NEW YORK--(BUSINESS WIRE)--
MLMIC Insurance Company (formerly known as Medical Liability Mutual Insurance Company) (“MLMIC”), announced today the completion of its conversion from a property and casualty mutual insurance company to a property and casualty stock insurance company and its acquisition by National Indemnity Company, a subsidiary of Berkshire Hathaway Inc. (“Berkshire Hathaway”). The conversion and acquisition follow a September 6, 2018 approval by the Superintendent of the New York State Department of Financial Services and a September 14, 2018 vote of policyholders of MLMIC with policies in effect on July 14, 2016. The cash consideration resulting from the conversion will be paid out to eligible policyholders (policyholders with policies in effect from July 15, 2013 through July 14, 2016) (or their designees) as promptly as practicable.
As a subsidiary of Berkshire Hathaway, MLMIC will have enhanced capacity and financial strength to continue to serve New York State physicians, hospitals and dentists as it has for over 40 years. MLMIC remains the largest underwriter of medical professional liability insurance in New York and continues to be a New York‐focused medical malpractice writer regulated by New York State. It will be operated by the same Board of Directors and staff that have served the market well for several decades.
Per an amended and restated charter, MLMIC has changed its full name from “Medical Liability Mutual Insurance Company” to “MLMIC Insurance Company.” However, it will still be known by and referred to using the familiar shorthand: “MLMIC.”
Warren Buffett, Berkshire Hathaway’s CEO stated, “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. We are delighted to add them to the Berkshire Hathaway family and enhance their capacity to serve these and other policyholders for many years to come.”
Dr. James Reed, Chairman of MLMIC’s Board of Directors, said, “We are delighted to partner with such a fine organization. MLMIC has always had strong standing and stability within the challenging New York insurance market, and the alliance with Berkshire Hathaway will bring policyholders further peace of mind, knowing MLMIC will be able to offer them an even higher level of service and financial security.”
About MLMIC Insurance Company
MLMIC has been a leader in the medical malpractice insurance industry for over 40 years. Its mission is to provide quality professional liability insurance to healthcare professionals in New York. Today, MLMIC is not only the largest writer of professional liability insurance in the State of New York, but also one of the largest companies of its kind in the nation. MLMIC insures more than 13,000 physicians, 3,000 dentists, dozens of hospitals and thousands of other healthcare professionals and facilities. MLMIC can be found on the internet at www.mlmic.com.
About National Indemnity Company
National Indemnity Company is one of the leading property/casualty members of the Berkshire Hathaway group of insurance companies, with the highest possible financial strength rating by A.M. Best. Located in Omaha, Nebraska, and backed by a wealth of experience, National Indemnity Company offers the kind of stability that (re)insureds can depend upon. National Indemnity Company can be found on the internet at www.nationalindemnity.com.
Copyright Business Wire 2018