A.M. Best Comments on National Indemnity Company’s Planned Acquisition of Medical Liability Mutual Insurance Company

OLDWICK, N.J.--(BUSINESS WIRE)-- A.M. Best has commented that the financial strength rating of A++ (Superior) and the issuer credit ratings of “aaa” of National Indemnity Company (NICO) (Omaha, Nebraska) and its affiliates are unchanged following the recent announcement that NICO plans to buy Medical Liability Mutual Insurance Company (MLMIC) (New York, NY) in a cash transaction.

With this acquisition of MLMIC, NICO is purchasing the largest medical professional liability (MPL) insurer in New York state. The transaction is expected to close in the third quarter of 2017, as the demutualization process takes considerable time. The MLMIC underwriting operation is expected to operate autonomously from NICO’s other insurance subsidiaries and affiliates but will increase its scope of operations in the MPL market. The transaction will also afford MLMIC policyholders greater security under the NICO umbrella. NICO and its affiliated companies are subsidiaries of Berkshire Hathaway Inc. [NYSE: BRK A and BRK B].

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A.M. Best

Greg Reisner

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Robert DeRose

Vice President

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Christopher Sharkey

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Jim Peavy

Assistant Vice President, Public Relations

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Source: A.M. Best