Berkshire Hathaway’s malpractice insurance division is expanding its business with its acquisition of Princeton Insurance company.
Medical Protective Company, which part of Warren Buffett’s Berkshire conglomerate, said today that it had completed the purchase of Princeton. Medical Protective didn’t disclose how much it paid Medical Liability Mutual Insurance for Princeton.
Princeton Insurance is based in Princeton, N.J., and employs about 100 people. It writes professional liability policies for more than 16,000 health care providers that generate about $140 million in premiums annually.
Medical Protective CEO Tim Kenesey says Berkshire’s financial strength will help Princeton expand its business in the Northeast. Princeton will retain the same leadership and base of operations.
Medical Protective is one of about 80 different companies owned by Omaha-based Berkshire Hathaway.