Berkshire Hathaway’s MedPro Group has agreed to acquire Oklahoma healthcare liability insurer PLICO Inc., which is owned by the Oklahoma State Medical Association (OSMA).

The boards of each entity have approved OSMA’s sale to MedPro of 100 percent ownership of PLICO in an all-cash transaction, which is subject only to customary closing conditions and regulatory approvals and is expected to close in the third quarter, according to the announcement. Terms were not disclosed.

Based in Oklahoma City, PLICO serves approximately 2,200 healthcare providers in Oklahoma; it has annualized gross written premiums of about $30 million and had statutory surplus of over $60 noted that his company over the last decade has acquired Medical Protective, Princeton and now PLICO.

PLICO’s principal operations will remain in Oklahoma City.

“Joining Berkshire Hathaway’s MedPro Group emboldens PLICO’s expansion efforts by providing additional opportunities not available to us before,” said Carl Hook, M.D., president and CEO of PLICO.

Warren Buffett, chairman of Berkshire Hathaway, noted that his company has acquired other medical liability insurers Medical Protective Co. and Princeton Insurance Co. over the past decade. “[W]e are absolutely delighted with each of these acquisitions,” he said in a statement.

MedPro Group includes The Medical Protective Co., Princeton Insurance Co. and MedPro RRG Risk Retention Group. All insurance products are administered by MedPro Group and underwritten by these and other Berkshire Hathaway affiliates, including National Fire & Marine Insurance Co.