would remain in Princeton.
Medical Protective, which itself was acquired by Berkshire Hathaway back in 2005, offers primary medical professional liability coverage and risk solutions for healthcare providers, including physicians, dentists, chiropractors, optometrists, podiatrists, other healthcare professionals, hospitals, and other healthcare facilities. Medical Protective reports some $700 million in annual premium.
Topics Mergers & Acquisitions New Jersey
Was this article valuable?
Here are more articles you may enjoy.
Viewpoint: Boom in Hyperscale Data Centers Puts Re/Insurers to the Test 
US Cyber Insurance Market Sees Flat Premium, More Third-Party Claims Hit Loss Ratio 
Flood Insurance Gap Will Squeeze Local Governments and Homeowners, Moody’s Says 
Mamdani Delivers Rent Freeze in Milestone for New York City Tenants 
