Medical Protective Acquires Princeton Insurance
Princeton offices & policyholder services to remain in New Jersey…
Princeton policyholders to benefit from Berkshire Hathaway’s unmatched financial strength
NEW YORK, NY, PRINCETON, NJ and FORT WAYNE, IN – January 3, 2012. – 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.”
Princeton’s principal operations will remain in Princeton, New Jersey, and twenty-eight year employee Charles Lefevre will remain as President. Lefevre commented, “With MedPro/Berkshire’s acquisition of Princeton Insurance Company now completed, we can begin to focus on delivering the benefits that this transaction will provide to New Jersey’s healthcare community. To complete the sale in a span of less than 100 days from the signing of the agreement, speaks not only to how efficient the process was, but also the ability of the organizations to work together towards a common goal. Now as part of the MedPro/Berkshire family, we look forward to an even stronger partnership with our policyholders to meet the challenges they face and to provide the sound protection they deserve.”
With the industry-leading financial strength of Berkshire’s MedPro supporting Princeton (which is currently not rated by leading insurance rater A.M. Best), it will immediately apply for financial strength ratings and be positioned to offer additional products and services to healthcare providers throughout the region.
