General Electric's insurance arm has completed the sale of medical insurance company Medical Protective Corporation to Columbia Insurance, a unit of Berkshire Hathaway, for $825 million.
With more than $700 million in annual premiums and $2 billion in statutory assets, Medical Protective is a leader in primary medical professional liability coverage and risk solutions for primary healthcare providers in the US.
For the purchase price of over three quarters of a billion dollars, Columbia has bought a company that is well established in its particulate insurance field. Medical Protective was one of the first providers of medical professional liability insurance in the US and it has been protecting the assets of physicians, dentists and other primary providers of health care for more than 100 years.
Its products, which are distributed through a nationwide network of employee market managers and appointed agents, are underwritten by The Medical Protective Company.
Columbia Insurance is a subsidiary of Berkshire Hathaway; a diversified insurance provider which is mainly focuses on the property and casualty insurance business conducted on both a direct and reinsurance basis.