MedPro Group, formerly known as Medical Protective, is a
Berkshire Hathaway
Berkshire Hathaway Inc. () is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States. Its main business and source of capital is insurance, from which it invests the float (the retained premiu ...
company and the largest and highest rated provider of healthcare liability (
medical malpractice
Medical malpractice is a legal cause of action that occurs when a medical or health care professional, through a negligent act or omission, deviates from standards in their profession, thereby causing injury or death to a patient. The neglige ...
)
insurance
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...
in the United States - with an A++ rating from
AM Best
AM Best is an American credit rating agency headquartered in Oldwick, New Jersey, that focuses on the insurance industry. Both the U.S. Securities and Exchange Commission and the National Association of Insurance Commissioners have designat ...
. MedPro provides customized malpractice insurance, claims, and risk solutions to physicians, surgeons, dentists and other healthcare professionals, as well as hospitals, senior care and other healthcare facilities. Additionally, MedPro provides insurance solutions to international markets, delivers
liability insurance
Liability insurance (also called third-party insurance) is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims and protects the in ...
to other professionals, and specialized accident and health insurance solutions to colleges and other businesses through its subsidiaries and other Berkshire Hathaway affiliates. MedPro is based in
Fort Wayne, Indiana
Fort Wayne is a city in and the county seat of Allen County, Indiana, United States. Located in northeastern Indiana, the city is west of the Ohio border and south of the Michigan border. The city's population was 263,886 as of the 2020 Censu ...
. MedPro’s insurance policies are distributed primarily through a nationwide network of appointed agents and brokers and supplemented by the selective use of managing general underwriters, as well as wholesale and direct channels.
While the majority of MedPro’s business is in the United States, MedPro also provides coverage options to healthcare providers and institutions in international markets through Berkshire Hathaway affiliates. MedPro also delivers liability solutions to professionals in fields beyond healthcare and offers specialized health insurance solutions to colleges and other customers. These products are administered by MedPro and underwritten by
Berkshire Hathaway
Berkshire Hathaway Inc. () is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States. Its main business and source of capital is insurance, from which it invests the float (the retained premiu ...
affiliates, including Berkshire Hathaway International Insurance Limited, Berkshire Hathaway European Insurance DAC and National Liability & Fire Insurance Company, AttPro RRG Reciprocal Risk Retention Group, and the Wellfleet insurance companies.
History
MedPro Group traces its roots back to a predecessor company, the Physicians’ Guarantee Company. Alpheus P. Buchman, MD and Miles F. Porter, MD, both of Fort Wayne, Indiana, formed the Physicians' Guarantee Company in 1899 to provide
pre-paid legal service for medical malpractice lawsuits. The company is considered one of the first companies to offer
pre-paid legal service in the United States. In 1902, Physicians’ Guarantee Company changed its name to the Physicians’ Defense Company. In 1907, Byron H. Somers and Charles M. Niezer left the Physicians Defense Company and founded The Medical Protective Company and in 1913, Medical Protective acquired Physicians Defense Company. Byron Somers and his descendants ran Medical Protective until 1998 when
General Electric
General Electric Company (GE) is an American multinational conglomerate founded in 1892, and incorporated in New York state and headquartered in Boston. The company operated in sectors including healthcare, aviation, power, renewable en ...
purchased the company. In 2005,
Warren Buffett
Warren Edward Buffett ( ; born August 30, 1930) is an American business magnate, investor, and philanthropist. He is currently the chairman and CEO of Berkshire Hathaway. He is one of the most successful investors in the world and has a net ...
's
Berkshire Hathaway
Berkshire Hathaway Inc. () is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States. Its main business and source of capital is insurance, from which it invests the float (the retained premiu ...
purchased the company for $825 million.
Key Dates
1899 - Recognizing that healthcare providers are increasingly being sued, Dr. Alpheus P. Buchman and others create Physicians' Guarantee Company (PGC) to provide
pre-paid legal service coverage.
1902 - PGC changes its name to Physicians' Defense Company (PDC), with Dr. Miles F. Porter as President, and Dr. Charles A.L. Reed (President of the AMA) on the board of directors.
1907 - Medical Protective is founded by Byron H. Somers and Charles M. Niezer and offers pre-paid legal service coverage to healthcare providers.
1910 - Medical Protective expands coverage to include indemnity coverage. Medical Protective offers medical professional liability insurance policies with limits of $5,000/$15,000 for $15 a year.
1913 - PDC merges with Medical Protective.
1920s - Byron H. Somers leads Medical Protective and the company becomes the largest insurer of healthcare providers in 17 states.
1930s - Medical Protective introduces a much broader coverage policy and helps shape the defense of medical practitioners; provides the first "medmal bible" to the industry, named "Brief on Malpractice Law."
1940s - Medical Protective defends well over 50,000 claims and provides physicians and dentists with continued coverage during their World War II military service.
1950s - Always with a vision towards the future of healthcare, Medical Protective begins insuring residents and interns during their training.
1960s - Medical Protective begins to expand coverage and increase limits and continues its national leadership position.
1970s - Medical Protective is one of the few carriers to survive the increasing number of medical malpractice suits that results in the industry's "first crisis."
1990s - Focusing on the continuum of care, Medical Protective begins to insure small and community-based hospitals.
1998 -
General Electric
General Electric Company (GE) is an American multinational conglomerate founded in 1892, and incorporated in New York state and headquartered in Boston. The company operated in sectors including healthcare, aviation, power, renewable en ...
purchases Medical Protective and expands coverage countrywide.
["General Electric Co.Agrees to Acquire Medical Protective Corp.",S&P Gloal Market Intelligence, July 30, 1998]
2005 - Medical Protective is purchased from
GE by
Warren Buffett
Warren Edward Buffett ( ; born August 30, 1930) is an American business magnate, investor, and philanthropist. He is currently the chairman and CEO of Berkshire Hathaway. He is one of the most successful investors in the world and has a net ...
's
Berkshire Hathaway
Berkshire Hathaway Inc. () is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States. Its main business and source of capital is insurance, from which it invests the float (the retained premiu ...
. Insureds have the long-term confidence that comes from being with
Fortune Magazine's "World's Most Admired Insurer."
2012 – MedPro Group acquires New Jersey-based Princeton Insurance.
2014 – MedPro Group expands internationally. Begins writing in the
United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the European mainland, continental mainland. It comprises England, Scotlan ...
and eventually elsewhere in
Europe
Europe is a large peninsula conventionally considered a continent in its own right because of its great physical size and the weight of its history and traditions. Europe is also considered a subcontinent of Eurasia and it is located entirel ...
and
Asia
Asia (, ) is one of the world's most notable geographical regions, which is either considered a continent in its own right or a subcontinent of Eurasia, which shares the continental landmass of Afro-Eurasia with Africa. Asia covers an are ...
.
2015 – MedPro acquires Oklahoma-based PLICO.
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2016 – Wellfleet (formerly known as CHP) re-aligned under MedPro. Two accident and health insurance carrier companies, Commercial Casualty Insurance Co. (CCIC) and Atlanta International Insurance Co. (AIIC), were renamed Wellfleet Insurance Company and Wellfleet New York Insurance Company, respectively.
References
{{Authority control
Berkshire Hathaway
Financial services companies established in 1907
Companies based in Fort Wayne, Indiana
Medical malpractice