Medical Protective Co. (MedPro), a medical professional liability insurance unit of Berkshire Hathaway, announced this week the completion of its acquisition of Princeton Insurance Co.
Princeton Insurance is a New Jersey-based professional liability insurer for healthcare providers. It employs over 100 people and serves over 16,000 healthcare providers.
Princeton Insurance has annualized gross written premiums of $140 million and surplus of $400 million. Princeton’s principal operations will remain in Princeton, N.J., and Charles Lefevre will remain as president. The deal was first announced last September.
MedPro’s acquisition of Princeton ensures the continuity of Princeton’s healthcare professional liability coverage for its current policyholders, the companies said. Princeton Insurance was previously owned by Medical Liability Mutual Insurance Co., a New York-based professional liability insurance provider.
MedPro, 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. MedPro reports some $700 million in annual premium.
“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,” said Timothy Kenesey, MedPro’s President and CEO. “The MedPro-Princeton combination represents a win for all our policyholders.”
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