Berkshire Hathaway subsidiary MedPro Group has completed the acquisition of healthcare liability insurer PLICO from Oklahoma State Medical Association (OSMA).
The deal was first announced by the firms in July this year.
The principal operations of PLICO will remain in Oklahoma City, and Dr Carl Hook will continue as CEO of the firm, in addition to being chair of PLICO’s advisory board. PLICO’s long-time executive Sherry Hayworth will serve as new president of the company.
Dr Hook said: "PLICO and MedPro share a commitment to always put the insured first."
Claimed to be the largest healthcare liability insurer in Oklahoma, PLICO provides coverage for medical professional and hospital professional liability, medical director and administrative services errors and omissions, in addition to privacy and cyber liability and medical billing risks.
It offers services to around 2200 healthcare providers in Oklahoma, and reports annualized gross written premiums of around $30m and had statutory surplus of about $60m at year-end 2014.
MedPro president and CEO Tim Kenesey said: "MedPro is providing full support to PLICO, the OSMA (which continues to support PLICO as its exclusively endorsed professional liability carrier), and the entire Oklahoma healthcare community."
Image: MedPro has acquired healthcare liability insurer PLICO. Photo: courtesy of Stuart Miles/ FreeDigitalPhotos.net.