Berkshire Hathaway's malpractice insurance unit is acquiring an Oklahoma-based healthcare liability insurer.
Berkshire's Medical Protective Group announced the acquisition of Plico on Wednesday. Terms of the all-cash deal, which is expected to close in the third quarter, were not disclosed.
Plico serves about 2,200 healthcare providers in Oklahoma. Plico CEO Carl Hook says joining Berkshire Hathaway will give it the resources to pursue more expansion.
Berkshire CEO Warren Buffett says this deal shows that his company offers a stable home for healthcare liability insurers.
Insurance remains a core part of Berkshire's Omaha-based conglomerate that owns Geico, General Reinsurance and other insurers. Berkshire's MedPro Group is based in Fort Wayne, Indiana. Plico is based in Oklahoma City.