The acquisition from Medical Liability Mutual Insurance Co. is expected to add more than 100 employees and be completed before the end of the year, Fort Wayne, Indiana-based Medical Protective said yesterday in a statement. Terms weren’t disclosed for the all-cash deal.
Medical Liability, a New York-based mutual insurance company, merged with Princeton in 2000. Princeton serves more than 13,000 health-care providers including doctors, dentists, and hospitals and has annual gross-written premiums of about $140 million, according to the statement. Charles Lefevre will remain president of the Princeton, New Jersey-based firm.
“We’ve been absolutely delighted with our acquisition of MedPro in 2005, and look forward to MedPro completing additional ‘add-on’ transactions with companies -- like Princeton -- who seek the world’s most stable home for their policyholders in a very unstable and changing health-care liability landscape,” Berkshire Chairman and Chief Executive Officer Buffett, 81, said in the statement.