Fort Wayne based Medical Protective is the largest medical malpractive insurer in the nation. MedPro continues its growth with announcement of the acquisition of New Jersey's Princeton Insurance.
Medical Protective is a unit of Bershire Hathaway. Corporate offices are at Reed Road and St. Joe Center Roads in Fort Wayne. The agreement to acquire Princeton Insurance Company from Medical Liability Mutual Insurance Company was announced in September.
From a press release distributed by Business Wire:
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.”