News release from MedPro Group:
MedPro Group Finalizes Acquisition of PLICO
PLICO offices and policyholder services remain in Oklahoma while gaining the financial strength of Berkshire Hathaway’s MedPro Group
Oklahoma City, OK and Fort Wayne, IN (September 2, 2015) – MedPro Group (MedPro), a Berkshire Hathaway subsidiary, announced yesterday the completion of its acquisition of PLICO, Inc. (PLICO), one of the Southwest’s premier healthcare liability insurers, from the Oklahoma State Medical Association (OSMA).
The transaction process – from signing to closing – took less than 60 days, and the PLICO and MedPro teams have already begun working cohesively to best serve Oklahoma healthcare providers. PLICO’s principal operations will remain in Oklahoma City. Carl Hook, M.D., will remain as CEO while also serving as Chair of PLICO’s Advisory Board, and long-time PLICO executive Sherry Hayworth will serve as President.
“PLICO and MedPro share a commitment to always put the insured first,” said Dr. Hook, “and having the collaborative support of MedPro behind us gives our insureds additional product options, national resources and local expertise without sacrificing our reputation for impeccable service and relational focus.”
PLICO employs about 30 employees, serves over 2,200 Oklahoma healthcare providers, and has annualized gross written premiums of approximately $30 million.
“MedPro is providing full support to PLICO, the OSMA (which continues to support PLICO as its exclusively endorsed professional liability carrier), and the entire Oklahoma healthcare community,” commented MedPro President & CEO Tim Kenesey. “Oklahoma providers will continue to benefit from the same great local service long-provided by PLICO, and they now gain the peace of mind, expertise and solutions that come from MedPro’s 116 years of industry leadership.”
With the industry-leading financial strength and stability of Berkshire Hathaway’s MedPro Group, PLICO (currently not rated by leading insurance rater A.M. Best) will immediately apply for a financial strength rating and is positioned to offer additional products and services to healthcare providers throughout Oklahoma.
The largest healthcare liability insurer in Oklahoma, PLICO has been serving the state’s medical community since 1979. PLICO offers coverage for medical professional and hospital professional liability, medical director and administrative services errors & omissions, as well as privacy & cyber liability and medical billing risks. With approximately 2,200 healthcare providers and $30 million in annual premium, PLICO is Oklahoma’s leader in professional liability coverage and risk solutions for physicians, hospitals and other healthcare providers and facilities. Known for its superior customer service, PLICO enjoys a reputation of providing personalized attention to its insureds, taking a customer-focused, compassionate approach as advocates for healthcare professionals. PLICO is also recognized as a Top Workplace winner in 2013 and 2014 for the state of Oklahoma. As the endorsed carrier of the Oklahoma State Medical Association and the Oklahoma Hospital Association, as well as the education partner for the Osteopathic Founders Foundation, PLICO is the insurer of choice for Oklahoma medical professionals. PLICO is a MedPro Group/Berkshire Hathaway company. www.plico.com
About MedPro Group
Berkshire Hathaway’s dedicated healthcare liability solution: As the nation’s first provider of healthcare liability insurance, MedPro Group has protected the assets and reputations of the healthcare community since 1899. With over $874 million in annual premium and more than 140,000 customers, MedPro Group is the national leader in customized insurance, claims, patient safety and risk solutions for physicians, surgeons, dentists
and other healthcare professionals, as well as, hospitals, senior care and other healthcare facilities. MedPro Group includes The Medical Protective Company, Princeton Insurance Company, MedPro RRG Risk Retention Group and PLICO, Inc. All insurance products are administered by MedPro Group and underwritten by these and other Berkshire Hathaway affiliates, including National Fire & Marine Insurance Company, all of which have earned financial strength ratings of A++ from A.M. Best (PLICO rating pending). Its distribution partners include a nationwide network of licensed agents, brokers and wholesalers.