MLMIC to Join Berkshire Hathaway Family of Companies

 

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Medical Liability Mutual Insurance Company (“MLMIC”), based in New York, New York, began its operations in 1975. MLMIC predominantly underwrites professional liability insurance in New York.

Recently Berkshire Hathaway Inc. agreed to buy MLMIC which is the largest underwriter of medical professional liability insurance in New York. Lead by Warren Buffett, this acquisition solidifies Berkshire as one of the world’s leading insurance organizations.

Warren BuffetMr. Buffett further stated, “MLMIC is a gem of a company that has protected New York’s physicians, mid-level providers, hospitals and dentist like no other for over 40 years. We welcome the chance to add them to the Berkshire Hathaway family and enhance their capacity to serve these and other policy holders for many years to come.”

The transaction is expected to close in the third quarter of 2017 subject to customary closing conditions and regulatory approvals.

MLMIC President Robert Menotti, MD says “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 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”

What does this mean for Presidio?

MedPro Group (A Berkshire Hathaway Family company and one of our A-rated Carrier Partners!) and MLMIC will continue to operate separately and do what each does so well but this also creates a great opportunity for collaboration in the expansion of its offerings with the ability to customize policy limits, coupled with risk sharing features and services to groups, facilities and other large accounts. The beneficiaries of said collaboration are sure to be healthcare providers and distribution partners.