View this article online: https://www.insurancejournal.com/news/east/2018/10/08/503631.htm
MLMIC Insurance Company, formerly known as Medical Liability Mutual Insurance Company, has completed its conversion from a property and casualty mutual insurance company to a property and casualty stock insurance company and its acquisition by National Indemnity Company, a subsidiary of Berkshire Hathaway Inc.
The conversion and acquisition follow a September 6, 2018, approval by the superintendent of the New York State Department of Financial Services and a September 14, 2018, vote of policyholders of MLMIC with policies in effect on July 14, 2016.
The cash consideration resulting from the conversion will be paid out to eligible policyholders – policyholders with policies in effect from July 15, 2013 through July 14, 2016 – or their designees as promptly as practicable, according to a MLMIC press release.
As a subsidiary of Berkshire Hathaway, MLMIC will have enhanced capacity and financial strength to continue to serve New York State physicians, hospitals and dentists, the press release stated.
MLMIC remains the largest underwriter of medical professional liability insurance in New York and continues to be a New Yorkâfocused medical malpractice writer regulated by New York state. It will be operated by the same board of directors and staff that have previously served the market for several decades.
Per an amended and restated charter, MLMIC has changed its full name from Medical Liability Mutual Insurance Company to MLMIC Insurance Company.
Source: MLMIC Insurance Company