Berkshire Hathaway has announced the acquisition of Medical Liability Mutual Insurance Company (MLMIC), subject to customary closing conditions and regulated approvals.
“MLMIC is a gem of a company that has protected New York’s physicians, mid-level providers, hospitals and dentists like no other for over 40 years,” Warren Buffett, CEO of Berkshire, said. “We welcome the chance to add them to the Berkshire Hathaway family.”
The estimated closing of the transaction will happen in the third quarter of 2017.
“We are delighted to partner with such a fine organization,” MLMIC President Robert Menotti said. “MLMIC has always had strong standing and stability within the challenging New York insurance market, and the arrangement with Berkshire Hathaway will bring policyholders further peace of mind, knowing MLMIC will be able to offer an even higher level of financial security. In addition, MLMIC will be able to expand its offerings, with more customized policy limits, risk sharing features and services to groups, facilities and other large accounts.”