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FOR IMMEDIATE RELEASE
OLDWICK - JULY 22, 2016 09:09 AM (EDT)
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.