From the founding of its predecessor in 1976 through its position in today’s challenging environment, Princeton Insurance has always remained committed to the healthcare community it serves.

Over three decades ago, The Health Care Insurance Exchange became the first hospital-formed reciprocal in the nation in response to a crisis in availability and affordability of medical malpractice insurance in New Jersey. Since then, the subsidiary Princeton Insurance Company was born and developed into a leading provider of professional liability coverage for the state’s physicians and other healthcare workers. In September 2000, Princeton was acquired by Medical Liability Mutual Insurance Company (MLMIC) to become part of the nation’s largest medical malpractice insurer.

Our mission has always focused on growth, innovation, and the strength of our partnership with our policyholders. Our future remains the same.

Take a tour through the timeline below to view a complete history of the company.

1975  -  Malpractice insurance premiums rise 300% and some companies abandon the New Jersey market, precipitating a crisis.  Princeton’s predecessor company, Health Care Insurance Exchange (HCIE) is formed. 

1976  -  HCIE begins offering professional and general liability insurance, thus averting the looming crisis for hospitals and staff physicians.

1979  -  HCIE insures over 100 NJ hospitals and develops a unique retrospective rating plan to more accurately price its policies.

1980  -  Property and related coverages are added and risk management and loss prevention services expanded for hospitals.

1982  -  Princeton Insurance Company (Princeton) is created as a subsidiary of HCIE and begins offering professional liability insurance to individual physicians, dentists, chiropractors, nurses and allied health providers.

1983  -  On a combined basis, Princeton and HCIE rank among the top twenty malpractice insurers in the nation.

1984  -  HCIE introduces workers’ compensation insurance for hospitals.

1986  -  Princeton and HCIE now rank among the top ten malpractice insurers in the nation.

1988  -  Princeton expands its operations to Pennsylvania and Maryland.

1989  -  Expansion continues into Delaware.

1990  -  HCIE reorganizes as a stock insurance company, Health Care Insurance Company (HCIC), with hospital policyholders receiving stock based on original investments in HCIE and years insured.

1993  -  Princeton and HCIC combine to become known as The Princeton Insurance Companies.

1994  -  The Companies offer workers’ compensation coverage to small businesses, including physicians’ and dentists’ offices.

1995  -  A three-tiered rating approach is adopted, allowing for more risk-specific pricing.

1998  -  A new customer service interface, Princeton Easy Access, makes it easier for agents and insureds to secure coverage and check policies on line and through an expanded hours call center.

1999  -  The Princeton Insurance Companies begin to evaluate strategic alternatives with the goal of finding the best long-term partner for the protection of the New Jersey healthcare community.

2000  -  The companies enter into an agreement to sell all outstanding stock in HCIC to Medical Liability Mutual Insurance Company, New York (MLMIC), at the time the second largest malpractice insurer in the nation.

2001  -  The sale closes, making MLMIC/Princeton the largest malpractice insurer in the nation.

2002  -  Princeton begins to consolidate all of its resources in support of the New Jersey healthcare community through an orderly exit from all other markets.

2003  -  Princeton has now defended doctors and hospitals in over 45,000 malpractices cases, winning 80%.

2004  -  The consolidation process is completed and Princeton is able to focus all of its attention and expertise on the physicians, hospitals, dentists and chiropractors of New Jersey.

2005  -  Princeton adopts a new mission statement: To protect New Jersey healthcare providers and partner with them to provide outstanding patient care.

2006  -  Princeton celebrates 30 years of continuous presence in New Jersey, protecting the professional reputations of the state’s physicians, hospitals, dentists, chiropractors and allied health providers.