General Reinsurance Corporation (Gen Re), the global reinsurance subsidiary of Berkshire Hathaway, has entered into a partnership reinsurance contract with NJ PURE, a medical malpractice insurer based in New Jersey.
The agreement is expected to minimise the exposures of NJ PURE, while allowing it to strengthen its position in the industry and continue its long-term growth.
“All of our policyholders may now take added comfort in knowing that NJ PURE has the financial support of Gen Re and the billions of dollars in assets behind it,” said Eric S. Poe, a principal of NJ PURE’s management company and Chief Litigation Officer of NJ PURE.
“By backing NJ PURE up to 70% of our future exposures up to our policy limits, we believe Gen Re’s commitment to us is a testament to our long-term business model and its viability into the future,” Poe added.
Headquartered in Princeton, NJ PURE was founded during the medical malpractice crisis in 2002 by former state insurance commissioner James J. Sheeran and insurance actuary Lena Chang.
