Berkshire unit to buy Medical Protective for $825M.(Companies)(Brief Article)

Best's Review, June, 2005

National Indemnity, a unit of Warren Buffett's Berkshire Hathaway Inc., said it would purchase professional-liability insurer Medical Protective Corp. and its subsidiaries for $825 million.

The sale is expected to close June 30.

Medical Protective was acquired by GE Global Insurance Holdings in 1998 and has operated since then as a wholly owned subsidiary, providing professional medical liability insurance coverage for individual and small group physicians and dentists. Founded in 1899 in Fort Wayne, Ind., Medical Protective has 330 employees who service 75,000 physicians and dentists.

In a joint statement, the two companies said Medical Protective's existing management team would remain intact, with Tim Kenesey remaining president and chief...

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