Berkshire Hathaway to Purchase MLMIC
July 18, 2016
Medical Liability Mutual Insurance Company (“MLMIC”), the largest underwriter of medical professional liability insurance in New York, announced today that it has entered into a definitive agreement, pending regulatory and policyholder approval, to be acquired by National Indemnity Company, following the completion of the conversion of MLMIC to a stock company from a mutual company. National Indemnity Company is a subsidiary of Berkshire Hathaway Inc., one of the world’s leading insurance organizations. The transaction is expected to close in the third quarter of 2017, subject to customary closing conditions and regulatory approvals. “Good things are worth waiting for,” said Berkshire Hathaway CEO Warren Buffett.
Mr. Buffett further stated, “MLMIC is a gem of a company that has protected New York’s physicians, mid-level providers, hospitals and dentists like no other for over 40 years. We welcome the chance to add them to the Berkshire Hathaway family and enhance their capacity to serve these and other policyholders for many years to come.”
“We are delighted to partner with such a fine organization. MLMIC has always had strong standing and stability within the challenging New York insurance market, and the arrangement with Berkshire Hathaway will bring policyholders further peace of mind, knowing MLMIC will be able to offer an even higher level of financial security. In addition, MLMIC will be able to expand its offerings, with more customized policy limits, risk‐sharing features and services to groups, facilities and other large accounts,” said MLMIC President Robert Menotti, MD. In a letter to policyholders, Menotti said, “Berkshire Hathaway values our operations, board, staff and endorsed partners. Most importantly, Berkshire Hathaway is committed to MLMIC’s future success and its ongoing dedication to serving policyholders.” Keefe, Bruyette & Woods, a Stifel Company, served as financial advisor and Willkie Farr & Gallagher LLP served as legal counsel to MLMIC in this transaction.
Additional information can be found at www.mlmic.com/faq.
ACI’s 2nd Advanced Forum on Medical Liability Claims, Coverage & Risk Management, Oct. 27-28, NYC
July 7, 2016
Healthcare providers face rising medical professional liability exposures given the recent increase in healthcare-system utilization under the Affordable Care Act (Obamacare), shifting trends in hiring and employment patterns as well as healthcare delivery models, increased use of electronic platforms and portals, decreasing reimbursements and greater regulatory scrutiny. As such, all those along the medical liability continuum are looking for answers on assessing and mitigating risk, managing litigation, defending claims and altering underwriting processes to address the changing medical liability landscape.
That is why you cannot afford to miss American Conference Institute's 2nd National Advanced Forum on Medical Liability - Claims, Coverage and Risk Management on October 27-28, 2016 in New York City. This conference will bring together an impressive faculty of government officials, medical experts, risk managers, insurance professionals and leading plaintiffs' and defense attorneys, who will provide the most up-to-date information on complex medical issues and litigation hurdles, including:
• ELECTRONIC MEDICAL RECORDS, METADATA, AUDIT TRAILS: Tackling the Unique Malpractice Risks and E-Discovery Challenges
• The Latest CYBER THREATS to the Healthcare Industry: PHI Data Breaches, the Recent Alarming Wave of "RANSOMWARE ATTACKS," Growing Cybersecurity Threats to Medical Devices and Beyond
• Mitigating Exposure to Rising Healthcare BATCH CLAIMS, and Defending Against Batch Claims Once They Are Brought
• CALCULATING DAMAGES in Med Mal Cases, Catastrophic Injury & Life Planning Considerations and USING THE ACA TO MITIGATE FUTURE DAMAGES
• HOSPITAL BORNE ILLNESSES & INFECTIOUS DISEASES: What Hospitals Can Do to Mitigate Risks and Avoid Legal Implications
• HOSPITAL WORKER MISCLASSIFICATION ISSUES AND OSTENSIBLE AGENCY in Medical Malpractice - What Are the Risks?
• Does Saying Sorry Work?: An Industry Discussion of DISCLOSURE AND APOLOGY LAWS and Their Impact on Medical Malpractice
• TELEMEDICINE, 3D PRINTING, ROBOTIC SURGERY & OTHER MEDICAL DEVICE DEVELOPMENTS - Mitigating Emerging Exposures & Assess These Technologies from an Enterprise Risk Management Perspective
• OBSTETRICS: Looking at 2016's Biggest Claims Trends, New & Emerging Risks and What to Expect in the Year Ahead
• New Claims Trends Related to the U.S. Pain Crisis: Taking a Look at the Recent PRESCRIPTION OPIOID ABUSE EPIDEMIC and Its Impact on a New Wave of Med Mal Insurance Claims
• A to Z of LITIGATING YOUR MEDICAL MALPRACTICE CASE: An Examination of Each Stage Including Trial Techniques, Lining Up the Right Experts, Using Technology in Trial Presentations, and Beyond
Register now by calling: 1-888-224-2480
Or by faxing your registration form to: 1-877-927-1563.
You can also register online at www.AmericanConference.com/MedLiability
Be sure to also book for the Brain Injury Master Class: Oct. 28; 2-5 p.m.