Buffett acquires New York's largest medical liability underwriting company
On July 19th, Berkshire Hathaway, a subsidiary of Warren Buffett, announced that it had agreed to acquire Medical Liability Mutual Insurance, the largest medical liability underwriting company in New York.
Berkshire Hathaway’s National Insurance Company said in a statement issued on the same day that after the completion of the acquisition, the corporate structure of the medical liability mutual insurance company will be transformed from a policy holder’s holding to a joint-stock company. However, this statement does not disclose the specific financial terms of the transaction. The statement said that as of December 31 last year, the insurance company's policyholder surplus (Policyholder Surplus, a measure of assets minus liabilities) was $1.8 billion.
Buffett said that Medical Liability is a valuable company that has been providing liability insurance for practitioners, middlemen, hospitals and dentists in New York State for more than 40 years. Waiting for a good business.
As the above transaction also requires regulatory approval, it is expected to be completed in the third quarter of 2017.
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