Fort Wayne-based Medical Protective, a Berkshire Hathaway subsidiary, issued the following statement Tuesday:
Medical Protective Company (MedPro), a Berkshire Hathaway (NYSE:BRK) subsidiary, announced today that it has completed the acquisition of Princeton Insurance Company (Princeton) from Medical Liability Mutual Insurance Company. Based in Princeton, New Jersey, Princeton employs over 100 people and serves over 16,000 healthcare providers; it has annualized gross written premiums of approximately $140 million and surplus of approximately $400 million.
“MedPro’s acquisition of Princeton ensures the continuity of Princeton’s healthcare professional liability coverage for its current policyholders and enables Princeton to continue its mission for generations ahead,” stated Tim Kenesey, MedPro’s President and CEO. “With industry leading financial strength, enhanced product offerings, and the ability to leverage both MedPro’s and Princeton’s long history of service to healthcare providers, the MedPro-Princeton combination represents a win for all our policyholders, who will continue to receive the same excellent service they have come to expect. Together with Princeton, MedPro looks forward to not only protecting the assets and reputations of even more Northeast physicians, dentists and other healthcare professionals, but also expanding its growing hospital portfolio.”
Princeton’s principal operations will remain in Princeton, New Jersey, and twenty-eight year employee Charles Lefevre will remain as President. Lefevre commented, “With MedPro/Berkshire’s acquisition of Princeton Insurance Company now completed, we can begin to focus on delivering the benefits that this transaction will provide to New Jersey’s healthcare community. To complete the sale in a span of less than 100 days from the signing of the agreement, speaks not only to how efficient the process was, but also the ability of the organizations to work together towards a common goal. Now as part of the MedPro/Berkshire family, we look forward to an even stronger partnership with our policyholders to meet the challenges they face and to provide the sound protection they deserve.”
With the industry-leading financial strength of Berkshire’s MedPro supporting Princeton (which is currently not rated by leading insurance rater A.M. Best), it will immediately apply for financial strength ratings and be positioned to offer additional products and services to healthcare providers throughout the region.
About Princeton Insurance
Princeton Insurance is the largest medical professional liability insurer in New Jersey, serving the state’s hospitals and individual medical and healthcare professionals continuously since 1975. With approximately $140 million in annual premium and $400 million in surplus, Princeton is New Jersey’s leader in medical professional liability coverage and risk solutions for healthcare providers, including hospitals, physicians, dentists, chiropractors, optometrists, podiatrists, other healthcare professionals, and other healthcare facilities. Princeton is a Medical Protective/Berkshire Hathaway company. More information about Princeton Insurance is available at www.princetoninsurance.com.
About Medical Protective
With over $800 million in annual premium, Medical Protective is a national leader in 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. As the nation’s first provider of medical professional liability insurance, Medical Protective has been protecting the assets and reputations of healthcare providers since 1899. Its offerings include professional liability insurance on both claims-made and occurrence forms; loss-sensitive pricing and other risk sharing; reinsurance, fronting and captive support services; claims services; risk management consulting and education; and – through affiliates and partners – additional products and services for its healthcare providers. Medical professional liability insurance products are underwritten and provided by The Medical Protective Company, rated A++ (Superior) by A.M. Best and AA+ (Extremely Strong) by Standard & Poor’s, and its affiliates (including MedPro RRG, National Fire & Marine and Princeton Insurance Company) on both admitted and excess and surplus paper, and are distributed through a nationwide network of appointed agents, brokers, and employee sales managers. Medical Protective is a Berkshire Hathaway business. More information about Medical Protective is available at www.medpro.com.