OMAHA, Neb. (AP) — Warren Buffett's company has agreed to buy a New York firm that offers medical liability insurance.
Berkshire Hathaway Inc. said Monday that one of its subsidiaries will buy Medical Liability Mutual Insurance Company. Terms of the deal weren't disclosed.
Buffett says Medical Liability is "a gem of a company" that he's looking forward to acquiring even though the deal isn't expected to close until next year's third quarter.
Medical Liability has to convert from a mutual company to a stock company before the deal can be completed.
Medical Liability President Robert Menotti says joining Berkshire will give it greater financial security and help the company expand its offerings.
Berkshire owns more than 90 companies, including Geico, General Re and several other insurance firms.
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