Medical Protective, the nation’s strongest and longest-standing insurer of Medical Professional Liability for healthcare providers, has agreed to acquire Princeton Insurance, a premier Medical Professional Liability insurer based in Princeton, New Jersey. The acquisition is subject to customary closing conditions and regulatory approvals. Princeton Insurance will be wholly owned subsidiaries of Medical Protective.
With approximately $700 million in annual premium, Medical Protective is a national leader in primary medical professional Liability coverage and risk solutions for healthcare providers, including physicians, dentists, chiropractors, optometrists, podiatrists, allied health professionals, and health care facilities. As the nation’s first provider of Medical Professional Liability insurance, Medical Protective has been protecting the assets and reputations of healthcare providers since 1899. Medical Protective is currently rated A++ (superior) by A.M. Best.
With the industry-leading financial strength of Berkshire Hathaway’s Med Pro supporting Princeton upon the closing of the transaction, Princeton currently not rated by leading insurance rater A.M. Best – is expected to apply for financial strength ratings and be positioned to offer additional products and services to healthcare providers throughout the region.
From a policyholder perspective this transaction will provide the best of both worlds; outstanding service which has been the hallmark of Princeton Insurance for over 35 years, and superior financial strength for which Medical Protective is best known.
As Princeton Insurance Company’s largest agent, William H. Connolly & Co. is excited about this transaction and recognizes the benefit that will be created for all current and future policyholders. Financial strength is an extremely important aspect of the insured/insurer partnership. We pride ourselves in creating and maintaining relationships with carriers such as Princeton, Medical Protective, Chubb, and New Jersey Manufacturers who are best known as leaders in the insurance community for maintaining high standards of service coupled with a strong financial presence.