Two Leading MPL Insurers Founded by Healthcare Providers, for Healthcare Providers, to Join Forces
ATLANTA, Aug. 15, 2022 /PRNewswire-PRWeb/ — MagMutual Insurance Company, the nation’s largest mutual insurer of physicians, and MDAdvantage Holdings, Inc., have reached an agreement for MagMutual to acquire MDAdvantage Insurance Company of New Jersey. The acquisition is subject to regulatory approval from the New Jersey Department of Banking and Insurance and approval of MDAdvantage Holdings, Inc., shareholders. The transaction is expected to close as soon as possible following the shareholder vote and regulatory approvals.
Since the inception of MDAdvantage® in 2002, the company has established itself as a leading medical professional liability (MPL) insurer in New Jersey. The company focuses on protecting the professional and financial well-being of its insured physicians with market-leading policy forms, claims defense practices and risk management services. Together, MagMutual and MDAdvantage support physician initiatives that increase patient safety and minimize the risks of liability.
“As we got to know MDAdvantage and its leadership, it became clear that our organizations share the same mission-based, policyholder-centric purpose. We both are committed to providing physicians and hospitals with the best insurance and support possible so they can concentrate on patient care,” said incoming MagMutual Executive Chairman William Kanich, MD, JD. “Joining forces will expand the possibilities for both companies and help us continue to grow, innovate and successfully protect the healthcare community we serve.”
MDAdvantage plans to continue to operate under its current name and maintain the company’s presence in New Jersey, serving as an important hub for MagMutual in the Northeast. Due to MDAdvantage’s strong relationships with policyholders and agents, MagMutual anticipates that management and front-end operations will remain in place, since they are key to continued service and support as the combined companies offer additional healthcare liability products in the marketplace.
“Becoming part of the MagMutual family marks the beginning of an exciting new chapter for MDAdvantage and its insured physicians,” said Patricia A. Costante, Chairman and CEO of MDAdvantage Insurance Company. “We will build on the strong foundation established over the past 20 years with a partnership that will further our legacy of service to physicians and the healthcare community. In addition, we will be able to offer even more value to physicians through MagMutual’s comprehensive product suite. I look forward to the opportunities this partnership will provide to our physicians, broker partners and company.”
About MagMutual
For more than four decades, MagMutual has been a leading provider of medical professional liability insurance. Today, we’re the largest mutual insurer of physicians and the second largest mutual medical professional liability provider in the U.S.(1) We deliver comprehensive coverage for the practice, business and regulation of medicine to more than 30,000 healthcare providers and organizations nationwide. Our focus on innovation allows us to provide customized advice, exceptional claims support and consistent financial benefits that result in improved outcomes and stronger policyholders.
(1) Market position based on S&P Global Market Intelligence 2021 year-end financial filings. Dividends and Owners Circle allocations are declared at the discretion of the MagMutual Board of Directors and are subject to eligibility requirements.
About MDAdvantage
MDAdvantage is a leading medical professional liability insurance company that is committed to supporting physician initiatives that increase patient safety, educate the healthcare community and invest in the future of the healthcare system. MDAdvantage also publishes MDAdvisor, a peer-reviewed, MEDLINE®-indexed journal for the medical community, and hosts the MDAdvantage podcast series. For more information on MDAdvantage, call 888-355-5551 or visit http://www.MDAdvantageonline.com.
Media Contact
Lani Painter, Deputy Chief Business Development Officer, MagMutual, 404-842-5561, [email protected]
Catherine Williams, Senior Vice President, Branding and Technology, MDAdvantage Insurance Company, 888-355-5551 1234, [email protected]
SOURCE MagMutual
MagMutual to Acquire MDAdvantage Insurance Company & Latest News Update
MagMutual to Acquire MDAdvantage Insurance Company & More Live News
All this news that I have made and shared for you people, you will like it very much and in it we keep bringing topics for you people like every time so that you keep getting news information like trending topics and you It is our goal to be able to get
all kinds of news without going through us so that we can reach you the latest and best news for free so that you can move ahead further by getting the information of that news together with you. Later on, we will continue
to give information about more today world news update types of latest news through posts on our website so that you always keep moving forward in that news and whatever kind of information will be there, it will definitely be conveyed to you people.
MagMutual to Acquire MDAdvantage Insurance Company & More News Today
All this news that I have brought up to you or will be the most different and best news that you people are not going to get anywhere, along with the information Trending News, Breaking News, Health News, Science News, Sports News, Entertainment News, Technology News, Business News, World News of this made available to all of you so that you are always connected with the news, stay ahead in the matter and keep getting today news all types of news for free till today so that you can get the news by getting it. Always take two steps forward
Credit Goes To News Website – This Original Content Owner News Website . This Is Not My Content So If You Want To Read Original Content You Can Follow Below Links