Berkshire Hathaway and GE Complete Medical Protective Transaction

Omaha, Neb.-based Berkshire Hathaway and Kansas City, Mo.-based General Electric announced that GE Insurance Solutions’ sale of Medical Protective Corporation to Columbia Insurance, a unit of Berkshire Hathaway, became effective last week. The sale price was $825 million.

With more than $700 million in annual premium and $2 billion in statutory assets, Medical Protective is a national leader in primary medical professional liability coverage and risk solutions for primary healthcare providers.

As the nation’s first provider of medical professional liability insurance, Medical Protective has been protecting the assets and reputations of physicians, dentists and other primary providers of health care for more than 100 years. Its products are underwritten by the Medical Protective Co., which holds Standard & Poor’s highest rating, “AAA,” and are distributed through a nationwide network of employee market managers and appointed agents.