Medical Protective Acquires Princeton Insurance
03 January 2012 - 10:00PM
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.”
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.
About Princeton
Insurance
Princeton Insurance is the largest medical professional
liability insurer in New Jersey, serving the state’s hospitals and
individual medical and healthcare professionals continuously since
1975. With approximately $140 million in annual premium and $400
million in surplus, Princeton is New Jersey's leader in medical
professional liability coverage and risk solutions for healthcare
providers, including hospitals, physicians, dentists,
chiropractors, optometrists, podiatrists, other healthcare
professionals, and other healthcare facilities. Princeton is a
Medical Protective/Berkshire Hathaway company. More information
about Princeton Insurance is available at
www.princetoninsurance.com.
About Medical Protective
With over $800 million in annual premium, Medical Protective is
a national leader in 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. As the nation’s first provider of medical professional
liability insurance, Medical Protective has been protecting the
assets and reputations of healthcare providers since 1899. Its
offerings include professional liability insurance on both
claims-made and occurrence forms; loss-sensitive pricing and other
risk sharing; reinsurance, fronting and captive support services;
claims services; risk management consulting and education; and –
through affiliates and partners – additional products and services
for its healthcare providers. Medical professional liability
insurance products are underwritten and provided by The Medical
Protective Company, rated A++ (Superior) by A.M. Best and AA+
(Extremely Strong) by Standard & Poor’s, and its affiliates
(including MedPro RRG, National Fire & Marine and Princeton
Insurance Company) on both admitted and excess and surplus paper,
and are distributed through a nationwide network of appointed
agents, brokers, and employee sales managers. Medical Protective is
a Berkshire Hathaway business. More information about Medical
Protective is available at www.medpro.com.