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].
This press release relates to rating(s) that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page.
A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.
Copyright © 2016 by A.M. Best Rating Services, Inc. ALL RIGHTS RESERVED.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160722005422/en/
Contacts:
Greg Reisner
Assistant Vice
President
+1 908 439 2200, ext. 5224
greg.reisner@ambest.com
or
Robert
DeRose
Vice President
+1 908 439 2200, ext. 5453
robert.derose@ambest.com
or
Christopher
Sharkey
Manager, Public Relations
+1 908 439
2200, ext. 5159
christopher.sharkey@ambest.com
or
Jim
Peavy
Assistant Vice President, Public Relations
+1
908 439 2200, ext. 5644
james.peavy@ambest.com