Berkshire unit to buy Medical Protective for $825M.National Indemnity Recompense for loss, damage, or injuries; restitution or reimbursement. An indemnity contract arises when one individual takes on the obligation to pay for any loss or damage that has been or might be incurred by another individual. , a unit of Warren Buffett's Berkshire Hathaway Berkshire Hathaway (NYSE: BRKA, NYSE: BRKB) is a conglomerate holding company headquartered in Omaha, Nebraska, U.S., that oversees and manages a number of subsidiary companies. 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 Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , providing professional medical liability insurance coverage for individual and small group physicians and dentists Dentists can refer to one of the following:
In a joint statement, the two companies said Medical Protective's existing management team would remain intact, with Tim Kenesey remaining president and chief executive. "The Medical Protective team has successfully navigated through difficult insurance cycles by consistently delivering the nation's best defense for doctors and solid results for shareholders," said Berkshire's chairman, Buffett in a statement. |
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