General Electric and Berkshire Hathaway today announced that GE Insurance Solutions has entered into a letter of intent for the sale of Medical Protective Corporation, to National Indemnity, a unit of Berkshire Hathaway.
Under the terms of the letter of intent, National Indemnity will acquire a 100% ownership of Medical Protective Corporation and its subsidiaries from GE Insurance Solutions.
The transaction, which is subject to completion of a definitive agreement as well as regulatory approvals, is expected to close by 30 June 2005.
