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MagMutual Insurance Company, the biggest mutual insurer of physicians within the U.S., has accomplished its acquisition of MDAdvantage Insurance Company. The deal obtained company and regulatory approval final December.
“We are very excited to welcome MDAdvantage physicians into the MagMutual family,” stated MagMutual government chairperson William Kanich. “Both companies are deeply committed to supporting policyholders so they can focus on providing excellent care to their patients. MDAdvantage insured physicians will continue to receive exceptional protection, support, and rewards – now backed by the strength and stability of MagMutual.”
Apart from offering medical skilled legal responsibility insurance coverage, MDADvantage actively invests in doctor initiatives that enhance the US healthcare system and improve affected person security. It publishes a peer-reviewed, MEDLINE®-indexed journal for the medical neighborhood known as MDAdvisor and hosts an academic podcast collection.
Following its acquisition, MDAdvantage will proceed to supply insurance coverage protection beneath its present title. It can even preserve its operations in New Jersey, the place it is going to perform as MagMutual’s key hub within the Northeast area.
The firms additionally count on present MDAdvantage administration and client-facing operations to proceed.
Outgoing chairperson and CEO Patricia Costante stated the acquisition of MDAdvantage was the start of an “exciting new chapter” for each MDAdvantage and its insured physicians.
“I am certain that the policyholders who have been loyal to MDAdvantage for the past 20 years will find the transition to MagMutual to be seamless,” she added. “I am confident that the MagMutual leadership team will continue to build upon the MDAdvantage legacy of excellence in service and physician advocacy.”
MagMutual has established itself as one of many nation’s main suppliers of medical skilled legal responsibility insurance coverage over the course of forty years of operation. S&P Global has named it as the biggest mutual insurer of physicians and second largest mutual medical skilled legal responsibility supplier within the U.S. as of yearend 2021. It at present gives insurance coverage protection to greater than 30,000 healthcare suppliers and organizations nationwide.