MLMIC/Princeton Insurance Are Now One
(PRWEB) September 21, 2000
FOR IMMEDIATE RELEASE
Contacts:
Donald J. Fager/Edward J. Amsler,
MLMIC
212-576-9813
Dfager@mlmic. com
Eamsler@mlmic. com
-or-
Paul H. Mathewson,
Princeton Insurance Companies
609-452-9404
Paul. mathewson@pinsco. com
-or-
Gary Frisch
Princeton Partners
609-452-8500
Gfrisch@princetonpartners. com
MLMIC/PRINCETON INSURANCE ARE NOW ONE
NEW YORK, N. Y., Sept. 15, 2000 --Medical Liability Mutual Insurance Company (MLMIC), the country's second largest medical malpractice insurer and largest doctor/hospital owned insurance company, announced today that it has completed its acquisition of The Princeton Insurance Companies (Princeton Insurance).
Combined, the companies insure more than 40,000 physicians, dentists and health care professionals in 11 states, as well as 175 hospitals and related health care facilities in New York, New Jersey, Pennsylvania and Delaware. With direct medical malpractice premium revenue of more than $475 million, the company is the number two medical malpractice writer in the country, holding an eight percent share of the market, based on information from A. M. Best.
Through subsidiaries Professional Liability Insurance Company of America (PLICA) and The Princeton Agency, Inc., the company is also a leading provider of workers compensation coverage to small businesses in 14 states.
"MLMIC and Princeton Insurance bring complementary strengths to the table. The resulting union provides a tremendous opportunity for growth by territory and line of business, with continued financial stability and strength for our policyholders," said MLMIC President Dr. Andrew Patterson.
"We're very pleased to have found such a strong strategic partner in MLMIC," said Donald E. Smith, president of Princeton Insurance. "The union bodes well for our current policyholders as well as those seeking a financially sound insurer with a proven commitment to the medical and health care communities."
MLMIC recently received an upgraded rating of A (Excellent) from A. M. Best. Princeton Insurance Company has held an A - rating for the past seven years.
MLMIC, which is endorsed by the Medical and Dental Societies of the State of New York, has offices in New York City, Syracuse and East Meadow, N. Y. As a mutual insurer, MLMIC is owned by its policyholders and has more than $1.3 billion in surplus. Its PLICA subsidiary is licensed to sell professional liability coverage in 31 states.
The Princeton Insurance Companies provide dependable property-liability coverage, risk management expertise and other related services to hospitals. Its Princeton Insurance division provides medical malpractice, workers compensation and other insurance products to more than 70,000 policyholders in 14 states. Besides its headquarters in Princeton, it has field offices in Camp Hill, PA, and Hunt Valley, MD.
Consumers, policyholders and agents can find additional information about Princeton Insurance at the Princeton easy access Web site, www. princetoneasyaccess. com, or by calling 1-877-PI-EASY2 (743-2792). MLMIC's Web site can be found at www. mlmic. com.
