MedPro to Acquire Princeton Insurance Company
side note: This is another case illustrating the consolidation of the medical malpractice insurance industry. Other recent acquisitions include The Doctors Company acquiring APCapital and NORCAL acquiring Medicus Insurance. The question yet to be answered is what effect these acquisitions will have on the medical professional liability insurance industry.
OMAHA, Neb. (AP) — Berkshire Hathaway’s malpractice insurance unit is acquiring the Princeton Insurance Company to expand its business.
Medical Protective Company, which is owned by Warren Buffett-led Berkshire Hathaway, announced the deal Wednesday. Medical Protective is buying Princeton from Medical Liability Mutual Insurance Company.
Terms of the all-cash deal were not disclosed, but the transaction is expected to close before the end of 2011.
Princeton Insurance is based in Princeton, N.J. and employs about 100 people. It writes professional liability policies that generate about $140 million in premiums annually.
Buffett says the deal will allow Medical Protective to expand its business and provide a stable insurer for Princeton’s customers.