MLMIC announces the official completion of its conversion from a mutual company to a stock company and its acquisition by National Indemnity Company, a subsidiary of Berkshire Hathaway. The cash consideration resulting from the conversion will be paid out to eligible policyholders as promptly as practicable.
By a vote of 6,635 out of 6,979, the Plan of Conversion and Amended and Restated Charter were approved by the Record Date Policyholders in accordance with Section 7307 of the New York Insurance Law.
MLMIC’s Q2 financials show continued strength and stability for New York’s leading medical liability insurer. In a consistently challenging insurance marketplace, it is reassuring to know that MLMIC is sound and ready to serve its policyholders.
MLMIC has always recognized that eligible policyholders have the right outside the plan of conversion to assign their right to receive their allocable share of the cash consideration. MLMIC will honor any properly drafted and signed assignments that it receives from eligible policyholders on a timely basis.