Berkshire Hathaway’s MedPro Group has announced plans to expand its underwriting of clinical solutions risks that extend beyond U.S. borders through participating in the U.S. Jurisdiction medical professional liability facility of The Medical Professional Liability Company (The MPLC).
Warren Buffett’s insurance and reinsurance group Berkshire Hathaway will put capacity to work backing a facility that underwrites medical liability via the Lloyd’s insurance market.
MedPro will be supporting Pembroke Managing Agency Limited Syndicate 4000, an Ironshore subsidairy, which already subscribes to the MPLC.
John Young, Managing Director of The MPLC said; “We are delighted to have MedPro’s and Pembroke’s support which will strengthen our program, especially for MedPro’s producing brokers and healthcare clients.
“The offering combines MPLC’s wide international experience with MedPro’s financial strength and experience as well as the strength and expertise of the Pembroke Syndicate at Lloyd’s of London.”
The MPLC facility was launched in January 2011 and offers cover on Lloyd’s paper to U.S. institutions providing clinical services abroad – the facility enhances its members’ cover through providing claims handling solutions, a clinical governance review, and a 24 hour legal helpline.
Craig Rowland, Business Development Lead for MedPro’s International Division, commented; “Through this facility, we are very pleased to be able to further support our domestic institutional clients, who daily trust us to protect their assets and reputations, by now being able to cover their international risks.
“It is always our deepest desire to continually meet the needs of our clients and serve them as their risks grow and become more complex.”
The MPLC facility enables the underwriting of risks with a maximum limit of $15 million for any one claim and $30 million in the annual aggregate.
Tim Glover, Chief Underwriting Officer for Pembroke Managing Agency, said; “We look forward to expanding our successful partnership with MedPro and The MPLC. Our collective breadth of experience and distribution will better serve our broker and client needs.”