MagMutual Allocating Millions for Loyal Policyholders
Since 2012, MagMutual has declared over
Starting in 2015, balance sheets began to reflect a line item for Owners Circle® segregated surplus. "As far as we know, we're still the only company in the industry to voluntarily set aside these monies. We think it's imperative to make the specific financial provisions necessary to honor our promise," said
Each year, MagMutual's physician-led board of directors considers whether and how much the company will allocate to the
"What's promised in return for your loyalty is reflected on our financials," said
Morrell said the industry is in danger of pledging more money than it has because NAIC accounting rules potentially allow insurers to understate the full liability of loyalty program declarations.
About MagMutual
For more than 30 years, MagMutual has served as a trusted advisor and strategic ally to thousands of physicians and hospitals. We continuously evolve to meet the changing needs of our PolicyOwners℠ and drive advancements in healthcare. Today we offer the best resources in patient safety, expert defense and a range of professional liability coverage. Our comprehensive solutions, combined with our incomparable service, extraordinary financial strength, plus dividends and rewards, provide our PolicyOwners℠ with an exceptional customer experience. For more information, visit http://www.MagMutual.com.
Read the full story at http://www.prweb.com/releases/2017/03/prweb14153878.htm
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