Warren Buffett Just Bought This $1.8B Company

Warren Buffett’s Berkshire Hathaway Inc. just made a big purchase this week. The company has agreed to buy New York’s Medical Liability Mutual Insurance Co.

Medical Liability Mutual Insurance Co. is the largest underwriter of medical professional liability insurance in New York.

Berkshire’s National Indemnity unit stated on Monday that the insurance company will convert from a policyholder-owned to a stock business. No terms were disclosed however but according to the statement, Policyholder surplus, a measure of assets minus liabilities, was $1.8 billion as of Dec. 31.

Pending regulatory and customer approvals, the deal is expected to be completed in the third quarter of 2017.

“MLMIC is a gem of a company that has protected New York’s physicians, mid-level providers, hospitals and dentists like no other for over 40 years,” Buffett said in the statement. “Good things are worth waiting for.”