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Member, Beacon International Group, Ltd.
NEW YORK—Medical Protective Co., a Berkshire Hathaway Inc. subsidiary, is acquiring health care professional liability insurer Princeton Insurance Co.
MedPro, based in Fort Wayne, Ind., is purchasing the West Windsor, N.J.-based insurer from Medical Liability Mutual Insurance Co. in New York in an all-cash transaction for an undisclosed amount, MedPro said in a statement.
Princeton writes annualized premiums of about $140 million on coverage for more than 13,000 health care providers, MedPro said. The insurer had about $400 million in surplus at the end of the second quarter.
“MedPro's acquisition of Princeton, if approved by regulators, would ensure that there is continuity of Princeton's medical professional liability coverage for its current policyholders and enable Princeton to continue its mission in the future,” said Robert A. Menotti, president of MLMIC, in the statement.
The acquisition, which is subject to regulatory approval, is expected to close in the fourth quarter of this year.