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MedPro to acquire Princeton Insurance from MLMIC

Medical Protective Company (MedPro), a Berkshire Hathaway, has agreed to acquire 100% ownership of Northeast’s premiere professional liability insurer, Princeton Insurance from Medical Liability Mutual Insurance Company (MLMIC) in an all-cash transaction.

With approximately $140m in annual premium and $400m in surplus, Princeton is New Jersey’s medical professional liability coverage and risk solutions for healthcare providers, including hospitals, physicians, dentists, chiropractors, optometrists, podiatrists, other healthcare professionals, and other healthcare facilities.

Medical Protective is a provider of medical professional liability coverage and risk solutions for healthcare providers, including physicians, dentists, chiropractors, optometrists, podiatrists, other healthcare professionals, hospitals, and other healthcare facilities.

Princeton Insurance president Charles Lefevre said this transaction represents a positive step forward in assisting healthcare providers meet the challenges they face in a changing healthcare environment, and a positive step for dedicated agents and employees as well.

The acquisition, which is subject to customary closing conditions and regulatory approvals, is expected to close in the fourth quarter of 2011.