Business Moves

Medical Protective, Princeton

Berkshire Hathaway’s medical professional liability insurance unit Medical Protective Co. is purchasing New Jersey-based Princeton Insurance Co., a professional liability insurer for healthcare providers.

Princeton Insurance was previously owned by Medical Liability Mutual Insurance Co., a New York-based professional liability insurance provider. The acquisition is expected to close in the fourth quarter of 2011.

Based in Princeton, N.J., Princeton Insurance employs more than 100 people and serves 13,000 healthcare providers; it has annualized gross written premiums of $140 million and surplus at second quarter-end of $400 million.

Medical Protective, which itself was acquired by Berkshire Hathaway back in 2005, offers primary medical professional liability coverage and risk solutions for healthcare providers, including physicians, dentists, chiropractors, optometrists, podiatrists, other healthcare professionals, hospitals, and other healthcare facilities. Medical Protective reports some $700 million in annual premium.

Towers Watson, WellsCanning

Global professional services company Towers Watson purchased WellsCanning, a Valhalla, N.Y.-based investment advisory firm specializing in the insurance industry. WellsCanning principals and consulting staff have joined Towers Watson’s investment business in New York.

Towers Watson said WellsCanning is “a natural, complementary fit” for the company’s investment business. Towers Watson cited WellsCanning’s expertise in asset-allocation and investments for insurance and reinsurance companies, as well as its knowledge in risk management strategies.

WellsCanning is a registered investment advisor providing investment consulting to U.S.-domiciled, offshore and international insurance companies. In addition to its work with property/casualty and life insurers, WellsCanning offers services in various other industry sectors, including health care and hospital groups, as well as workers compensation and state insurance funds.

Towers Watson’s investment business has over 700 associates worldwide and assets under advisory of over $2.1 trillion.

BB&T, Atlantic Risk

Insurance broker BB&T Insurance Services is acquiring Atlantic Risk Management Corp. of Columbia, Maryland. The move allows BB&T Insurance Services to expand to the metro Baltimore area. The transaction is expected to be completed in October. Terms were not disclosed.

Founded in 1981, Atlantic Risk Management is a commercial property/casualty and employee benefits broker with 45 employees. It provides risk management consulting on a local and national level. Two of its niche offerings include surety bonds for the construction industry and telecommunications insurance for independent cellular tower owners, paging companies, and related companies.

When the deal is completed, Atlantic Risk will operate as BB&T-Atlantic Risk Management. Mary Ann Marbury, Atlantic Risk president, will continue to oversee the operation. BB&T Insurance Services operates an existing Maryland agency in Frederick, BB&T-Frederick Underwriters.

SNL, Highline Data

Summit Business Media has sold its insurance financial information unit. Another financial information firm, SNL Financial, said it has acquired the Summit Business Media insurance information services unit, Highline Data, which resells insurance company data from regulatory agencies. Terms were not disclosed.

Summit is the parent of The National Underwriter Co. and other publications. The company filed for bankruptcy protection in January when it was $252 million in debt. In May, the United States Bankruptcy Court for the District of Delaware approved the company’s reorganization plan to cut $140 million of its debt.

SNL is based in Charlottesville, Virginia.