MagMutual to Purchase MDAdvantage Insurance coverage Firm – Yahoo Finance

August 17, 2022 By admin

Two Main MPL Insurers Based by Healthcare Suppliers, for Healthcare Suppliers, to Be part of Forces
ATLANTA, Aug. 15, 2022 /PRNewswire-PRWeb/ — MagMutual Insurance coverage Firm, the nation's largest mutual insurer of physicians, and MDAdvantage Holdings, Inc., have reached an settlement for MagMutual to accumulate MDAdvantage Insurance coverage Firm of New Jersey. The acquisition is topic to regulatory approval from the New Jersey Division of Banking and Insurance coverage and approval of MDAdvantage Holdings, Inc., shareholders. The transaction is predicted to shut as quickly as potential following the shareholder vote and regulatory approvals.
Because the inception of MDAdvantage® in 2002, the corporate has established itself as a number one medical skilled legal responsibility (MPL) insurer in New Jersey. The corporate focuses on defending the skilled and monetary well-being of its insured physicians with market-leading coverage kinds, claims protection practices and danger administration companies. Collectively, MagMutual and MDAdvantage help doctor initiatives that enhance affected person security and decrease the dangers of legal responsibility.
"As we bought to know MDAdvantage and its management, it turned clear that our organizations share the identical mission-based, policyholder-centric function. We each are dedicated to offering physicians and hospitals with one of the best insurance coverage and help potential to allow them to focus on affected person care," mentioned incoming MagMutual Govt Chairman William Kanich, MD, JD. "Becoming a member of forces will broaden the probabilities for each firms and assist us proceed to develop, innovate and efficiently defend the healthcare group we serve."
MDAdvantage plans to proceed to function below its present identify and keep the corporate's presence in New Jersey, serving as an essential hub for MagMutual within the Northeast. As a result of MDAdvantage's sturdy relationships with policyholders and brokers, MagMutual anticipates that administration and front-end operations will stay in place, since they’re key to continued service and help because the mixed firms provide further healthcare legal responsibility merchandise within the market.
"Changing into a part of the MagMutual household marks the start of an thrilling new chapter for MDAdvantage and its insured physicians," mentioned Patricia A. Costante, Chairman and CEO of MDAdvantage Insurance coverage Firm. "We’ll construct on the sturdy basis established over the previous 20 years with a partnership that may additional our legacy of service to physicians and the healthcare group. As well as, we will provide much more worth to physicians by means of MagMutual's complete product suite. I sit up for the alternatives this partnership will present to our physicians, dealer companions and firm."
About MagMutual
For greater than 4 a long time, MagMutual has been a number one supplier of medical skilled legal responsibility insurance coverage. Right now, we're the most important mutual insurer of physicians and the second largest mutual medical skilled legal responsibility supplier within the U.S.(1) We ship complete protection for the observe, enterprise and regulation of drugs to greater than 30,000 healthcare suppliers and organizations nationwide. Our give attention to innovation permits us to supply personalized recommendation, distinctive claims help and constant monetary advantages that lead to improved outcomes and stronger policyholders.
(1) Market place based mostly on S&P World Market Intelligence 2021 year-end monetary filings. Dividends and House owners Circle allocations are declared on the discretion of the MagMutual Board of Administrators and are topic to eligibility necessities.
About MDAdvantage
MDAdvantage is a number one medical skilled legal responsibility insurance coverage firm that’s dedicated to supporting doctor initiatives that enhance affected person security, educate the healthcare group and put money into the way forward for the healthcare system. MDAdvantage additionally publishes MDAdvisor, a peer-reviewed, MEDLINE®-indexed journal for the medical group, and hosts the MDAdvantage podcast sequence. For extra data on MDAdvantage, name 888-355-5551 or go to http://www.MDAdvantageonline.com.
Media Contact
Lani Painter, Deputy Chief Enterprise Growth Officer, MagMutual, 404-842-5561, [email protected]
Catherine Williams, Senior Vice President, Branding and Know-how, MDAdvantage Insurance coverage Firm, 888-355-5551 1234, [email protected]
SOURCE MagMutual
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